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[ 1986 ] Part 2 Chapter 7 the International Finance Corporation

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[ 1986 ] Part 2 Chapter 7 the International Finance Corporation 1146 Intergovernmental organizations Chapter VII International Finance Corporation (IFC) The International Finance Corporation (IFC), government-related financial institutions of industrial established in 1956 as an affiliate of the Interna- countries which specialized in aiding private enter- tional Bank for Reconstruction and Development prises in developing countries. (World Bank), is a multilateral development institu- During the year, IFC approved investments in tion that promotes private investment and assists Grenada, Mozambique and Seychelles for the first private enterprises in its developing member coun- time. It also approved investments in two other coun- tries. Its capital resources are provided by its 128 tries in which it had not invested for the previous member States—including 107 developing three years. Thirty-three investments, with a total countries—which collectively determine its policies value of $295 million, were located in countries with and activities. an annual per capita income below $800. In 1986, During the fiscal year ending 30 June 1986, the more than 26 per cent of the loans were priced at second year of IFC's current five-year programme, variable rates, with 43 per cent of United States the Board of Directors approved 85 investments in dollar-denominated loans so priced. 39 developing countries and one world-wide in scope, Supplementing its loans, equity and equity-like totalling $1,156 million. Of that amount, $710 million instruments, IFC provided a broad range of other was to be invested for IFC's own account and $446 financial services, including underwritings, million would be syndicated, or sold, to other in- guarantees, stand-by arrangements and swaps. vestors. Compared to the 1985 fiscal year, the total Technical assistance activities were generally pro- approved investments increased by $218.8 million, vided free of charge. However, to bring itself in line from $937.2 million, and investments net of syn- with market practice, IFC began to charge fees for dication rose $100.7 million, from $609.3 million. special service activities, generating some $3.9 million Of the total dollar amount, $1,070 million was for in income for IFC in fiscal year 1986. loans and $86 million for equity investments. Of The Corporation continued to seek out commer- the equity, $4 million was approved for the exercise- cial banks and other financial institutions to join of-rights issues by firms in which IFC already had in loan syndications and parallel financing. Dur- equity investments. Thirteen of the loans, totalling ing the year, some $446 million in loans by IFC was $139 million, involved corporate restructuring. syndicated with such institutions. Syndications pro- IFC estimated that the total capital costs of pro- cessed with commercial banks included new funding jects it would help to finance would be more than for projects in Argentina, Bangladesh, Brazil, Co- $3,588 million. In other words, for every $1 invested lombia, Egypt, India, Thailand and Zimbabwe. by IFC for its own account, others would invest Many of the larger projects involved energy devel- about $4. opment. Loans were made at market rates. The typical In 1986, under its five-year financial and opera- United States dollar fixed-rate loan was priced at tional plan covering the fiscal years 1985 to 1989, 10.37 per cent for a period of 7 to 8 years with a IFC provided new financial services to its developing grace period of 4 years. The maturities of IFC loans, member countries, while continuing its main role set to conform to the nature and needs of each pro- of assisting in the financing of private sector pro- ject, ranged from 7 to 12 years. jects. The newly established Foreign Investment Ad- Of the projects approved during the year, 42 per visory Service aimed to help members review and cent of the investment finance went to Asia, 32 per adjust their policies, regulations and investment pro- cent to Latin America, 16 per cent to Europe and motion strategies affecting foreign direct investment. the Middle East, and 10 per cent to Africa. The Funding from the United Nations Development Pro- largest proportion, 30 per cent, of investment was gramme (UNDP) supported regional advisory pro- for projects relating to fertilizers, chemicals and grammes in Africa and Asia. With regard to financial petrochemicals; 19 per cent was for energy and markets, IFC established several equity lines and minerals; 16 per cent for other manufacturing; 9 credit lines with banks and venture capital com- per cent for tourism and services; 8 per cent for panies to help small and medium-sized businesses capital markets and financial services; 7 per cent in Argentina, Côte d'Ivoire, Kenya and Pakistan, for wood, pulp and paper; 6 per cent for agribusiness; and launched the Emerging Markets Growth Fund and 5 per cent for cement and steel. Some $254.7 to invest in publicly listed shares in certain developing million of the investments was taken up by countries. In institutional development, IFC began International Finance Corporation 1147 a promotional campaign to increase awareness of IFC INVESTMENTS investment opportunities in developing countries (1 July 1985-30 June 1986) among corporations and financial institutions in Amount Europe, Japan and North America. Other ac- (in thousands of tivities included the application of new financial Recipient Sector US dollars) services and instruments and measures enabling Argentina Textiles 16,020 developing countries to benefit more from in- Chemicals and petrochemicals 8,000 novation in financial markets. Capital markets 10,000 Energy 113,000 Also under the five-year programme, cor- Cement and construction materials 9,000 porate restructuring assistance was provided to Pulp, paper and timber 400 15 companies to reflect economic policy ad- Bangladesh Manufacturing 250 Brazil Cement and construction materials 30,000 justments made by their Governments. Concern- Iron and steel 19,120 ing African initiatives, the Board of Directors ap- Agribusiness 25,000 proved loans of equity investments totalling $117 Pulp, paper and timber 30,900 Automotive/vehicles 2,100 million for 24 business ventures. In May, IFC, in Cameroon Textiles 2,350 co-operation with UNDP and the African Devel- Agribusiness 2,450 opment Bank, launched the Africa Project De- Colombia Enery and mining 2,900 velopment Facility to help African entrepreneurs Textiles 6,000 and companies develop sound business ventures Congo Pulp, paper and timber 2,690 Cote d'lvoire Capital markets 4,560 and find financing for their investments. With Textiles 7,990 regard to energy, IFC initiated, appraised and Dominican Republic Agribusiness 1,600 negotiated the exploration of energy resources Tourism 6,000 for its members, among them Argentina, Co- Egypt Chemicals and petrochemicals 7,470 79,500 lombia, Ghana, Tunisia and Turkey. IFC was Energy Fiji Pulp, paper and timber 3,980 also involved in the appraisal and financing of oil Capital markets 2,340 projects in Argentina, Egypt and Yemen, and in Grenada Tourism 6,000 the development of a coal project in Colombia. Guinea Capital markets 1,000 The Board of Directors approved $193 million Honduras Agribusiness 580 for energy-related projects. India Automotive/vehicles 15,140 Capital markets 15,000 While continuing to borrow most of its funds Manufacturing 9,360 from the World Bank, IFC borrowed $350 Iron and steel 11,700 Tourism and services 10,000 million from international capital markets, Agribusiness 4,700 meeting a portion of its needs, by raising funds Indonesia Tourism 9,840 through seven private placements. During the Jamaica Agribusiness 4,650 year, IFC also borrowed $150 million in various Kenya Capital markets 1,500 currencies from the World Bank. On 26 Liberia Pulp, paper and timber 8,500 December 1985, the IFC Board of Governors ap- Malawi Capital markets 720 proved the Board of Directors' resolution to in- Mauritius Textiles 6,000 Mexico Agribusiness 2,000 crease IFC's capital stock to $1,300 million with Pulp, paper and timber 15,900 the authorization of $650 million in new shares. Guarantee facility 20,000* During the 1986 fiscal year, Tonga joined IFC, Tourism 1,100 Morocco Mining 4,590 bringing its membership to 128. Mozambique Agribusiness 2,500 Nigeria Manufacturing 9,100 IFC COMMITMENTS BY TYPE OF BUSINESS Textiles 11,140 (as at 30 June 1986} Pakistan Cement and construction materials 7,240 Amount Panama Capital markets 22,500 (in millions of Manufacturing 700 Sector US dollars) Peru Mining 10,000 Philippines Development financing 1,000 Chemicals and petrochemicals 340.78 Agribusiness 6,030 Energy and mining 21 8.99 Tourism and services 30,000 Tourism and services 85.20 Republic of Korea Capital markets 12,650 Capital markets 84.90 Manufacturing 6,000 Pulp, paper and timber 78.04 Senegal Textiles 2,570 Textiles 76,27 Seychelles Tourism 9,450 Manufacturing 66.02 Agribusiness 64.68 Swaziland Development financing 3,000 Agribusiness 2,090 Cement and construction materials 46,24 Automotive/vehicles 40.21 Thailand Chemicals and petrochemicals 323,030 Agribusiness 4,880 Iron and steel 30.82 Tourism and services 4,940 Guarantee facility 20.00 Tunisia Chemicals and petrochemicals 2,280 Development financing 4.00 Textiles 8,200 Total 1,156.15 Capital markets 2,930 1148 Intergovernmental organizations Amount Amount (in thousands of (in thousands of Recipient Sector US dollars) Income US dollars) Turkey Manufacturing 8,230 Realized gain on equity sales 13,618 Tourism 7,870 Dividends and profit participations 12,528 Textiles 15,500 Commitment fees 5,467 Uruguay Capital markets 3,000 Other investment fees 3,867 Yemen Agribusiness 2,860 Other operating income 196 Energy 9,000 Total income 210,384 Yugoslavia Automotive/vehicles 22,970 Manufacturing 32,380 Expenditure Zimbabwe Agribusiness 5,340 Charges on borrowings 83,716 Pulp, paper and timber 15,670 Administrative expenses* 60,196 World Capital markets 8,700 Total expenditures 143,912 Total 1,156,150† Translation losses, net (2,060) * Contractor bonding facility.
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