The Multilateral Investment Guarantee Agency began operations in April 1988. As part of the World Bank Group, MIGA was formed to encourage the flow of private foreign investment to its member developing countries by providing insurance against non-commercial risks, and by providing promotional and advisory services. MIGA's guarantee program protects investors against losses from currency transfer, expropriation, war, and civil disturbance, and investment-related breach of contract by host governments. MIGA works in close cooperation with the World Bank, the International Development Association, and the International Finance Corporation to promote sound investment policies, thereby assisting developing countries in creating attractive investment environments for private foreign direct investment. See also: International Development Association, International Finance Corporation, World Bank