IFC, a member of the World Bank Group, has signed an agreement with Eastspring Investments, the Asian asset management business of Prudential plc, to raise US$500 million for an IFC programme that mobilizes funds from institutional investors for infrastructure projects in emerging markets.

Eastspring is the first Asian investor to participate in the programme, known as MCPP Infrastructure. The signing ceremony was hosted by Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA).

The programme seeks to raise US$5 billion from global institutional investors to modernize infrastructure in emerging markets by 2021, opening up a new stream of capital flows to improve power, water, transportation, and telecommunications systems in developing countries.

“Building sustainable infrastructure strengthens economies, allows for cross-border business, and helps create new markets,” IFC Vice President and Treasurer, Jingdong Hua said at Wednesday’s signing. “This new partnership with Eastspring will help bring reliable power, roads, and other critical infrastructure to areas where they are urgently needed. IFC will continue to work with governments and investors to mobilize additional resources for infrastructure development in developing countries.”

Under the agreement IFC will originate transactions and provide Eastspring with co-lending opportunities in all deals that fit with Eastspring's investment strategy.