This paper contributes to the debate by drawing on a new source of evidence, ex post evaluations of guarantee projects supported by the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group (WBG). MIGA was established in 1988 with the mandate to promote cross-border investments into developing countries by providing guarantees (political risk insurance and credit enhancement) to investors and lenders, contributing to economic growth, poverty reduction, and improved lives of people. Foreign investment spillovers-impacts of foreign firms on domestic firms-have been a matter of research and discussion in academic and policy circles for long.
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