MIGA and Foreign Investment : : Origins, Operations, Policies and Basic Documents of the Multilateral Investment Guarantee Agency.

• Author: Shihata, Ibrahim F. I.
• Place / Publishing House: Boston : : BRILL,, 1987.; ©1987.
• Year of Publication: 1987
• Edition: 1st ed.
• Language: English
• Physical Description: 1 online resource (556 pages)

Table of Contents

• Intro
• Title Page
• Copyright Page
• Dedication
• Foreword
• Table of Contents
• Introductory Chapter: ENCOURAGING THE FLOW OF FOREIGN INVESTMENT - THE RELEVANCE OF A MULTILATERAL AGENCY
• I. Determinant Factors of the Volume and Impact of Foreign Investment in Developing Countries
• II. The Investment Climate
• A. Institutional and Policy Aspects
• B. Infrastructural Aspects
• C. Legal Aspects
• D. Political Risk Perceptions
• III. Relevance of a Global Agency for Investment Insurance and Promotion
• IV. Conclusion
• Notes
• PART ONE: THE MAKING OF MIGA: A CASE STUDY OF THE PREPARATION AND ACCEPTANCE OF A MULTILATERAL FINANCIAL CONVENTION
• Chapter One: EARLY HISTORY - THE WORLD BANK'S INVOLVEMENT PRIOR TO MID-1983
• I. The Earliest Proposals
• II. The 1962 Study and its Impact
• III. The 1966 Draft Articles: IIIA-1
• IV. The 1968 Draft Articles: IIIA-2
• V. The 1972 Draft Articles: IIIA-3
• VI. The Clausen Initiative and the MIIA Outline
• VII. The Seven Staff Studies of 1983
• VIII. Conclusion
• Notes
• Chapter Two: THE MAKING OF MIGA - A PERSONAL ACCOUNT
• I. Introduction - Personal Background
• II. Devising a Strategy
• III. Formulating a New Proposal
• A. A Broad Objective and Two Basic Functions
• B. A Dual Financing System
• C. A Broader Scope of Coverage
• D. Relationship with Existing Investment Insurance Agencies
• E. A More Acceptable Treatment of Institutional Issues: Linkage with the Bank
• Control of the Agency
• F. Settlement of Disputes
• IV. Mobilizing Support
• V. Choosing the Forum (for Finalization of the Text of the Convention)
• VI. Improving the Chances of Reaching Agreement
• VII. Working Methods
• A. A Credible Secretariat
• B. A Drafting Team
• C. Reference to a Future Preparatory Committee
• D. Referral of Certain Issues to Smaller Groups
• E. Role of the Chairman.
• F. Drawing on Experts in Specialized Fields
• G. Acting Within a Tight Working Schedule
• VIII. Reaching Consensus
• IX. Concluding Steps
• Notes
• PART TWO: MIGA'S OPERATIONS: LEGAL AND POLICY ASPECTS OF MIGA'S GUARANTEE OPERATIONS AND OTHER SERVICES
• Chapter Three: ELIGIBILITY REQUIREMENTS OF MIGA's GUARANTEE
• I. Introduction
• II. Eligible Investments
• A. Type and Form of Investment
• 1. Equity Investment
• 2. Equity Type Loans and Guarantees
• 3. Contractual Direct Investment
• 4. Export Credits
• 5. Other Forms of Foreign Investment
• 6. Investment in Kind
• B. Time of the Investment
• III. Eligible Investors and Host Countries
• A. Eligible Investors
• 1. Nature of the Investor
• 2. Nationality of the Investor
• 3. Ownership and Mode of Operations
• B. Eligible Host Countries
• IV. Eligible Risks
• A. Currency Transfer Risk
• B. The Risk of Expropriation and Similar Measures
• 1. Scope of Coverage
• 2. Exclusions from the Expropriation Risk
• 3. Covered Interests
• 4. Effect of Covered Measures
• C. Breach of Contract
• 1. Justification of Coverage
• 2. Restrictions on Coverage
• D. War and Civil Disturbance Risk
• 1. Military Action
• 2. Civil Disturbance
• 3. Place of Covered Events
• 4. Covered Losses
• E. Other Non-Commercial Risks
• Relationship between Coverages
• Notes
• Chapter Four: ADMINISTRATION OF GUARANTEE CONTRACTS: UNDERWRITING, CLAIMS, SUBROGATION AND RECOUPMENT
• I. Introduction
• II. Underwriting - The Process and Conditions of the Issuance of Guarantees
• A. Limits of Guarantee Capacity
• 1. Overall Limitation
• 2. Guarantees of Sponsored Investment
• B. Allocation of Guarantee Capacity
• 1. Specific Allocations of Guarantee Capacity
• 2. Portfolio Diversification
• C. Amount of Guarantee
• D. Project Assessment
• E. Risk Assessment.
• 1. Relevant Factors: Project Specific and Country Specific Factors
• 2. Enhancement of Risk Profile
• 3. Coinsurance and Reinsurance
• F. Premiums and Fees
• 1. Premiums
• 2. Fees
• G. Required Approvals - Host Country Approval and Approval of Contracts of Guarantee
• 1. Host Country Approval
• 2. Contract Approval
• H. Interaction in the Underwriting Process
• III. Claims Administration
• A. Prescribed Procedures
• B. Valuation of the Loss
• C. Loss Avoidance and Minimization
• IV. Subrogation and Recoupment
• Notes
• Chapter Five: MIGA'S NON-GUARANTEE OPERATIONS
• I. Introduction
• II. The Need for a Comprehensive Promotional Approach - Complementarity between Guarantees and Other Activities of MIGA
• A. Role of Other Agencies
• B. Complementarity of MIGA's Operations
• III. Elements and Funding of MIGA's Comprehensive Promotional Approach
• A. Types of Non-Guarantee Services
• 1. Research
• 2. Information
• 3. Technical Assistance
• 4. Policy Consultations and Advice
• B. Funding of Non-Guarantee Services
• IV. MIGA's Incidental Powers
• V. Conclusion
• Notes
• PART THREE: POLICY AND INSTITUTIONAL ISSUES
• Chapter Six: MIGA AND THE STANDARDS APPLICABLE TO FOREIGN INVESTMENTS
• I. Introduction
• II. Treatment of the Standards Issue in the MIGA Convention
• A. Preamble of the Convention
• B. Article 12(d): Satisfactory Standards as a Prerequisite for MIGA's Guarantees
• 1. Conditions Related to the Investment
• 2. Conditions Related to the Investment Environment in the Host Countries
• C. Article 23(b): MIGA's Role in the Promotion of Satisfactory Standards
• III. Treatment of the Standards Issue in the Regulations
• A. The Specific Investment
• 1. The Requirement that the Investment be Economically Sound
• 2. The Requirement that the Investment Contribute to the Development of the Host Country.
• B. Host Country Investment Conditions
• IV. "Consistency with International Law" as the Test of Adequacy of the Law and Practice of the Host Country in the Absence of an Applicable Bilateral Investment Treaty
• A. The Traditional View
• B. U.N. Resolutions
• C. A Treaty-Based Customary Law?
• D. International Case Law
• E. Comparative Domestic Law Practice
• F. Recent Attempts at "Codification"
• G. MIGA's Proposed Approach
• V. Conclusion
• Notes
• Chapter Seven: MIGA AND THE SETTLEMENT OF DISPUTES
• I. Introduction
• II. Disputes Regarding the Interpretation and Application of the Convention
• III. Disputes Resulting from Subrogation
• A. Drafting History
• B. Rationale
• C. Operational Issues
• 1. Conciliation and Arbitration
• 2. Other Methods
• IV. Other Disputes with Members and Disputes with States which have Ceased to be Members
• V. Disputes Arising Under a Guarantee (or Reinsurance) Contract
• A. Arbitration Proceedings
• B. Applicable Law
• VI. Disputes between the Agency and Third Parties Other than Those Already Mentioned
• VII. Disputes Between a Holder of the Agency's Guarantee and a Host Government
• A. The Agency's Contribution to Avoidance of Investment Disputes
• B. The Agency's Role in the Amicable Settlement of Disputes
• VIII. Conclusion
• Notes
• Chapter Eight: MIGA'S ORGANIZATION AND VOTING STRUCTURE
• I. Introduction
• II. Organization and Management of MIGA
• A. The Governing Bodies (the Council and the Board)
• B. The Board/Management Relationship
• C. Powers of MIGA's President
• 1. Distinct Provisions of the MIGA Convention
• 2. Differentiating Facts
• D. Selection of MIGA's Chief Operating Officer
• Linkage with the World Bank and IFC
• III. The Voting Structure in MIGA's Board and Council
• A. Voting Patterns in International Financial Institutions: An Overview.
• B. History of the Voting Structure Proposed for MIGA
• 1. Early Drafts
• 2. The 1983 Staff Study
• 3. The Quest for Parity - The 1984 Proposal
• 4. The Debate over the March 1985 Draft - A Compromise in the Making
• 5. The Innovative Outcome
• C. Critique of Article 39 as Adopted
• APPENDICES
• Appendix 1 - Main Features of a Proposed Multilateral Investment Guarantee Scheme, April 30, 1984
• Appendix 2 - Convention Establishing the Multilateral Investment Guarantee Agency
• Appendix 3 - Commentary on the Convention
• Appendix 4 - Draft Rules and Regulations
• A - Draft By-Laws
• B - Draft Rules of Procedure
• C - Draft Financial Regulations
• D - Draft Operational Regulations
• Appendix 5 - Draft Application Forms
• Appendix 6 - Selected Bibliography on the Guarantee of Investment Against Non-Commercial Risks
• Index
• Principal Publications of the Author.