Program

Emerging Markets Securitization Program (EMSP)

The Emerging Markets Securitization Program (EMSP) packages high-quality IFC-originated loans into tradable securities, giving institutional investors an opportunity to access a globally diversified portfolio of emerging market assets.

In 2023, the World Bank Group launched the Private Sector Investment Lab (PSIL), bringing together 15 of the world’s leading CEOs to identify barriers to private sector investment and test practical solutions. One of the solutions that emerged from the PSIL is originate-to-distribute (OTD). The aim is to move to larger, packaged securities that attract institutional investors such as pension funds, asset managers, and insurance companies.

In September 2025, the World Bank Group, through its private sector arm, the International Finance Corporation, closed its inaugural OTD transaction under EMSP. 

First Transaction Details

The program’s $510 million inaugural transaction features a CLO structure designed to attract institutional investors to emerging market credit. It includes:

  • A $320 million senior tranche sold to private investors, rated Aaa by Moody’s and listed on the London Stock Exchange.
  • A $130 million mezzanine tranche insured by a consortium of credit insurers.
  • A $60 million equity tranche held in partnership with Mobilist Global, backed by the UK Foreign, Commonwealth & Development Office (FCDO).

 

The portfolio comprises globally diversified, IFC-originated loans to 57 borrowers across multiple industries and regions. The familiar CLO structure provides a standardized and scalable channel for investors seeking emerging market exposure aligned with their risk–return appetite.

The EMSP underscores the World Bank Group’s commitment to mobilizing private capital for development and represents a major step forward in transforming how development finance attracts private investment.

Last updated: January 2026