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Adding Value to Private Sector Investment INTERNATIONAL FINANCE CORPORATION INTERNATIONAL INTERNATIONAL FINANCE CORPORATION WORLD BANK GROUP 2004 ANNUAL REPORT VOLUME 1 At IFC our mandate is to further sustainable economic development through the private sector. We pursue this goal through innovative solutions to the challenges of development, as we invest in companies and financial institutions in emerging markets and as we help build business skills. We consider positive development impact an integral A part of good business, and we focus much of our dding Value effort on the countries with the greatest need for investment. We recognize that economic growth is sustainable only if it is environmentally and socially sound and helps improve the quality of life for those living in developing countries. to THE IFC ANNUAL REPORT ON THE WEB, P www.ifc.org/ar2004, is a companion to this printed Investment Sector rivate edition. It provides easy navigation and downloading of data related to IFC investment projects. Adding Value to Private Sector Investment 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Telephone 202-473-3800 Fax 202-974-4384 KIMBERLY SHIRES www.ifc.org 2004 ANNUAL REPORT VOLUME 1 2004 Annual Report ISBN 0-8213-5944-4 PRINTED WITH SOY-BASED INKS IFC’S ANNUAL REPORT ON THE WEB, THE INTERNATIONAL FINANCE CORPORATION promotes sustainable private sector www.ifc.org/ar2004, is a companion investment in developing countries. IFC is a member of the World Bank Group and is headquartered to this printed edition. It provides easy in Washington, D.C. It shares the primary objective of all World Bank Group institutions: to reduce navigation and downloading of data poverty and improve the lives of people in its developing member countries. related to IFC investment projects. Since its founding in 1956, IFC has committed more than $44 billion of its own funds and has arranged $23 billion in syndications and underwriting for 3,143 companies in 140 developing Note: Management’s discussion countries. IFC coordinates its activities with the other institutions in the World Bank Group—the and analysis, the audited financial International Bank for Reconstruction and Development, the International Development Association, statements, and IFC’s fiscal year the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of 2004 investment portfolio appear Investment Disputes—but is legally and financially independent. Its 176 member countries provide in Volume 2 of the Annual Report. its share capital and collectively determine its policies. The Corporation defines a commitment to include: (1) signed loan and equity (including quasi-equity) investment agreements; (2) signed guarantee agreements; and (3) risk management facilities that are considered ready for execution as evidenced by a signed ISDA agreement or a signed risk management facility agreement Project Manager and Editor with a client. Paul McClure Currency is given in U.S. dollars Corporate Relations Contributors throughout unless otherwise specified. Joseph O’Keefe, Manager Dana Lane, Chief of Publications All numbers reflect rounding. Ariadne Garscadden, Information Assistant Declan Heery, Consultant Gemma Lueje, Program Assistant Andre McClean, Intern Web site: Stephan Beauchesne, Anna Bottiglieri, Vincent Yemoh Primary IFC Staff Contributors Translation Philippe Ahoua Irina Likhacheva Arabic: Al-Ahram Center for Faheen Allibhoy Michele Lubrano Translation & Publishing, Cairo Teresa Andaya Nadia Maaze Chinese: China Financial & Economic Anthony Aylward Junko Oikawa Publishing, Beijing CONTENTS Paul Bravery Kaikham Onedamdy French & Spanish: World Bank Nicholas Burke Lory Camba Opem Translation Division, Washington, DC Volume 1 Omar Chaudry Skander Oueslati PAGE 2 Julia Chiperfield Sérgio Pimenta Russian: Alex Publishing, Moscow Michael Dompas Andrea Quinones Overview David Donaldson Fereshteh Raissian Design Sabine Durier Randall Riopelle Financial Communications Inc., Kutlay Ebiri Brian Samuel Bethesda, MD James Emery Hillmare Schulze Sara Gann Ellen Schwab Printing Operational Highlights 2 Anastasia Gekis William V. Todd S&S Graphics, Laurel, MD IFC Board of Directors 4 Stella Gonzales Erika Veizaga Alison Harwood Mary Beth Ward Photography Message from Peggy Henderson David Wofford Greg Girard the Executive Vice President 6 Brigid Holleran Wai-Keen Wong Michael Gunawan Emily Horgan Rob Wright Breton Littlehales Lisa Kaestner Linda Young Carlos Madrid Sam Keller Kenji Yuhaku Staff of IFC, World Bank, and MIGA Jung Lim Kim Damla Zeybel Gjergj Konda FRONT COVER, PHOTO CREDITS FROM LEFT TO RIGHT: ADRIANO PEREIRA DE LIMA, RICHARD ENGLISH, MICHAEL GUNAWAN, ENGLISH TED POLLETT Investment Operations 22 Technical Assistance 26 Sub-Saharan Africa 30 East Asia and the Pacific 34 South Asia 38 Europe and Central Asia 44 Latin America and the Caribbean 52 Compliance Advisor/Ombudsman 62 Middle East and North Africa 58 IFC Organizational Chart 63 PAGE 14 PAGE 20 Sustainability: Report on Leadership Operations and PAGE 64 and Expertise Regions 2004 Annual Review Operations Evaluation Group 65 THEME FEATURE Financial Review 67 Portfolio Review 71 PAGE 10 Products and Services 74 Adding Value Project Commitments 76 to Private Sector Technical Assistance and Advisory Projects 92 Investment Appendixes 105 OVERVIEW Operational Highlights OPERATIONAL RESULTS SUMMARY, FY04 New projects committed 217 Total financing committed $5.63 billion Financing committed for IFC’s own account $ 4.75 billion IFC’s MISSION To promote sustainable Total committed portfolio* $17.9 billion private sector investment Loans as a % of committed portfolio 74% Equity as a % of committed portfolio 20% in developing countries, Structured finance products (includes guarantees) as a % of committed portfolio 5% helping to reduce poverty Risk management products as a % of committed portfolio 1% and improve people’s lives. *Includes off-balance-sheet products, such as structured finance and risk management products; for IFC’s own account as of June 30, 2004. RESOURCES AND INCOME, FY04 Operating income $982 million Net income $993 million Paid-in capital $ 2.4 billion Retained earnings $ 5.4 billion Borrowings for the fiscal year $ 3.0 billion Net worth $ 7.8 billion Where IFC invests in companies and financial institutions in all developing regions. These activities are detailed in the regional reports, beginning on p. 30, and in the table of project commitments (see p. 76). Projects involving more than one developing region are classified as “Global.“ COMMITMENTS BY REGION, FY04 INVESTMENT PORTFOLIO BY REGION, FY04 Includes IFC’s account and syndications (millions of U.S. dollars) For IFC’s account (millions of U.S. dollars) TOTAL $5,633 TOTAL $17,938 Global Global 91 124 Middle East Sub-Saharan Africa2 Middle East Sub-Saharan Africa2 and North Africa2 405 and North Africa2 1,603 236 1,156 East Asia and East Asia and the Pacific the Pacific 763 2,897 Latin America Latin America and the Caribbean South Asia and the Caribbean 1,593 514 6,076 South Asia 1,529 Europe and Europe and Central Asia1, 2 Central Asia1, 2 2,030 4,554 1. Includes BTC pipeline, which is officially classified as a global project. 2. Includes regional share of LNM Holdings investment, which is officially classified as a global project. Note: All numbers reflect rounding. 2 IFC 2004 ANNUAL REPORT How What IFC offers a full range of investment products; for further details on IFC is active in all commercial sectors in its developing member these operations, see p. 22. IFC also increasingly provides technical countries. Funding is often accompanied by assistance on industry assistance and advisory services to private sector enterprises and related best practice, corporate governance, environmental and social issues, government agencies (see p. 26). and links with local small businesses. COMMITMENTS BY PRODUCT, FY04 COMMITMENTS BY SECTOR, FY04 Includes IFC’s account and syndications (millions of U.S. dollars) Includes IFC’s account and syndications (millions of U.S. dollars) TOTAL $5,633 Finance and insurance $1,675 29.7% Utilities 739 13.1 Oil, gas, and mining 630 11.2 Loan syndications 880 Information 312 5.5 Risk management Industrial and consumer products 295 5.2 products Transportation and warehousing 249 4.4 60 Loans 3,396 Nonmetallic mineral product manufacturing 238 4.2 Structured finance Collective investment vehicles 207 3.7 products* 171 Pulp and paper 206 3.7 Chemicals 200 3.5 Equity and quasi-equity Primary metals 173 3.1 1,126 Agriculture and forestry 166 2.9 Wholesale and retail trade 125 2.2 Food and beverages 123 2.2 Textiles, apparel, and leather 75 1.3 Health care 63 1.1 Accommodation and tourism services 50 0.9 Plastics and rubber 37 0.6 *Includes guarantees. Professional, scientific, and technical services 36 0.6 Construction and real estate 25 0.4 Education services 10 0.2 TOTAL COMMITMENTS $5,633 100.0% Why Impact IFC emphasizes five sectors that have a high impact on the economies IFC also targets much of its effort to frontier countries, where there is of developing countries, because they reach large numbers of people little or no foreign capital flow. For all new investments, IFC projects the or benefit many other sectors of the economy. Together, these impact on development. In addition, each year a sample of mature projects priority sectors represent nearly two-thirds of IFC’s operations. are assessed by OEG to determine their contribution to development. COMMITMENTS BY STRATEGY, FY04 SNAPSHOT OF DEVELOPMENT IMPACT Includes IFC’s account and syndications (millions of U.S. dollars) Commitments for IFC’s account and syndications (percentages) 2,000 Financial 33.4% FY02 FY03 FY04 Priority sector commitments 77 76 64 1,500 Financial sector 34 50 33 Infrastructure* 17.5% Frontier country commitments1 22 22 22 1,000 Information and communication technologies 5.5% Commitments with projected high impact 2 47 58 3 61 500 Small and medium enterprises** 5.8% Positive contribution to Health and education 1.3% development 4 613 57 58 0 FY04 Commitments 1. Excludes firms in regional and global projects. IFC considers countries “frontier” if they * Not including information and communications.
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