COP28: Interview with Junaid Ahmad, vice president of operations at MIGA, The World Bank

Junaid Ahmad, vice president of operations at MIGA The World Bank, highlights during an interview with Economy Middle East at COP28, the pivotal role of MIGA, the Multilateral Investment Guarantee Agency, in addressing climate concerns.

Operating as a crucial part of the World Bank Group, MIGA’s primary responsibility involves mitigating financial risks in markets and providing assurances to attract private investment for developmental purposes.

In addressing global challenges like climate change or health crises such as pandemics, substantial funding required often resides within the private market. Encouraging private market involvement in development necessitates risk mitigation, a task undertaken by MIGA.

Junaid emphasizes that stable policy announcements and regulatory frameworks by governments play a significant role in attracting private finance.

He further highlights, “For every dollar that we guarantee, we bring in 16 dollars of private finance”, demonstrating MIGA’s unparalleled leveraging capability among multilateral development finance organizations. He also sheds light on MIGA’s contributions within the GCC region.

For more insights, watch the full interview.