The World Bank (IBRD) Guarantee Program offers two main types of Guarantees:

(i) Project-based Guarantees

They are applied in the context of specific investment projects where governments wish to attract private investment (equity and/or debt), and are designed to provide risk mitigation with respect to key risks which are essential for the viability of the investment.

(ii) Policy-based Guarantees

They are applied in the context of development policy operations where the World Bank supports a member country with their program of policy and institutional actions that promote growth and sustainable poverty reduction.