Which World Bank Group agency, founded in 1988, provides political-risk insurance?

The World Bank Group agency founded in 1988 that provides political-risk insurance is the Multilateral Investment Guarantee Agency.

MIGA was created to encourage foreign investment in developing economies by protecting investors and lenders against certain noncommercial risks. Covered risks can include government actions that restrict currency transfers, expropriation, breach of contract, war, and civil disturbance.

This insurance can make projects more attractive to investors who might otherwise avoid markets with substantial political or regulatory uncertainty. MIGA also offers advice intended to improve investment conditions and help projects deliver development benefits.

MIGA is one of the five organizations in the World Bank Group. It differs from the IFC: the IFC finances private-sector projects, while MIGA primarily reduces political risk through guarantees and insurance.