This summer, I am interning with the Economics and Sustainability Department at the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group (https://www.miga.org/). MIGA promotes foreign direct investment (FDI) in developing countries by providing guarantees (political risk insurance and credit enhancement) to private sector investors and lenders. MIGA’s guarantees protect against non-commercial risks (e.g. civil unrest or government expropriation) and can help investors obtain access to funding sources with improved financial terms and conditions.
As a multilateral development agency, sustainability of the guaranteed project is important, and MIGA can only support investments that meet the Agency’s Performance Standards on Environmental and Social Sustainability (https://www.miga.org/Documents/MIGA_Performance_Standards_October_2013.pdf). MIGA’s Environment, Social, and Integrity (MIGEI) unit is responsible for conducting environmental, social, climate change and integrity due diligence of potential projects and monitoring the compliance of projects supported by MIGA guarantees.
As an Environmental and Social (E&S) Intern, I support the E&S specialists to evaluate potential projects. My work primarily consists of performing background research to support early screening of investments that have applied for a MIGA guarantee. To screen investments, I use online tools and databases to identify potential biodiversity issues related to a project’s location. I also conduct contextual risk research, which involves assessing the risks associated with specific sectors in different countries. Understanding a project’s physical, social, and political environment allows members of the E&S team to better assist investors and lenders with creating and maintaining sustainable practices.
This internship is a great opportunity for me, as I am particularly interested in sustainable development and development economics. Working at MIGA will allow me to improve my writing and communication skills and to further my knowledge of developing countries. By the end of my internship with MIGA, I hope to be able to apply what I am learning to my international relations coursework. I am excited to spend the rest of my summer interning at MIGA, familiarizing myself with its work and development impact.