The Global Emerging Markets Risk Database (GEMs) Consortium, a joint initiative of the European Investment Bank (EIB) and the International Finance Corporation (IFC), has been improving transparency and understanding of credit risk in emerging markets since 2009. By bringing together multilateral development banks (MDBs) and development finance institutions (DFIs), GEMs has built one of the largest databases of contract-level lending information covering private, public, sovereign, and sovereign-guaranteed operations. Using a harmonized methodology, the consortium produces reliable statistics on default rates, recovery rates, and credit performance, helping investors, regulators, and financial institutions make informed decisions. The report “Default and Recovery Statistics: Sovereign and Sovereign-Guaranteed Lending 1984–2025” presents more than four decades of lending experience based on pooled data from 13 member institutions. These benchmarks support risk assessment, portfolio management, capital allocation, and regulatory compliance. Since 2021, GEMs has made its aggregated statistics publicly available, increasing transparency and supporting research and investment decisions worldwide. In 2025, the consortium appointed Galytix (GX), in partnership with PwC, as its new Data Aggregator, leveraging artificial intelligence to modernize data management, enhance analytical capabilities, and provide deeper insights into credit risk trends across emerging markets and developing economies.