GEMLOC is a World Bank programme that helps developing countries build stronger local bond markets. Before GEMLOC, many developing countries borrowed mostly in foreign currency, mainly the US dollar. GEMLOC helps these countries sell bonds in their own currency to investors around the world, replacing loans in foreign currencies.
GEMLOC created a private investment fund and a new index. The private investment fund invests in government bonds denominated in local currency and sub-sovereign and corporate bonds. The index, known as GEMX, scores each country's bond market on how easy and safe it is to invest in, based on things like its tax rules, regulations, and market access.