What is the World Bank Group Guarantee Platform?
The World Bank Group Guarantee Platform serves as a one-stop shop for all World Bank Group guarantees, providing clients with the best coverage solutions to meet project needs and development priorities. The platform, housed at the Multilateral Investment Guarantee Agency (MIGA), brings together products and experts from the World Bank, International Finance Corporation (IFC), and MIGA for simplicity, efficiency, and speed.
What is PBG+?
The PBG+ is designed to lower borrowing costs for sovereign governments and channel financing into development projects in emerging markets and developing countries.
PBG+ combines two World Bank Group Guarantee Platform guarantees: a World Bank Policy-Based Guarantee (PBG), which acts as a first-loss layer, and a MIGA Non-Honoring of Sovereign Financial Obligations (NHSFO) guarantee, which acts as a second-loss layer.
Together, the guarantees are structured so lenders are covered for 95 percent of every contracted principal and interest payment over the life of a commercial loan to a sovereign government. By covering up to 95 percent of payments, it can significantly lower borrowing costs and extend maturities for sovereign governments when raising or refinancing loans.
What makes PBG+ innovative and special?
PBG+ demonstrates the power of combining solutions from across the World Bank Group and tailoring them to the needs of member countries to deliver large savings when they’re most needed, while attracting investment that will help create jobs and improve lives.
What are proceeds from PBG+-backed loans used for?
Proceeds are used for sovereign budget support including liability management, such as refinancing of more expensive debt with more affordable, longer-tenor financing. In some countries, PBG+ has been used for debt-for-development swaps that channel savings into development projects, such as freeing up funds for investment in schools.
How are the first and second loss structures typically sized?
Jointly, the two guarantees cover 95 percent of scheduled payments of the underlying loan. The PBG is usually sized at an amount corresponding to up to 60 percent of the underlying loan, covering 95 percent of each missed scheduled payment until the guaranteed amount is reached. Should this occur, the second-loss NHSFO guarantee begins to pay 95 percent of subsequent scheduled payments until the amount covered under the NHSFO guarantee is fully utilized.
What are the financial eligibility criteria to access PBG+?
The country's macroeconomic framework must be adequate. The World Bank Group assesses the country's economic policies and conditions to ensure they are conducive to sustainable development and financial stability. This includes assessing the country's debt sustainability and the risk of macroeconomic shocks. The risk of debt distress in IDA countries must be classified as low or moderate to ensure they can meet future financial obligations without undue hardship.
Has the World Bank Group issued PBG+ guarantees in the past?
As of June 16, 2026, the World Bank Group has announced five PBG+ guarantees:
Argentina: In June 2026, The World Bank and MIGA Boards of Directors approved a PBG+ to support Argentina’s reform agenda and help restore its access to international capital markets. The transaction will lower Argentina’s financing costs while supporting a broader reform agenda aimed at creating jobs, attracting investment into infrastructure, and improving financial inclusion for smaller businesses, among other measures.
Rwanda: In March 2026, the World Bank Group approved a PBG+ to enable the Rwanda to mobilize commercial financing on favorable terms and support the implementation of key strategic investments under the country’s Second National Strategy for Transformation, including efforts to advance Rwanda’s ambitions to become a regional connectivity and logistics hub and reinforce its position as a leading tourism destination. Rwanda closed the PBG+-supported EUR 213 million ($247 million equivalent) loan in April 2026.
Angola: In March 2026, the World Bank Group announced the first in a series of operations to support Angola’s ambitious structural reform agenda and its efforts to diversify its economy, promote inclusive growth, and ramp up job creation, particularly for its large youth population. The operation comprises a Development Policy Loan and a PBG+ to maximize development outcomes for Angola, while preserving debt sustainability and mobilizing private capital.
Panama: In December 2025, the World Bank Group announced an innovative operation for Panama that combined a Development Policy Loan to support key structural reforms to boost investment with a PBG+, enabling the country to access financial resources on more favorable terms, generate fiscal savings, and strengthen public debt management. Panama closed the PBG+-supported JPY 219 billion ($1.4 billion equivalent) loan in January 2026.
Côte d’Ivoire: In September 2025, the World Bank Group announced its first-ever PBG+, supporting a sustainability linked loan to the country’s Ministry of Finance and Budget. The terms achieved through this structure are enabling Côte d’Ivoire to finance investments in climate resilience and adaptation while preserving public debt sustainability. Côte d’Ivoire closed the PBG+-supported EUR 433 million ($503 million equivalent) loan in January 2026.