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Ambassador Roberto Azevedo was appointed Director-General of the WTO on September 1, 2013 fora four-year term.19.5. Multilateral Investment Guarantee Agency - MIGAThe purpose of this agency, which was created by a Convention within the sphere of the World Bank,is to encourage foreign investment and increase the flow of capital from the developed countries to thelesser-developed countries in a secure manner, complementing the activity developed by theInternational Bank for Reconstruction and Development and the International Finance Corporation.The aforesaid Convention was formalized in 1985, in Seoul, came into force in Brazil in 1992 andtoday has 178 member countries.MIGA promotes foreign direct investments in developing countries, guaranteeing investors againstpolitical risks, advising governments to attract investment, sharing information through on-lineinvestment information services, and the mediation of disputes between investors and governments.MIGA offers guarantees against noncommercial risks to protect the transborder investment of memberdeveloping countries. The organization aims to protect investors against the risks of currencyinconvertibility and transfer restrictions, and expropriation, war, civil commotion and terrorism.Among the guarantees granted by MIGA are those concerning coinsurance and re-insurance againstnoncommercial risks, related to investments made by one member country in another membercountry. To this effect, the investing country and the recipient country of the investment may jointlyrequest non-commercial risk coverage, with the exception of monetary devaluation or depreciation.This includes new investments, and the investments associated with expansion, modernization orfinancial restructuring of existing projects, or when the investor demonstrates the benefits ofdevelopment, and a long-term commitment to the project. Acquisitions of new investors, including theprivatization of state-owned companies can also be eligible. The projects that MIGA cannot guaranteeare described in the MIGA exclusion list.With due regard to certain requirements, both individuals and corporate entities may benefit from theguarantees granted by the Agency. It can be noted that the holder of a guarantee granted by MIGAshall, prior to seeking indemnification from the Agency, try other pertinent administrative remedies thatare permitted by the laws of the recipient country of the investment, though said entity cannotguarantee a sum in excess of 150% of its subscribed capital and available reserves.101