GENERAL KNOWLEDGE

Detailed explanation-1: -MIGA was established and became operational on 12 April 1988 under the leadership of then-Executive Vice President Yoshio Terasawa, becoming the fifth member institution of the World Bank Group. MIGA initially had $1 billion ($1.94 billion in 2012 dollars) in capital and 29 member states.

Detailed explanation-2: -In August 1958, the first meeting of the Aid India Consortium was held at Washington DC under the aegis of the World Bank. First investment of IFC in India took place in 1959 with US$ 1.5 million. India became a member of MIGA in January 1994.

Detailed explanation-3: -world bank: World Bank appoints its India head as VP, Operations at Multilateral Investment Guarantee Agency-The Economic Times.