The document provides an overview of the Managed Co-Lending Portfolio Program (MCPP), an IFC product that allows institutional investors to passively participate in IFC's loan portfolio. Key points include: MCPP allows pre-approval of investors who provide capital deployed by IFC according to its strategy; the SAFE partnership committed $3B over 6 years, with $1.5B disbursed; the HKMA recently committed $1B; and partnerships with Allianz, Prudential, AXA, and insurers will help raise $5B for infrastructure projects. MCPP offers investors exposure to IFC's diverse emerging market portfolio while IFC maintains control over investment decisions.

1. IFC Debt Mobilization: MCPP Overview
MCPP SAFE & HKMA
MCPP Infrastructure
MCPP FIG/Credit Insurance
Meaghan McGrath
Juliette D’Hollander
Steve Wagner
Koro Nuri
Matthew Huggins
Vinita Sinha
Ivan Illescas
Samatar Yonis
October, 2017

2. Managed Co-Lending Portfolio Program
(MCPP)
 The Managed Co-Lending Portfolio Program (MCPP) is an
IFC Syndications product that allows institutional investors
the opportunity to passively participate in IFC’s future
loan portfolio.
 Investors provide capital on a portfolio basis, which can be
deployed by IFC in individual investments across all
regions and sectors in accordance with IFC’s strategy and
processes, as well as subject to the investors’ desired
eligibility criteria.

3. Managed Co-Lending Portfolio Program
(MCPP)
 MCPP investor approval is sought pre-mandate; project
appraisal, approval, commitment, and supervision are
managed directly by IFC with the MCPP investor passively
following IFC decisions.
 MCPP complements IFC’s existing B Loan and Parallel Loan
platforms. Through MCPP IFC can expand its base of co-
lending partners to include investors that do not have the
capacity to invest on a “deal by deal” basis.

4. MCPP – A New Future For Debt Mobilization
MCPP
MCPP
SAFE
MCPP
FIG
(Credit
Insurance)
MCPP
Allianz
MCPP
Unfunded
MCPP
Sovereign
MCPP
Infrastructure
MCPP
Prudential
MCPP
HKMA
MCPP
AXA

5. MCPP – Basic Sovereign Investor
Administrative
Agreement
Sovereign
Investor
IFC
Trust Fund
Loan Agreements
and Portfolio
Management
Borrowers
IFC as Implementing
Entity

6. MCPP Sovereign – SAFE
 In 2013, the People's Bank of China, through SAFE, its State
Administration for Foreign Exchange, pledged $3 billion
under the MCPP platform to be committed over a six-year
period.
 In one-and-a-half years, $1.5 billion was disbursed in 60
investments across the IFC’s portfolio in 30 different
countries.
 This collaboration is particularly significant because the IFC
used it as a template to launch the MCPP Infra Initiative,
and was the foundation for MCPP HKMA.

7. MCPP Sovereign – HKMA
 In September, 2017 the Hong Kong Monetary Authority
(HKMA) signed on to become a part of IFC’s MCPP program.
 MCPP HKMA follows the SAFE structure, and officially
launched in October, 2017.
 HKMA has committed $1 billion.

8. MCPP – Basic Institutional Investor
Facility Participation
Agreement
Fund
Loan Agreements
and Portfolio
Management
Borrowers
B-Lender

9. MCPP Infrastructure Initiative
Raise $5 Billion in 5 Years
 MCPP Infra is designed for institutional investors seeking to
increase their exposure to emerging-markets infrastructure.
 It is a platform on which private institutional investors and
the IFC co-invest in infrastructure loans in emerging markets.
 IFC will originate, approve, and manage the portfolio of loans
that will mirror IFC’s own portfolio in infrastructure.
 This structure is unprecedented, as until now infrastructure
funds involving multilaterals and private institutional
investors have mostly focused on private equity-style
investment.

10. Addressing Emerging Market Infrastructure
Challenges – Private Sector Solutions
 It is estimated that $1 trillion dollars a year of financing is
needed to build modern infrastructure in emerging
markets.
 The bulk of this investment requires the provision of long
term financing, especially loans.
 Fewer banks are willing to provide long term loans.
 Therefore, unlocking capital flows to infrastructure from
new sources, in particular institutional investors, became
a high priority.

11. MCPP Infrastructure Begins
 On October 5, 2016, Allianz and IFC signed a partnership to
make Allianz our first partner in the MCPP Infra Initiative.
 Allianz will invest $500 million, to be co-invested alongside
IFC debt financing for infrastructure projects in emerging
markets worldwide.
 With support from Sida, IFC will provide a limited first-loss
guarantee on the investments to meet the risk-reward
profile that institutional investors require.

12. MCPP Infrastructure – Other Deals
 MCPP Infrastructure officially launched in October, 2017.
 Allianz have been fully signed:
 Commitment of $500 million by Allianz
 Prudential has been fully signed:
 Commitment of $500 million by Eastspring Investments,
the Asian asset management business of Prudential
 IFC is currently finalizing negotiations with AXA:
 AXA’s commitment will be $500 million

13. MCPP Unfunded – FIG (Credit Insurance)
 MCPP Financial Institutions will tap $500 million apiece in
unfunded credit insurance from Munich Re and Liberty
Specialty Markets, part of Liberty Mutual Insurance.
 This will enable IFC to provide at least $2 billion in loans
to commercial banks, offering additional capacity for on-
lending to small and medium enterprises, women-owned
businesses, and climate change strategies.

14. Washington DC Key MCPP Contacts in
the IFC Legal Department
 Meaghan McGrath
 Jennifer Drogula
 Ivan Illescas
 Samatar Yonis
 Koro Nuri
 Matthew Huggins
 Steven Wagner
 Juliette D’Hollander
 Ekaterine Gureshidze
 Bettina L. Muller

15. MCPP Regional Anchors in the
IFC Legal Department
 Europe: Nino Tsiskaridze, Glen Russell, Ekaterina
Kushnareva, Victoria Androsova
 Asia: Vinita Sinha, Kaizer Karachiwala
 Africa: Myles Doherty, Nicolas Busquet
 LAC: Steven Wagner, Ivan Illescas

16. The Future of Mobilization
A Loans B Loans MCPP Loans
Borrower

17. Multiple Investment Products in a Single
Project
Borrower
(FIG)
Credit
Insurance
Institutional
Investor #1
Counter
Guarantee's/MCPP
(SIDA)
LP
Institutional
Investor #3
Institutional
Investor #2
LP
MCPP LoansB LoansA Loans
HALP ALP
Standard
B Loans
(B1)
B Bonds
MCPP
B Loans
(B2)
Investment
Fund
Financial
Institution
Sovereign
#1
Sovereign
#2
Sovereign
#3

18. Thank You
Meaghan McGrath
mmcgrath@ifc.org
Chief Counsel
Samatar Yonis
syonis@ifc.org
Legal Assistant
IFC Legal Department
Washington D.C.