LONDON, April 18 (Reuters) - A unit of Swiss Re will insure up to $500 million in infrastructure loans to emerging markets made by the International Finance Corporation, the IFC said on Wednesday.
Swiss Re Corporate Solutions will insure credit risk on loans under the IFC’s Managed Co-Lending Portfolio Program, bringing the programme’s total lending capacity to $7 billion, the IFC said in a statement.
The IFC, a sister organisation to the World Bank, focuses on the private sector.
Other major insurers including AXA, Allianz and Munich Re have also made commitments to the programme, which launched in 2013.
“Building sustainable infrastructure is essential to fight poverty and boost shared prosperity,” said IFC Vice President and Treasurer Jingdong Hua, adding that the arrangement with Swiss Re “will help bring reliable power, water, transport and telecommunications where they are urgently needed.” (Reporting by Carolyn Cohn; Editing by Adrian Croft)