The Multilateral Investment Guarantee Agency (MIGA) provides guarantees to cross-border investors in emerging markets to cover political risks. It is a member of the World Bank Group, the oldest and largest multilateral development bank. Established in 1945 as part of the Bretton Woods agreement, the World Bank has more than 180 shareholder member countries and a lending volume of $29 billion. Its lending is underpinned by analytical work on developing and middle income country issues and by a policy dialogue with borrower countries. It consists of the IBRD, IDA, IFC and MIGA.