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Global Emerging Markets

Risk Database Consortium

Leveraging data from Multilateral Development Banks and Development Finance Institutions to support investment and development



The first GEMs public report is out!

For the first time, GEMs shares the results of its work and knowledge on credit default rates

NDB joins the GEMs Consortium

At the occasion of the GEMs Virtual Working Group Annual Meetings, on February 2021

CABEI joins the GEMs Consortium

At the occasion of the GEMs Virtual Annual Meetings, on September 2020

IBRD joins the GEMs Consortium

At the occasion of the World Bank-IMF Spring Meetings in Washington, DC, on April 20

MIGA joins the GEMs Consortium

At the occasion of the GEMs Steering Committee Meeting in Washington, D.C., on 19 October 2019

IFAD joins the GEMs Consortium

GEMs is pleased to welcome IFAD as a new member in 2018

BOAD joins the GEMs Consortium

GEMs is pleased to welcome BOAD as a new member in 2018


GEMs 2022 Virtual Working Group Annual Meetings

2 days of virtual technical exchanges and inter-institutions team building organized by the GEMs Team

GEMs 2021 Virtual General Assembly Annual Meetings

3 days of discussions, collaboration forum and inter-institutions team building organized by the GEMs Team

GEMs 2021 Virtual Working Group Annual Meetings

5 days of virtual technical exchanges and inter-institutions team building organized by the GEMs Team

GEMs 2020 Working Group Annual Meetings in Côte d'Ivoire

Hosted by the African Development Bank (AfDB) in February 2020

GEMs 2019 General Assembly Annual Meetings in Moscow

Hosted by the International Investment Bank (IIB) in July 2019

Celebrating 10 Years of GEMs Collaboration in Luxembourg

GEMs Working Group Annual Meetings hosted by the European Investment Bank (EIB) in January 2019

International Fora

Finance In Common: GEMs in a new public database

GEMs is a key consortium in the new development banks database by AFD and Peking University

GEMs participates in the Paris Peace Forum 2020

GEMs was one of the project selected on the Multilateral Data Collaboration to Support Emerging Markets

GEMs participates in G20 IWG infrastructure discussion in Moscow


GEMs, the Global Emerging Markets Risk Database Consortium, is one of the world’s largest credit risk databases for the emerging markets operations of its member institutions, that are Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs). It pools data on credit defaults on the loans extended by consortium members, the migrations of their clients’ credit rating and the recoveries on defaulted projects.

GEMs was established in 2009 as a joint initiative between the European Investment Bank (EIB) and the International Finance Corporation (IFC – World Bank Group). Since then, the GEMs consortium has grown to include 24 members comprised MDBs and DFIs.

The Consortium members contribute anonymized data on their projects’ credit events notably in emerging markets and developing economies. In return, members gain access to aggregate GEMs statistics on observed default rates, rating migration matrixes and recovery rates by geography, sector, time-period and various other dimensions.

GEMs statistics thus provide members with an insight into geographies that are otherwise relatively poorly served in terms of empirical credit information.


Years of data



For lower income countries, fragile and conflict states and frontier markets, GEMs in many cases contains the most exhaustive database of credit data, both in number of data points and length of coverage. The consortium members apply the GEMs statistics in their various internal risk management processes, such as benchmarking, provisioning estimates, probability of default (PD) and loss given default (LGD) models calibration, regulatory and economic capital calculations and the validation on PD & LGD assumptions.



GEMs is not only a data-driven cooperation among peer institutions but also offers a forum for discussion and exchange among experts. It is a concrete example of how MDBs and DFIs can work together as a system to collectively achieve more than they could do alone – improving risk management practices across the IFI industry by exchanging on methodology topics and pooling data.



The GEMs cooperation is based on a strict confidentiality agreement. The consortium has jointly developed an anonymized data collection process and methodology which supports the protection data confidentiality and allows for the generation of  output statistics on the consortium level.

Data Quality

The GEMs methodology and data process, developed over more than 10 years now, ensures data harmonisation and a high level of data quality. The complete GEMs historical dataset is submitted annually leading to updates to previous data and addition of new data. Thus, over time, data quality continuously improves.



Steering Committee

The Steering Committee, co-chaired by the European Investment Bank Group and the World Bank Group, represents the interests of the members and defines the strategic and operational priorities. Additionally, the Steering Committee decides on the admission of any additional member institutions into the consortium. The Steering Committee currently is comprised of seven multilateral development banks: European Investment Bank (EIB), International Finance Corporation (IFC), International Bank for Reconstruction and Development (IBRD), African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD) and Inter-American Development Bank (IDB).

Román Escolano

Román Escolano

Group Chief Risk Officer, European Investment Bank

Lakshmi Shyam-Sunder

Lakshmi Shyam-Sunder

Vice President and Chief Risk Officer, World Bank Group

Tarek Himmo

Tarek Himmo

Vice President, Risk and Finance, International Finance Corporation

Federico Galizia

Federico Galizia

Chief, Credit Risk Management, Inter-American Development Bank

Annemarie Straathof

Annemarie Straathof

Vice President Risk and Compliance and Chief Risk Officer​, European Bank for Reconstruction and Development

Stephen O'Leary

Stephen O'Leary

Head of Office of Risk Management, Asian Development Bank

Ifedayo Orimoloye

Ifedayo Orimoloye

Group Chief Risk Officer, African Development Bank


General Secretariat

The Consortium has entrusted the European Investment Bank (EIB) with the functions of Secretary General and Administrator.

Stefania Ciraolo

Stefania Ciraolo

GEMs Secretary General

Head of Group Risk Management Coordination, EIB

The GEMs Secretary General and Administration Team, or “GEMs Team”, is a dedicated organisational unit hosted by the European Investment Bank (EIB). The team maintains the consortium’s credit risk methodology and coordinates its evolutions in close collaboration with member institutions’ delegates. The GEMs Team oversees the production of the consortium’s internal reports, as well as the database hosting and software development. The Team also facilitates the cooperation within the member institutions by organising working groups, workshops and annual meetings. Moreover, the GEMs General Secretariat provides support to the members on questions related to the application of the output statistics, provides advices and decision support services to the GEMs Steering Committee, and implements the further development of GEMs according to the Steering Committee’s guidance.

Gregor Cigüt

Gregor Cigüt

GEMs Team Manager

Head of Unit, EIB

Maria Katrantzi

Maria Katrantzi

GEMs Team Delegate

Senior Risk Officer, EIB

Frank Sperling

Frank Sperling

GEMs Team Delegate

Senior Consultant, EIB

Margaux Marodon

Margaux Marodon

GEMs Team Support

Group Risk Management Graduate, EIB

Giovanni Dettori

Giovanni Dettori

GEMs Team Support

Group Risk Management Graduate, EIB

Maria Katsaiti

Maria Katsaiti

GEMs Team Support

Senior Admin Assistant, EIB


Representatives of the member institutions of the consortium, meet twice a year: at the beginning of the year for a Working Group Annual Meeting and mid-year for a General Assembly Annual Meeting. The General Assembly consists of risk management professionals from the respective member institutions and is concerned with the technical developments around data collection and application of GEMs output statistics, methodology, reporting and other developments as guided by the GEMs Steering Committee. The member institutions of the consortium currently include:

They talk about GEMs:

“GEMs is the jewel of the international development banking community. (…) I’m convinced that the participation of IBRD, as part of the World Bank Group, will further strengthen our cooperation to achieve the objectives set by the UN in the field of the Sustainable Development Goals” –Werner Hoyer, President of the European Investment Bank (EIB)

Full article on the EIB website

They talk about GEMs:

“GEMs fulfills a vital role in overcoming informational hurdles. High-quality data must be readily available, accessible and standardized for an adequate assessment of risks to spur cross-border investment in EMDEs. I am very happy that IBRD is joining the consortium.” –Joaquim Levy the Managing Director and Chief Financial Officer of the World Bank

Full article on the World Bank website

They talk about GEMs:

Introductory Guide to Infrastructure Guarantee Products from Multilateral Development Banks: “A possible way around the scarce historical data is to use MDBs’ portfolio information. In this regard (…) A study comparing infrastructure projects’ PD and LGD from GEMs database to those obtained from commercial datasets could provide further evidence of the halo effect …”

Full publication on the IDB website

They talk about GEMs:

The best risk management practices were the focus of a discussion at a regular annual meeting of the Global Emerging Markets Risk Database Consortium (GEMs), which this year was organized and conducted under the auspices of International Investment Bank. The Consortium, founded by International Finance Corporation (IFC) and European Investment Bank (EIB)…

Full article on the IIB website


Membership eligibility criteria

As outlined in the GEMs Cooperation Agreement,  the GEMs membership is currently limited to:

– Entities within or funded by the public sector (such as MDBs) which have as their role and function the financing and development of emerging markets and are International Financial Institutions established by treaty.

If you’d like to inquire about the membership, please contact the GEMs Team via the form below. The final decision on applications for membership will be made by the GEMs Steering Committee.


You are an eligible institution? Why should you join GEMs?

To have access to the GEMs database webtool

That enables to clean, update and analyse your data and the consortium overall data as well as calculate credit default rates, recoveries and rating migrations.

To receive the GEMs Annual Report

Which presents the latest credit risk statistics calculated out of the most recent available data set

To benefit from the GEMs User Guide

Which presents the latest credit risk statistics calculated out of the most recent available data set

To receive guidance on data and methodology

From  the GEMs Team on your own data set and the application of the GEMs statistics in your internal risk management processes

To Network and stay up-to-date

On the most recent discussions on IFI risk management best practices during regular working groups calls and bi-annual in-person meetings


First GEMs default statistics publication on private and sub-sovereign lending 2001-2019

To address the need for greater volumes of private investment tackling sustainable development goals in the most isolated regions, the Global Emerging Markets Risk Database Consortium (GEMs) is pleased to issue its first public report on credit default statistics for private and sub-sovereign lending, based on data from 11 member institutions. We are proud to share our results building on more than ten years of successful cooperation among GEMs members.

Publication key figures on dataset composition

Distribution of the counterparties


Non - OECD countries


Infrastructure sectors group

  • High income countries 16% 16%
  • Upper-middle income countries 47% 47%
  • Lower-middle income countries 32% 32%
  • Low income countires 6% 6%

GEMs is pleased to make this publication freely available. Please just fill the form below to download the report. We look forward to receiving feedback from our readers and working with our stakeholders to improve the focus and content of our future reports.

Master Scale

GEMs reference probabilities of default (PD) curve known as the GEMs master scale

The GEMs master scale is the common language regarding the creditworthiness of GEMs member institutions’ lending counterparties (borrowers): it is a 1-year Probability of Default (PD) rating scale built partially based on GEMs observed default rates.


Neither GEMs nor any GEMs consortium member or their respective constituents represents or warrants as to the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein. Moreover, neither GEMs nor any of its members shall have any responsibility or liability whatsoever to any recipient or to any other party in connection with or arising in any way from such content, conclusions or judgments, or for any omissions or errors (including, without limitation, typographical errors and technical errors) included therein or for reliance thereon. Neither GEMs nor any GEMs consortium member or their respective constituents has an obligation to independently verify the information upon which the work is based, or to update the work for any reason including in the event of changes in that underlying information.

The contents of this work are intended for general informational purposes only. This work and its contents shall not constitute and should not be construed as an offer, a guarantee, an opinion regarding the appropriateness of any investment, or a solicitation or invitation of any type. This work and its contents are not intended to provide, and should not be relied on as providing, financial, accounting, legal, securities, investment or any other type of advice.


Get in touch with the GEMs Team at the European Investment Bank:

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