IFC mobilises $3 billion from leading global insurers to boost real sector investments in emerging markets
Article information and share options
IFC signed a $3 billion credit insurance policy with 14 global insurance companies under its Managed Co-Lending Portfolio Program (MCPP) to support investments in real sector projects, create jobs and drive sustainable economic growth in emerging markets. Swiss Re is one of the major participants.
The program, MCPP Real Sector, leverages the risk-bearing capacity of leading insurers to enhance IFC’s ability to invest globally in real sectors such as energy, transport, telecom, media and technology, metals and mining, water and waste management, manufacturing, agribusiness & forestry, health, education, life sciences, tourism, retail, construction and real estate.
MCPP Real Sector is IFC’s first credit insurance facility targeting the real sectors of the economy. It offers insurers an opportunity to expand their coverage to transactions across various sectors and clients, delivering significant social, economic, and environmental benefits in the markets that IFC invests in.
With this new program, the total capacity raised under all IFC MCPP platforms, the organization’s portfolio syndications platform for institutional investors and insurers, will exceed $19 billion.
A consortium of prominent global insurers has joined MCPP Real Sector. They are Swiss Re, the Tokio Marine Group, AXIS Capital, AXA XL, SCOR, Munich RE, Everest, The Hartford, HDI Global, Liberty Specialty Markets, Aspen, Allianz Trade, Chubb and Sompo International. The program also demonstrates the growing role that private insurers can play to help mobilize financing to improve livelihoods and achieve long-term economic development.
“We are proud to support the new MCPP facility promoting sustainable growth in emerging markets and to partner once again with IFC on private capital mobilization for maximum impact," said Veronica Scotti, Chairperson of Swiss Re Public Sector Solutions.