MIGA hosted its 2nd Gender CEO Award on International Women’s Day (March 8) to recognize the accomplishments of a CEO, or equivalent, from one of its clients with a record of seeking to create opportunities for women and promoting gender equality. This year’s awardee was Helen Tarnoy, Managing Director of Aldwych International. A pioneer in her field, Ms. Tarnoy has led several business development efforts in Africa since 1997, including the financing of the successful Songas project in Tanzania. She also spent two years as Director General of the Cameroon integrated utility, Sonel, with a workforce of 3,500 people and a turnover of some $180m. Aldwych International received political risk guarantees from MIGA through its investment in Azura Power West Africa Ltd., a company created to develop a 459MW open-cycle gas power plant near Benin City in Edo State, Nigeria.
This is the story of recent breakthroughs in the application of political risk insurance and liquidity support which are incentivizing private investors to invest in developing countries. MIGA political risk insurance, and an assurance of liquidity from EBRD, for example, recently contributed to a coveted two-notch bump in the rating of a bond issued to raise funds for a hospital PPP project in Turkey. As a result, a new and broader class of investors is now demonstrating interest in this, and similar projects. If scaled up effectively, trillions of dollars currently sitting on the sidelines and earning little interest could be channeled to development projects through such innovations.
This is the story of Mohammed, Sarah, and Abebe, three Ethiopian businesspeople who built successful companies exporting to the United States. It’s also the story of USAID, whose advice and exposure was exactly what these business owners needed. Since 1964, IESC has worked in 130 countries and helped to create or save over 1.5 million jobs.
Today many countries face political instability or are struggling to emerge from years of conflict. This threatens to destroy once vibrant businesses, sending more people into poverty. IFC works in fragile and conflict-affected countries to help businesses weather the difficulties through stronger corporate governance and by building up companies’ resilience, so they can emerge from crisis as powerful engines of economic growth. For more information, visit: www.ifc.org/corporategovernance
This is the story of the Dakar Port, and how Senegal got a world-class container terminal thanks to the investments of Dubai Port World. It’s also the story of Standard Chartered Bank and MIGA, the risk insurance arm of the World Bank Group, which worked together to finance this big-ticket infrastructure project. Today, the regional economy is benefiting, and any company that imports or exports is learning that “time is money.”
This is the story of Abebe, who owns a shoe company in Ethiopia. Working with USAID, what can he do to break into the massive U.S. market? Since 1964, IESC has worked in 130 countries and helped to create or save over 1.5 million jobs. Directed, shot, and edited by Steve Dorst.
This is the story of Mohammed, who moves back to Ethiopia after 18 years in the U.S. to open a textile factory. The problem is, he doesn’t have much experience, or any buyers. It’s also the story of USAID, whose initial support gives Mohammed just the market exposure he needs to rapidly expand his business. Since 1964, IESC has worked in 130 countries and helped to create or save over 1.5 million jobs. Directed, shot, and edited by Steve Dorst.
This is the story of Sara, a fashion designer from Ethiopia. Not long ago, she had 7 employees and was struggling to turn a profit in the local market. Today she has more than 400 employees and her designs appear in major retailers such as J. Crew. What was the difference? Since 1964, IESC has worked in 130 countries and helped to create or save over 1.5 million jobs. Directed, shot, and edited by Steve Dorst.