IIB bolsters private sector development in emerging markets via co-financing scheme

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IIB bolsters private sector development in emerging markets via co-financing scheme International Investment Bank (IIB) and the International Finance Corporation (IFC), a member of the World Bank Group, have agreed to streamline their collaboration to provide much-needed financing to private companies, boosting growth and jobs in emerging markets. The agreement was formalized at a ceremony where IIB became a signatory of the IFC Master Cooperation Agreement (MCA). IIB is the 19th institution to accede to the MCA, which standardizes steps that lenders take when co-financing projects with IFC, saving time and money for borrowers — private companies in emerging markets — and lenders. IFC created the MCA in response to calls by the Group of 20 for financial institutions to collaborate more closely to meet shortfalls in private sector financing during the global financial crisis.

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