Global Emerging Markets Risk Database Consortium

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.