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. 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 International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and MIGA.