Lloyd’s has partnered with the World Bank Group’s Multilateral Investment Guarantee Agency to aid sustainable growth in developing countries...

MIGA, which houses the World Bank Group Guarantee Platform, aims to increase annual guarantee issuance to $US20 billion ($29.15 billion) by 2030, and reinsurance provided by the Lloyd’s market allows it to guarantee larger levels of coverage.

Collaboration with reinsurance partners will be critical, Lloyd’s says.

“By providing financial security for these loans, we can help to ensure this work can continue for decades to come,” CEO John Neal said.

The partnership “facilitates projects around the world which are having a tangible impact on the communities that need it most”, he says.

Banco do Brasil is to receive a $US1.2 billion ($1.75 billion) MIGA guarantee, supported by 15 reinsurance partners, for a loan to small farmers engaged in no-till agriculture and other climate-smart practices.

Lloyd’s says the new partnership “emphasises the power of cross-sector collaboration in driving sustainable development outcomes”.