Swiss Re Corporate Solutions, the commercial insurance arm of global reinsurer Swiss Re, has partnered with the International Finance Corporation (IFC) to expand a “pioneering platform” by $500 million, supporting greater investments designed to modernise infrastructure in emerging markets.
Under the agreement, Swiss Re will insure a portion of the credit risk on loans IFC makes through its Managed Co-Lending Portfolio Program (MCPP), providing risk coverage up to $500 million.
According to an announcement the involvement of Swiss Re takes the platform’s total capacity to $7 billion, which enables the IFC to improve power, water, transport and telecommunications in developing markets.
Head of Credit & Special Lines at Swiss Re Corporate Solutions, Andreas Hillebrand, commented: “We are pleased to support this IFC initiative, which will help release much-needed capital into emerging markets to support tomorrow’s resilient societies and economies.
“Furthermore, by strengthening our relationship with the IFC, we will be able to further expand our well-established trade and infrastructure finance platform and increase the diversity of our emerging market portfolio.”