Higher education in Asian countries and the role of international ...

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IDA and MIGA. Along other sectors IFC also supports and encourage private sector in
education, health and infrastructure by providing financial and advisory services because of the
pivotal position of these sectors in the process of socio-economic development and growth.
During fiscal year 2010 IFC gave 3% of the total investment to education and health sector
whereas it gave 53% to global financial market and 11% to manufacturing and services sectors.
According to IFC annual report 2010, it invested $5.3 billion in 255 projects in 58 countries: $3
billion in Europe and Central Asia, $2.4 billion in Sub-Saharan Africa, $1.6 billion in the Middle
East and North Africa, $1.5 billion in East Asia and the Pacific, and $1 billion in South Asia
(IFC, 2010).
4) The Multilateral Investment Guarantee Agency (MIGA)
The Multilateral Investment Guarantee Agency (MIGA) provides guarantees against losses
caused by non-commercial risks to investors in developing countries. Since its creation in 1988,
MIGA has issued $16 billion in guarantee coverage in support of 527 projects in 95 member
developing countries. MIGA works to protect the foreign direct investment of the investors by
providing guarantees that help protect the investment and reduce the risk factor. It has 145
member countries. To achieve these objectives MIGA provides three key services: political risk
insurance for foreign investment, technical assistance, and dispute mediation services. MIGA
strategy focuses on specific areas:
Infrastructure development
Frontier markets
Investment in conflict-affected countries
Investments between developing countries
5) The International Centre for Settlement of Investment Disputes (ICSID)
The Convention on the Settlement of Investment Disputes between States and Nationals of Other
State led to the birth of the International Centre for Settlement of Investment Disputes (ICSID)
on 14 th October 1966. The principal objective of ICSID was set to provide facilities for
conciliation and arbitration of investment disputes between Contracting States and nationals of
other Contracting States (The World Bank Group, 1965). By 2011 there are 157 signatory States
to the Convention, which are ICSID members also. This organization enjoys a great deal of
autonomy but at the same time it works closely with the WB, its administrative council is chaired