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World Bank Document INTERNATIONAL FINANCE CORPORATION INTERNATIONAL Financial Statements, Projects, Portfolio, and Organizational Information Volume 2 Public Disclosure Authorized Investing in Progress with Experience, Innovation, and Partnership Investing in Progress Investing 2005 Annual Report Public Disclosure Authorized with Experience, Innovation, and Partnership Innovation, with Experience, 2005 ANNUAL REPORT VOLUME 2 At IFC our mandate is to further sustainable economic development through the private sector. We pursue this goal through innovative solutions Public Disclosure Authorized 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 part of good business, and we focus much of our 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. 2005 ANNUAL REPORT VOLUME 2 INTERNATIONAL FINANCE CORPORATION Public Disclosure Authorized 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Telephone 202-473-3800 Fax 202-974-4384 www.ifc.org PRINTED ON RECYCLED PAPER WITH SOY-BASED INKS WITH SOY-BASED PRINTED ON RECYCLED PAPER ISBN 0-8213-6422-7 Project Manager and Editor Paul McClure Corporate Relations Contributors Joseph O’Keefe, Senior Manager Dana Lane,International Chief of Publications Finance Corporation Ariadne Garscadden, Information Assistant Fiona Duggan,2005 ConsultantAnnual Report Volume 2 Gemma Lueje, Program Assistant Web site: Stephan Beauchesne, Anna Bottiglieri, Vincent Yemoh Volume 2 Contents IFC and World Bank Contributors Translation Philippe Management’sAhoua DiscussionDavid andLawrence AnalysisArabic: Al-Ahram Center 2 for Teresa Andaya Irina Likhacheva Translation & Publishing, Cairo AnthonyResponsibility Aylward for ExternalMichele Financial Lubrano ReportingChinese: China Financial 28 & Economic Stefania Berla Martin Lutalo Publishing, Beijing Paul BraveryFinancial StatementsDavid Martz 31 French & Spanish: World Bank Nicholas Burke Pierre Nadji Translation Division, Washington, DC Julia ChiperfieldProject CommitmentsAli Naqvi 60 Elizabeth Davis Kaikham Onedamdy Japanese: IBT Corporation, Tokyo Participants in Loan Syndications 74 Michael Dompas Lory Camba Opem Russian: Alex Publishing, Moscow David DonaldsonTechnical Assistance Skanderand Advisory Oueslati Projects 75 Frank Douamba Janine Pampolina Design Kutlay EbiriInvestment PortfolioSérgio Pimenta Financial Communications 92 Inc., The International Finance Corporation is the private sector Sara Gann Beth Power Bethesda, MD Louise GardinerBoard of GovernorsFereshteh Raissian 134 arm of the World Bank Group and is headquartered in Washington, Anastasia Gekis Yasmina Sam Printing D.C. IFC coordinates its activities with the other institutions of the Stella GonzalesBoard of Directors andBrian Voting Samuel PowerS&S Graphics, Laurel, 138MD Darrin Hartzler Hillmare Schulze World Bank Group but is legally and financially independent. Its IFC Organization and Management 140 Peggy Henderson Ellen Schwab Photography 178 member countries provide its share capital and collectively Brigid Holleran William V. Todd IFC Field Representatives and ContactsBreton Littlehales 144 determine its policies. Neeraj Jain Marie Valmonte Richard Lord Lisa KaestnerIFC AddressesErika Veizaga Ou Yangjie 146 Jung Lim Kim Eduardo Wallentin Wang Qingxian The mission of IFC is to promote sustainable private sector Gjergj Konda Wai-Keen Wong Staff of IFC, World Bank, and MIGA investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private Photo Credits Volume 1 of this report includes the theme feature, “Investing in sector investments in the developing world, mobilizes capital in Courtesy of CEPALCO: frontProgress”; cover, 1st row messages left; inside from front the cover, president top right. and executive vice president; the international financial markets, helps clients improve social Hoa Doan: front cover, 4th updatesrow left. from the Board of Directors, the Compliance Advisor/Ombudsman, Anastasia Gekis: front cover,and 4th the row Operations middle. Evaluation Group; reports on the IFC’s regional Neeraj Jain: front cover, 3rdactivities, row left and investments, 4th row right. and technical assistance in FY05; and reviews of and environmental sustainability, and provides technical assistance Ludwina Joseph: front cover, 1st row middle. the Corporation’s financial and portfolio performance during the year. and advice to governments and businesses. From its founding in Alice Lin: front cover: 3rd row right. Bryce Meeker: inside front IFC’scover, Annualbottom. Report on the Web, www.ifc.org/ar2005, is a companion 1956 through FY05, IFC has committed more than $49 billion Courtesy of Newmont: frontto cover, the printed 2nd row edition. middle and It provides 3rd row middle.downloadable files of all content in Ou Yangjie: inside front cover, top left. the two volumes, including several language versions of Volume 1. of its own funds and arranged $24 billion in syndications for Ted Pollett: front cover, 1st row right. Courtesy of Samarco: frontCurrency cover, 2nd isrow given right. in U.S. dollars throughout unless otherwise specified. 3,319 companies in 140 developing countries. IFC’s worldwide Tang Chhin Sothy: front cover,All numbers2nd row left. reflect rounding. Kenji Yuhaku: back cover. committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit www.ifc.org. International Finance Corporation 2005 Annual Report Volume 2 Volume 2 Contents Management’s Discussion and Analysis 2 Responsibility for External Financial Reporting 28 Financial Statements 31 Project Commitments 60 Participants in Loan Syndications 74 Technical Assistance and Advisory Projects 75 Investment Portfolio 92 Board of Governors 134 Board of Directors and Voting Power 138 IFC Organization and Management 140 IFC Field Representatives and Contacts 144 IFC Addresses 146 Volume 1 of this report includes the theme feature, “Investing in Progress”; messages from the president and executive vice president; updates from the Board of Directors, the Compliance Advisor/Ombudsman, and the Operations Evaluation Group; reports on the IFC’s regional activities, investments, and technical assistance in FY05; and reviews of the Corporation’s financial and portfolio performance during the year. IFC’s Annual Report on the Web, www.ifc.org/ar2005, is a companion to the printed edition. It provides downloadable files of all content in the two volumes, including several language versions of Volume 1. Currency is given in U.S. dollars throughout unless otherwise specified. All numbers reflect rounding. Management’s Discussion and Analysis of Financial Condition and Results of Operations I. OVERVIEW International Finance Corporation (IFC or the Corporation) is an international organization, established in 1956, to further economic growth in its developing member countries by promoting private sector development. IFC is a member of the World Bank Group, which also includes the International Bank for Reconstruction and Development (the World Bank), the International Development Association (IDA), and the Multilateral Investment Guarantee Agency (MIGA). It is a legal entity separate and distinct from the World Bank, IDA, and MIGA, with its own Articles of Agreement, share capital, financial structure, management, and staff. Membership in IFC is open only to member countries of the World Bank. As of June 30, 2005, IFCʼs entire share capital was held by 178 member countries. IFCʼs principal products are loans and equity investments, with a small guarantee portfolio. Unlike most multilateral development institutions, IFC does not accept host government guarantees of its loans. IFC raises virtually all of the funds for its lending activities through the issuance of debt obligations in the international capital markets, while maintaining a small borrowing window with the World Bank. Equity investments are funded from net worth. During the year ended June 30, 2005 (FY05), IFC had an authorized borrowing ceiling of $3.0 billion (including $0.5 billion to allow for possible prefunding of the funding program for the year to June 30, 2006 (FY06) during FY05). IFCʼs capital base and its assets and liabilities are primarily denominated in US dollars. The Corporation seeks to minimize market risk (foreign exchange and interest rate risks) by closely matching the currency, rate bases, and maturity of its liabilities in various currencies with assets having the same characteristics. The Corporation controls residual market risk by utilizing currency and interest rate swaps and other derivative instruments. 2 IFC 2005 ANNUAL REPORT II. FINANCIAL SUMMARY Basis of preparation of the Corporationʼs financial statements The accounting and reporting policies of the Corporation conform to accounting principles generally accepted in the United States (US GAAP). The Corporation has traditionally prepared one set of financial statements and footnotes, complying with both US GAAP and International Financial Reporting Standards (IFRS). However, principally due to material differences between US Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and
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