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Sustainability Impact Innovation INTERNATIONAL FINANCE CORPORATION WORLD BANK GROUP innovation impact sustainability IFC’s COMMITMENT 2003 ANNUAL REPORT CARLOS GOLDIN INTERNATIONAL FINANCE CORPORATION Since its founding in 1956, IFC has committed more than $37 billion of its own funds and has arranged $22 billion in syndications for 2,990 compa- nies in 140 developing countries. IFC coordinates its activities with the other institutions in the World Bank Group—the International Bank for Reconstruction and Development, the International Development Association, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes—but is legally and financially independent. Its 175 member countries provide its share capital and collectively determine its policies. THE IFC ANNUAL REPORT ON THE WEB, www.ifc.org/ar2003, is a companion to this printed edition. It provides easy navigation and downloading of data related to IFC investment projects. IFC’S 2003 SUSTAINABILITY REVIEW is also available upon request. Note: Management’s discussion and analysis, the audited financial statements, and IFC’s fiscal year 2003 investment portfolio appear in Volume 2 of the Annual Report. 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 with a client. Currency is given in U.S. dollars throughout unless otherwise specified. COVER PHOTO: NIELS VESTERGAARD 2003 ANNUAL REPORT Innovation, Impact, Sustainability IFC’S COMMITMENT FINANCIAL HIGHLIGHTS 2 IFC BOARD OF DIRECTORS Letter to the Board of Governors 4 Board Activities Review 4 MESSAGE FROM THE EXECUTIVE VICE PRESIDENT 6 INNOVATION, IMPACT, SUSTAINABILITY—IFC’S COMMITMENT 10 PRODUCTS AND SERVICES 26 OPERATIONS AND REGIONAL REPORTS Overview 28 Sub-Saharan Africa 30 East Asia and the Pacific 34 South Asia 38 Europe and Central Asia 42 Latin America and the Caribbean 50 Middle East and North Africa 56 Report on Operations 60 ANNUAL REVIEW Sustainability Review: Summary 65 Financial Review 70 Portfolio Review 75 FY 2003 PROJECTS Commitments 78 Technical Assistance and Advisory Projects 98 APPENDIXES Governors and Alternates 110 Directors and Alternates and Voting Power 113 IFC Organization and Management 114 IFC Field Contacts 116 IFC Addresses 118 Project Development Facilities 119 Participants in Loan Syndications 120 Acronyms, Notes, and Definitions 120 INTERNATIONAL FINANCE CORPORATION World Bank Group INTERNATIONAL FINANCE CORPORATION Financial Highlights Operating income $ 528 million Paid-in capital $ 2.4 billion Retained earnings $ 4.4 billion Borrowings for the fiscal year $ 3.5 billion * On a pilot basis, IFC identifies, tracks, and assesses new investment commitments that have positive More details on IFC's approach can be found in the Sustainability Review; the summary begins on p. 65. 2 FINANCIAL HIGHLIGHTS † * Data in this chart refer to transactions signed for IFC’s own account and syndications. **Not including information and communications. Financial consists of finance and insurance, and funds. Infrastructure consists of utilities and transportation. FINANCIAL HIGHLIGHTS 3 INTERNATIONAL FINANCE CORPORATION Board of Directors PERSPECTIVE AND OVERSIGHT FOR IFC LETTER TO THE BOARD OF GOVERNORS he Board of Directors of the International Finance Corporation has had this annual Treport prepared in accordance with the Corporation’s by-laws. James D.Wolfensohn, president of IFC and chairman of the Board of Directors, has submitted this report with the accompanying audited financial statements to the Board of Governors. The Directors are pleased to report that for the fiscal year ended June 30, 2003, IFC expanded its sustainable development impact through private sector project financing operations and advisory activities. This year the Board of Directors approved a number of individual investments and maintained close oversight of development and implementation of IFC strategy. The Board was heavily involved in discussion of IFC’s strategic directions, which outline the overall framework for future IFC activities. During FY03 the Board emphasized coordination and mutually reinforcing efforts among World Bank Group units, especially in pursuing sustainable private sector development in client countries.They welcomed ongoing discussion of how IFC is DIRECTORS* ALTERNATES Tanwir Ali Agha Sid Ahmed Dib Mahdy Ismail Aljazzaf Mohamed Kamel Amr Yahya Abdullah M. Alyahya Abdulrahman M. Almofadhi Rapee Asumpinpong Hadiyanto Kurt Bayer Gino Alzetta Amaury Bier Gil S. Beltran Carole Brookins Robert B. Holland, III Eckhard Deutscher Eckhardt Biskup Pierre Duquesne Emmanuel Moulin Paulo F. Gomes Louis Philippe Ong Seng Alieto Guadagni Alfonso C. Revollo Yuzo Harada Masanori Yoshida Neil F. Hyden Dong-Soo Chin Finn Jønck Inkeri Hirvensalo Louis A. Kasekende J. Mills Jones Per Kurowski Maria Jesus Fernandez Alexey Kvasov Eugene Miagkov Marcel Masse Sharon Weber Ad Melkert Tamara Solyanyk FROM LEFT TO RIGHT: (Standing) Yahya Abdullah M. Alyahya, Zhu Guangyao, Jakub Karnowski,* Pietro Veglio, Pierre Franco Passacantando Helena Cordeiro Duquesne, Eckhardt Biskup,* Eugene Miagkov, Finn Jønck, Carole Brookins, Louis A. Kasekende, Paulo F. Gomes, Amaury Tom Scholar Rosemary B. Stevenson Bier, Neil F. Hyden, Alieto Guadagni, Kurt Bayer. (Seated) Rapee Asumpinpong, Tanwir Ali Agha, Mahdy Ismail Aljazzaf, Chander Mohan Vasudev Akbar Ali Khan Rosemary B. Stevenson,* Ad Melkert, Chander Mohan Vasudev, Marcel Masse. Pietro Veglio Jakub Karnowski Zhu Guangyao Wu Jinkang *Alternate director; some directors or alternates were not available for this photograph. * As of June 30, 2003 4 BOARD OF DIRECTORS DECLAN HEERY helping meet the Millennium Development Goals. Directors the IFC management response. The Board appreciated also reviewed country-specific operations and discussed nine the positive dialogue between IFC management and joint World Bank–IFC country assistance strategies and the Operations Evaluation Group. Directors stressed related products. collaboration across the Bank Group on investment climate Directors stressed their support of IFC’s priorities,including issues as an important determinant of IFC portfolio quality. emerging and frontier markets, technical assistance and They also emphasized improved risk assessment based on advisory services to help improve investment climates, IFC’s experience. and small and medium enterprises. Directors underscored With respect to the annual portfolio performance review, the significance of IFC’s presence in difficult country the Board was pleased with the Corporation’s performance environments as a central component of its development despite continued difficulty in the global economic mandate.They recognized IFC’s countercyclical role in the environment. They reviewed IFC’s financial management face of heightened investor uncertainty and volatility of capital and commended IFC’s leadership for protecting the flows to developing countries. Corporation’s financial integrity without compromising its In keeping with its oversight responsibility, the Board development mandate.They stressed the need to maintain discussed the annual review on operations evaluation and profitability while increasing development impact. IFC GOVERNANCE The International Finance Corporation’s member countries, through a Board of Governors and a Board of Directors, guide IFC’s programs and activities. Each country appoints one governor and one alternate. IFC corporate powers are vested in the Board of Governors, which delegates most of its powers to a board of 24 directors. Their voting power on issues brought before them is weighted according to the share capital each director represents. The directors meet regularly at World Bank Group headquarters in Washington, D.C., where they review and decide on investment projects and provide overall strategic guidance to IFC management. Directors also serve on one or more of five standing committees, which help the Board discharge its oversight responsibilities through in-depth examinations of policies and procedures. The Audit Committee advises the Board on financial and risk management, corporate governance, and oversight issues to enhance Board decision-making on these matters; the Audit Committee regularly reviews its terms of reference to reflect the evolving scope and responsibilities of audit committees’ roles in oversight and risk management. The Budget Committee considers certain aspects of business processes, administrative policies, standards, and budget issues that have a significant impact on the cost-effectiveness of Bank Group operations. The Committee on Development Effectiveness advises the Board on selected issues concerning operations and policy evaluation and development effectiveness with a view to monitoring progress toward the Bank’s mission of poverty reduction. The Personnel Committee advises the Board on compensation and other significant personnel policies. Directors also serve on the Committee on Governance and Executive Directors’ Administrative Matters, whose name now reflects the expansion of its mandate to include Board governance. James D. Wolfensohn is president of each World Bank Group institution: IFC; the World Bank—which consists of the International Bank for Reconstruction and Development (IBRD) and the International Development Association
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