Deutsche Bank AG and Banco Santander SA are among financial institutions participating in a milestone synthetic securitization designed to help the World Bank Group leverage its ability to provide loans to emerging-market borrowers.

The World Bank’s private sector arm, International Finance Corporation, has agreed to insure the credit risk on a $500 million portfolio of trade finance tied predominantly to low-income and conflict-affected countries, the lender said in a statement seen by Bloomberg. It’s the first such transaction of its kind conducted by the IFC.