Local Capital Market Development

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Developing local capital markets is a strategic priority for IFC. Deep, efficient local capital markets create access to long-term, local-currency finance, and are the foundation for a thriving private sector—the key driver of jobs and growth. Sound local capital markets protect economies from capital-flow volatility and reduce dependency on foreign debt.

IFC promotes local capital markets by issuing local-currency bonds. We are often the first international, non-government issues of these bonds, paving the way for other issuers. Besides providing local currency finance to meet the needs of the private sector, we work with governments and regulators to promote reforms and policies supporting local capital markets and local currency finance.

IFC has issued bonds in 18 local emerging-market currencies, from Armenian dram and Chinese renminbi to Indian rupee, Peruvian soles, and Zambian kwacha.