Emerging Markets Securitisation Programme (EMSP)

The first EMSP transaction pooled together and securitised IFC loans to 57 companies spanning multiple sectors and regions. Over 85% of the portfolio was allocated to manufacturing, agribusiness, services and infrastructure, with the remainder in financial institutions. More than 30% of the portfolio was exposed to low-income countries supported by the World Bank's International Development Association (IDA), or fragile and conflict-affected states.

IFC launched the first EMSP transaction in July and closed it in September 2025. This vehicle was tranched into a USD 320 million AAA tranche (rated by Moody's), listed on the London Stock Exchange (LSE) and sold to institutional investors; a USD 130 million mezzanine tranche insured by a consortium of insurance companies; and a USD 60 million equity tranche. IFC and the UK government's MOBILIST programme were the equity owners. Their anchor role in the equity tranche was central to making the transaction possible, creating the first-loss buffer that gave confidence to the rest of the capital stack. This equity enhanced the risk profile of the issued notes, making them investment grade and hence enabling institutional investors to participate in the transaction.

In June 2026, IFC closed a second EMSP transaction: a USD 509 million securitisation that built on the strong investor demand for the inaugural deal, adding an Aa1-rated tranche and further widening access to high-quality emerging market exposure through familiar, scalable instruments. Together, the two transactions brought total issuance under the programme to more than USD 1 billion, establishing EMSP as a repeatable platform rather than a one-off pilot and advancing the World Bank Group's originate-to-distribute model.