The Multilateral Investment Guarantee Agency (MIGA), an affiliate of the World Bank, which covers the political risks faced by investors in host countries, is targeting the small- and medium-sized enterprises sector (SMEs) of India for extending its service. MIGA has devised specific cover for SMEs with its Small Investment Program (SIP), which they claim offers a simpler and more comprehensive insurance package compared to the normal cover targeted at large investors. Nabil Fawaz, global head-agribusiness, manufacturing at MIGA says: “the SIP only excludes breach of contract.” Political risks covered by MIGA include restrictions imposed by governments on transfer of currency and convertibility, nationalisation and confiscation, "creeping expropriation", partial expropriation, war and civil disturbance and breach of contract by host country authorities.
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