Press Release: EIB and IFC Create Global Emerging Markets Risk Database Consortium

On 25 June, 2009, the European Investment Bank (EIB) and IFC, a member of the World Bank Group, signed a cooperation agreement creating a Global Emerging Markets (GEMs) Risk Database Consortium to pool data and strengthen risk-management practices among multilateral development banks. The agreement formalized the relationship between IFC and EIB in the area of pooling loss data. It also provided a consistent framework for potential partners, including international financial institutions (IFIs) such as the European Bank for Reconstruction and Development, the African Development Bank, and the Inter-American Development Bank, which will be joining the Consortium.