As part of its strategic focus on mobilizing private sector capital supporting the World Bank Groups’ climate agenda in emerging markets, IFC is proposing an additional first loss investment in an Allianz Global Investors managed vehicle, through the purchase of notes issued by the limited partner of the Vehicle. In this way, IFC will provide credit enhancement for Allianz, a private sector insurance investor, to solve for the regulatory requirements that would otherwise have prevented them from participating in this asset class. In addition to investing in this Vehicle, IFC will broaden its Managed Co-Lending Portfolio Program (MCPP) contract with the Vehicle to provide cross-sectoral co-investments in senior loans alongside IFC under MCPP One Planet. Under MCPP, IFC creates loan portfolios for third-party investors based on pre-agreed eligibility criteria. All investments made by the Vehicle will be in IFC-originated senior loans on the same terms and conditions as with IFC’s investment for its own account. All underlying loans will need to meet IFC’s own internal standards, and IFC will be required to seek independent Board approval for each loan following its standard approval process; it is only upon IFC’s commitment to its own account that a portion of the loans would then be allocated to the Vehicle.
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