IFC and INBONIS: a joint boost for midcaps in emerging markets

On November 20th, we welcomed to our offices Raphaelle Aubert, Head of the IFC Office in Paris and responsible for France, Spain, and Israel. Her visit allowed us to explore how IFC (International Finance Corporation) and INBONIS Rating can collaborate to promote the expansion of medium-sized Spanish companies in emerging markets, where their agility and adaptability give them a natural competitive advantage.

During her presentation, Raphaelle emphasized that Spanish companies have the potential to become key players in regions such as Eastern Europe, Africa, Latin America, and Asia. The challenge facing these economies is enormous: 1.2 billion young people will enter the labor market in the coming years, while only about 400 million jobs will be created. In this context, financing transformative projects led by solid companies becomes a priority.

In 2025, IFC allocated $56 billion to development projects, combining debt, equity, capital, and advisory services. Its focus on mid-cap companies translates into loans starting at $10–15 million, with approval times of between three to six months, and a particular emphasis on sectors such as infrastructure, manufacturing, agribusiness, health, and tourism. Raphaelle insisted the need to demystify the risk associated with emerging markets: according to the GEM report, default rates are around 3.5% and recovery evels reach 73%, figures that debunk many widespread perceptions.

The session also highlighted examples of European and Spanish companies financed by IFC, such as ECOM, Grupo Ortiz, and Sacyr, and explained the opportunities offered by both the World Bank’s procurement, which is increasingly impact-oriented, and MIGA’s political risk guarantees.

For INBONIS Rating, the most relevant conclusion is that IFC values ​​our ratings as if they were produced internally, which opens the door for more Spanish mid-caps to access its financing. The session left a clear message: there is ample room for Spanish companies to take advantage of these opportunities and position themselves as drivers of development in emerging markets.