There are only a few examples where such instruments have been used for water sector projects, as briefly summarised below. The International Finance Corporation (IFC) has provided Partial Credit Guarantees (PCGs) to the City of Johannesburg in South Africa (Box 2.2) or to the Tlalnepantla water project in Mexico (Box 3.11). In both cases, an interesting feature of these PCGs is that they were provided for debt instruments denominated in local currency. This can be done only in countries where IFIs can borrow in local currency so as to be able to hedge the currency risk.