Who we are
The Emerging Markets Investors Alliance is a 501(c)(3) not-for-profit organization that enables institutional emerging market investors to support good governance, promote sustainable development, and improve investment performance in the governments and companies in which they invest. The Alliance seeks to raise awareness and advocate for these issues through collaboration among investors, companies or governments, and public policy experts.
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Model Clauses for Transparency Covenants
As more investors recognize the role that governance and transparency reforms can play in protecting their investments, the Emerging Markets Investors Alliance (EMIA) organized a working group of Emerging Markets fund managers to develop and operationalize a set of enhanced transparency covenants for EM sovereign bonds. With the assistance of Arnold & Porter, EMIA has drafted a set of Model Clauses for Transparency Covenants (linked below) that can be readily included in debt issued as part of EM sovereign debt restructurings. The clauses are meant to be a starting point for conversations among members of creditor committees interested in incentivizing greater transparency in sovereign lending. It is expected that creditor committees will tailor EMIA’s model clauses to fit particular country contexts and can select and choose among the clauses and related remedies to best incentivize good governance and improved outcomes for restructured sovereign debt.

Decarbonization in Steel and Cement Production - Industry Brief
China and other emerging markets are large and growing producers and consumers of steel and cement. These trends are supported by their growing economies and increasing urbanization, leading to investments in infrastructure and housing. Therefore, the decarbonization of these industries is particularly relevant for investors in emerging markets.

Uruguay Bond Complies with EMIA's Enhanced Labeled Bond Principles
(October 31, 2022) The Emerging Markets Investors Alliance (EMIA) today announced that the Sovereign Sustainability Linked Bond 5.750% USD bond due in 2034 that was recently issued by the Government of Uruguay is fully consistent with EMIA's Enhanced Labeled Bond Principles.

Enhanced Labeled Bond Standards
(January, 2025) The Emerging Markets Investors Alliance (EMIA) updated its Enhanced Labeled Bond Standards (ELBS). The ELBS offer guidance for emerging market labeled bonds to promote the development of a credible and sustainable labeled bond market that can make a meaningful contribution toward improved environmental, social, and governance (ESG) outcomes

EITI Transparency of Payments to Governments Standards and Expectations
In this letter to the Board of Directors of the Extractive Industries Transparency Initiative (EITI), EMIA President Ashok Parameswaran encourages EITI to set disclosure standards for extractives companies that formally support EITI that are consistent with EITI’s standards for other stakeholders. We believe it is in the interest of EITI, as well as of investors that use its data, that supporting companies comply with EITI’s standards. We hope this letter will encourage the Board and EITI to maintain high levels of compliance regarding the transparency of payments by extractives companies to governments.

White Paper on the Emerging Market Debt Crisis and G20 letter
As of June 28, the IMF had approved $244 million in debt relief and $65 billion in emergency financing to low- and middle-income countries, despite estimating that these countries will have additional financial needs of $2.5 trillion. The Alliance has published a White Paper to foster cooperation among policy makers, government officials, and investors, and to move the discussion beyond the short-term provision of liquidity and toward longer term measures that promote fiscal and debt transparency, debt oversight, and environmental sustainability