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World Bank Document INTERNATIONAL FINANCE CORPORATION- ANNUAL REPORT 1987 V~~~ Public Disclosure Authorized Public Disclosure Authorized OV7 9, u:-,9 , Public Disclosure Authorized ~~~~~~~~SPa a &2 9,LE Public Disclosure Authorized 9 ~ ~ w 9 ~, NM INTERNATIONAL FINANCE CORPORATION ANNUAL REPORT 1987 Table of Contents Aims and Objectives Aims and Objectives ii The International Finance Corporation is a multilateral development Highlights of the Year I institution established to promote productive private investment that will Letter to the Board of contribute to the economic growth of its developing member countries. Governors 2 The Corporation, an affiliateof the World Bank, was established in 1956. Board of Directors and Senior IFC's capital resources are provided by its 132 member countries, Ill Management 3 of which are developing. These member countries collectivelydetermine The Year in Review 4 the Corporation's policiesand activities. The Investment Climate 7 The ultimate objective of the Corporation is to improve the well-being Report on Operations 11 of the people in its developing member countries. Its principal tasks are Regional Reports 16 to provide and bring together the financing, technical assistance and Capital Markets 29 management needed to develop productive investment opportunities in Other Operations 31 these countries. The Corporation invests in privately owned enterprises, Personnel Management and but will participate in mixed enterprises with an element of government Administration 37 ownership where there is no realistic local alternative. In such cases, IFC Financial Review 38 seeks to encourage movement towards fuller private ownership and Financial Statements 41 control. Appendices 49 IFC makes both equity investments and loans without government The Board of Governors 50 guarantees. This permits the Corporation to provide financial assistance The Board of Directors 52 suited to the needs of each project, taking into account the ability of each Advisory Councils 53 firm to raise funds from other sources on reasonable terms. The Year's Investments 54 In all its activities,the Corporation works to raise investor confidence. Investment Portfolio 64 In addition to providing financial and technical assistance, the Corpora- Statement of Cumulative tion can employ its status as an international institution to facilitate the Gross Commitments 74 process by which investors and governments can arrive at mutually IFC Management 75 satisfactory agreements. The Corporation seeks to encourage the flow of private capital both domesticallyand internationaDly,through the establishment or expansion of local capital markets and financial institutions. It also offers technical assistance to member governments in support of their efforts to create an investment environment which will encourage productive and beneficial domestic and foreign investment. IiI Highlights of the Year 1987 1986 New InvestmentsApproved ................. 92 85 Total Investments .......... ................. ......... $920 million $1.16 billion Net Investmentsfor IFC's own account ....... ............ .... $790 million $710 million Total Project Costs ..... ........................................ $ 4 billion $ 3.6 billion Net IFC Commitments .......................................... $742 million $513 million Net IFC Disbursements .......................................... $328 million $325 mnillion Net Income ....................................... ........ $...53.8 millionf $25.4 million Paid-in Capital ............... ........... .................... $722 million $602 million Accumulated Earnings .......................................... $338 million $284 million Borrowingsfor the Year ................. .................. $441 million $500 million Total Disbursed Loan and Equity Portfolio for IFC's Account .......... $ 1.9 billion $ 1.8 billion b~~ _O ~~~_ _ SO E t 0* 0 6 * 5 |S5 S. OS l 5, ' * t * I-- * S I- 1 S111! . - 4 ! l,S * | 1 1 ws~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ InternationalFinance Corporation 1818 H Street, N.W. (202) 477-1234 Washington, D.C 20433 Cable Address: CORINTFIN U.S.A. To the Board of Governors The Board of Directors is pleased to report that during the Fiscal Year ended June 30, 1987, the International Finance Corporationcontinued to expand its assistanceto the private sector in member countriesin accordancewith its Five Year Program. The number of projects approvedby the Board wvasagain a record and at the same time the disbursedloan and equity portfolio increasedduring the Year by 6.2 percent to a total of $1,878 million. The number of companies in which the IFC had investments outstandingat the end of the Year rose.from 377 to 404. These investments were distributedbroadly amongst IFC developingmember countries,in a total of 77 countries. During the Year the Board of Directors reviewedthe Corporation'sFive Year Program and confirmedits broad outlines with some modifications.Estimates for the growth of the number of projects to be approvedandfor the size of the disbursedportfolio were reducedslightly. It is now expected that by the end of FY89 the Corporationwill hiave approved new investmentsfor its own account of $4.42 billion over five years and that the total disbursed and outstandingportfolio at that stage will be about $2.63 billion. The Corporationwill aim to achieve this expansion in a manner which will continueto strengthenits finances. In the long run, the Corporationexpects to achievea return on its net worth of about 5 percent, although thisfigure was exceeded in FY87, mainly because of capitalgains on equity sales. The specialinitiatives in the Five Year Programfocusing on sub-SaharanAfrica, capital market development,oil and gas explorationand companyrestructuring, will be continued.In the case of sub-SaharanAfrica, the Corporation expects to exceed the number of investmentsenvisaged in the originalprogram, but becausethe averagesize is smaller, the volume of dollar investment will be somewhat less. At the same time, the Corporationis making specialefforts, through new initiativessuch as the Africa Project DevelopmentFacility, to help small and medium size businessesin this region. Activity expanded in the capital markets area, including efforts to promote portfolio investment through the Emerging Markets Growth Fund and three other Funds approved during the Year and also efforts to promote the conversionof debt into equity in some heavily indebtedcountries. The Corporationalso diversifiedits activitiesby expandingits advisoryservices in a number of areas. These include the ForeignInvestment Advisory Service, which expanded substantiallyduring the Year,providing assistance to 8 governments;andfee-based advisory work on the restructuringor privatizationof corporationsin a number of member countries. During the Year,intensified efforts were made to correct the problems in IFC's portfolio which have arisen mainly from the difficult economic environment of the past several years faced by many developingmember countries. Significantprogress was made in this respect. The financial strength of the Corporationwas maintained with the net incomefor FY87 at $53.8 million, approximatelydouble the resultsfor the previousyear. This reflectsin part the high level of capitalgains on equity sales realized this year. As a growing number of investmentsare reachingmaturity, the opportunitiesincrease for profitably revolvingthe Corporation'sequity portfolio. Earningsfrom liquidassets, held in anticipationof disbursements,andfee income also contributedto the increase in net income. The Board of Directorsrevievved the Corporation's financial policiesduring the Year. The Corporationhas suffered some erosion of its earningassets from the cancellationand prepayment offixed interest loans during the period when interest rates werefalling, slowing the growth of its earningasset base. To help deal with thisproblem in thefuture, the Board approved a variety of newfinancial instruments to give the Corporation'sborrowers more options and flexibility and to enableIFC to pass on to its borrowersthe benefitsof major innovationsin 'vorldcapital and money markets. To obtain fundingfor the Corporation'sexpanding activities, the Corporationcontinued its market borrowingin Fiscal Year 1987, raising$241 million throughfive bond issuesin majorfinancial markets and borrowing$200 million from the World Bank. The Board expressesits appreciationto the managementand staff of the Corporationfor their continueddedication to IFCs objectivesandfor their effort in providing increasinglyeffective support to thepromotion of private domestic andforeign investment in developingmember countries. The Board of Directorshas had this Annual Reportpreparedfor the Fiscal Yearending June 30, 1987 in accordance with the by-laws of the Corporation.Barber Conable, Presidentof the Corporationand Chairman of the Board of Directors, has submitted this Report, together with accompanying audited finiancialstatements, to the Board of Governors. 2 Board of Directors Directors Alternates Fawzi Hamad Al-Sultan Mohamed Wafik Hosny Paul Arlman Cvitan Dujmovic Mourad Benachenhou Salem Mohamed Omeish Gerhard Boehmer Michael von Harpe Felix Alberto Camarasa Claudio A. Pardo Jacques de Groote Heiner Luschin Mario Draghi Rodrigo M. Guimaraes C. Ulrik Haxthausen Veikko Kantola Mitiku Jembere J.S.A. Funna Robert B. Keating Hugh W. Foster Tim Lankester J.A.L. Faint Pedro Sampaio Malan Carlos Sanclemente Andre Milongo Jean-Pierre Le Bouder Helene Ploix Olivier Debains Frank Potter Horace Barber
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