MDB/DFI Infrastructure Credit Risk Statistics

Author: Manpreet Kaur Juneja

In October 2025, GEMs released their Private Lending Report and Public Lending Report with default and recovery statistics from 1994 to 2024 by sector, including renewables, region, and country.

Over the last year, PPIAF-GIH closely engaged with GEMs, a consortium of 29 MDBs/DFIs, on the data gap of infrastructure-specific credit risk data. PPIAF-GIH and GEMs jointly presented at the G20 Infrastructure Working Group (IWG) data session under the South Africa Presidency to announce work on closing this data gap. 

How did MDB/DFI infrastructure lending to private counterparts perform?

The average default rate for MDB-DFI lending to private counterparts during 1994-2024 for infrastructure was 3.6% lower than 4.4% for non-financial institutions. By region, the average infrastructure default rate was lower that the overall average infrastructure default rate in Middle East & North Africa, South Asia, and East Asia & Pacific at 1.3%, 2.1%, and 2.7%, respectively. By country, average infrastructure default rate estimates are available for 29 EMDEs.

The reports also provide infrastructure definitions based on GICS 2018, NACE 2, and NAICS 2017 codes. In line with our G20 Market Data Note recommendation to harmonize infrastructure definitions, we are seeking stakeholder feedback on infrastructure definitions to help   shape a global industry benchmark. 

We are now analyzing the GEMs MDB/DFI infrastructure credit risk data relative to Moody’s and S&P infrastructure publications, with key findings to be shared in our upcoming Infrastructure Monitor report and blogs. 

Download the latest GEMs reports here.