The Multinational Investment Guarantee Agency was established in April 1988 to supplement the functions of the World Bank and IFC.
Major objectives of MICA are:
- To encourage flow of direct foreign investment into the less developed member countries.
- To provide insurance cover to investors against political risks;
- To provide guarantee against non commercial risks (like dangers involved in currency transfer, war and civil disturbances and breach of contract);
- To insure new investments expansion of existing investments privatization and financial re structuring
- To provide promotional and advisory services and
- To establish credibility.