The Managed Co-Lending Portfolio Program (MCPP) is IFC's flagship syndications platform for institutional investors and credit insurance companies. Since its launch in 2013, MCPP has mobilized more than $19 billion from 18 partners and is widely recognized for its innovative approach to unlocking institutional capital and credit insurance for lending to IFC’s borrowers in developing countries.
MCPP connects institutional investors and credit insurance companies with impact-driven opportunities, particularly in IDA-eligible countries and fragile and conflict-affected situations.
How It Works
MCPP allows investors and insurers to invest alongside IFC on commercial terms in globally diversified loan portfolios that mimic IFC's own portfolio—similar to an index fund.
Investors set loan eligibility criteria and portfolio concentration limits through an upfront agreement with IFC. Investors then commit capital and are allocated participation as IFC originates qualifying loans. IFC leads project appraisal, approval, commitment, and supervision.
Different iterations of the program cater to the unique needs of sovereign funds, private asset managers, and insurance companies.
Benefits to Investors
- Cost effective access to IFC’s origination, processing, and supervision capacity and lending experience across emerging markets
- Priority access to a proprietary, diversified emerging markets loan pipeline, with the ability to tailor eligibility to reflect a specific investment strategy.
- Flexible structures to meet investor needs.
- Borrower provides irrevocable consent or declines of MCPP financing upfront.
- IFC interfaces with borrower as Lender of Record on behalf of the investor.
- Strong alignment of interests through IFC’s co-investment approach, with IFC retaining loan exposure for its own account equal to or greater than that of the investor in each individual loan.
- Floating rate exposure with low duration and limited correlation to other asset classes, providing upside potential in rising interest rate environments.
- Predictable cash flows from amortizing loans.
- IFC managed supervision, including waivers and amendments.
- Best practice ESG risk management and workout expertise.
Benefits to Borrowers
- Investor approval is generally sought at mandate stage, thereby offering earlier certainty of co-investor financing compared with traditional syndications.
- Potential for larger financing on IFC’s A Loan terms, including longer tenors.
- Enables financing in challenging countries and sectors where third-party financing is scarce.
- Simple negotiations with IFC as the sole negotiating party.
- Lower transaction costs through a streamlined engagement model.
MCPP Structures
To address the business and regulatory requirements of specific types of partners, IFC has developed several unique MCPP structures. Collectively, these structures have raised more than $16 billion from 17 different participants.
Trust Funds: For public sector entities, IFC can set up a dedicated Trust Fund to hold the investor’s funds. IFC signs the loan agreements with borrowers twice—once for its own account and once as “implementing entity” of the Trust Fund.
B Loans: Private sector investors can establish an investment vehicle and contract with IFC to originate transactions. IFC lends for its own account and the investment vehicle participates in the form of a modified B Loan.
Credit Insurance: Unfunded structures can be used to provide IFC with credit insurance or unfunded risk participations. IFC lends for its own account and one or more insurance companies provide credit coverage on a portion of the loan.
Last updated: February 2026