CIF - Annual Report 2015

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CREATING

OPPORTUNITY WHERE

IT’S NEEDED MOST

OPPORTUNITY

CAPITAL

GROWTH IMPACT Adjective: essential Absolutely necessary; extremely important. “ Jobs are essential for lasting prosperity.” privatesector matters for development

# IFC Annual Report 20152-3

LEADERSHIP PERSPECTIVE

4-19 ESSENTIAL Why the Private Sector Matters for Development 4 20-27

IFC GLOBAL RESULTS

Our Management Team 20 I FC Financial Highlights 23 I FC Operational Highlights 23 I FC’s Global Impact 24 28-55

PRIVATE SECTOR IMPACT

Spurring Growth 30 Bu ilding Resilience 40 I mproving Lives 48 56-104 ABOUT US We believe that private sector investment is essential if the world is to end extreme poverty by 2030 and boost shared prosperity.Message from the President of the World Bank Group and Chairman of the Board of Executive Directors World Bank Group 2015 Summary ResultsLETTER FROM WORLD BANK GROUP PRESIDENT JIM YONG KIM This has been a pivotal year for global development. The international community’ s decisions in 2015 will have long-term impacts on the world’s ability to reach our goal of ending extreme poverty by 2030. T oday, nearly 1 billion people still live on less than $1.25 a day. This is a staggering number, but it is important to remember that over the past 25 years, the world has reduced the rate of extreme poverty by two-thirds. Over that time, many countries have succeeded in making the seemingly impossible possible.E nding extreme poverty by 2030 will be difficult but entirely possible. For decades, the World Bank Group’s principal institutions —

extreme poverty by two-thirds. Over that time, many countries have succeeded in making the seemingly impossible possible.E nding extreme poverty by 2030 will be difficult but entirely possible. For decades, the World Bank Group’s principal institutions — the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) — have distilled and analyzed our global experience in fighting poverty. We have learned from our experience what has worked for development and what has not in specific contexts, and some clear patterns have emerged. Evidence shows that great gains can be made through the strategy of “grow, invest, and insure.” We must promote strong, sustainable, and inclusive economic growth; we must invest in people — especially in health and education; and we must build social safety nets and protections against natural disasters and pandemics to prevent people from plunging into extreme poverty. We also know that, as an institution, the World Bank Group needs to better meet the evolving needs of lowand middle-income countries. In a world where capital is more easily available, we must emphasize our greatest strengths — the marriage of our vast knowledge with innovative financing to deliver programs that have the greatest impact on the poorest. Our aim is to help countries translate global experience into practical know-how to solve their most difficult problems. This year, the World Bank Group committed nearly $60 billion in loans, grants, equity investments, and guarantees to its members and private businesses. IBRD delivered record amounts of financing for any year except at the height of the global financial crisis, with commitments totaling $23.5 billion. And IDA, the World Bank’s fund for the poorest, has just had the strongest first year of a replenishment cycle ever, committing $19 billion. Thanks to our determined and dedicated staff, we have been able to strengthen our performance and ensure that

IDA, the World Bank’s fund for the poorest, has just had the strongest first year of a replenishment cycle ever, committing $19 billion. Thanks to our determined and dedicated staff, we have been able to strengthen our performance and ensure that the development knowledge and expertise within our institution moves more easily around the globe. As the world seeks to go from billions to trillions of dollars in development finance — with sources of financing from high-, middle-, and low-income countries — the work of our entire World Bank Group will be critical to driving private sector investment to emerging markets and fragile countries. IFC and MIGA, two of our institutions focused on private sector development, are strengthening their efforts in this regard. This year, IFC provided about $17.7 billion in financing for private sector development, about $7.1 billion of which was mobilized from investment partners. MIGA issued $2.8 billion in political risk and credit enhancement guarantees underpinning various investments, including in much-needed infrastructure projects. Nearly 1 billion people living in extreme poverty want an equal opportunity for a better life. They are counting on policies and programs that give them a chance. Governments must seize this moment. Our private sector partners must explore new investments. The World Bank Group, our multilateral development bank partners, and our new partners on the horizon must all work together to not let this opportunity slip away and collaborate with real conviction. Working together, we can promote inclusive and sustainable growth, as well as opportunity for the poor and the vulnerable. We can be the generation that ended extreme poverty. DR. JIM YONG KIM President of the World Bank Group and Chairman of the Board of Executive Directors “Working together, we can promote inclusive and sustainable growth, as well as opportunity for the poor and the vulnerable. We can be the generation that ended extreme poverty.”GLOBAL

COMMITMENTS

The World Bank Group

and Chairman of the Board of Executive Directors “Working together, we can promote inclusive and sustainable growth, as well as opportunity for the poor and the vulnerable. We can be the generation that ended extreme poverty.”GLOBAL COMMITMENTS The World Bank Group maintained strong support for developing countries over the past year as the organization focused on delivering results more quickly, increasing its relevance for its clients and partners, and bringing global solutions to local challenges.

LATIN AMERICA & THE CARIBBEAN

$10

BILLIONEAST ASIA & THE PACIFIC

$9

BILLION

EUROPE & CENTRAL ASIA

$10

BILLION

$5

BILLION

MIDDLE EAST & NORTH AFRICA

$15

BILLION

SUB-SAHARAN AFRICA

$11

BILLION

SOUTH ASIA

60 BILLION in loans, grants, equity investments, and guarantees to partner countries and private businesses Total includes multiregional and global projects. Regional breakdowns reflect World Bank country classifications. $OUR IMPACT The World Bank Group leveraged its strengths, expertise, and resources to help countries and other partners make a real impact on development — by driving economic growth, promoting inclusiveness, and ensuring sustainability.

DRIVING ECONOMIC GROWTH PROMOTING INCLUSIVENESS ENSURING SUSTAINABILITY

IBRD/IDA IBRD/IDA IBRD/IDA 49 million people and micro, small, and medium enterprises reached with financial services 2 7, 7 0 0 kilometers of roads constructed or rehabilitated 123 million people received health, nutrition, and population services 14.5 million beneficiaries covered by social safety net programs 41 million tons of CO2 equivalent emissions expected to be reduced with support of special climate instruments 34 countries with strengthened public financial management systems

IFC IFC IFC

237

nutrition, and population services 14.5 million beneficiaries covered by social safety net programs 41 million tons of CO2 equivalent emissions expected to be reduced with support of special climate instruments 34 countries with strengthened public financial management systems IFC IFC IFC 237 million customers supplied with phone connections 2.5 million jobs provided 3.5 million students received educational benefits 3.4 million farmers assisted $19. 5 billion in government revenues generated by IFC clients 9.7 million metric tons of greenhouse emissions expected to be reduced as a result of IFC investments in FY15 MIGA MIGA MIGA $14.7 billion in new loans issued by MIGA clients 100,325 jobs provided 21. 8 million people provided access to power 142 million people provided access to transport 4 million people provided access to clean water $3 billion in government revenues generated by MIGA clientsTHE INSTITUTIONS OF THE WORLD BANK GROUP The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries, consisting of five institutions with a common commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development. International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries International Development Association (IDA) provides interest-free loans, or credits, and grants to governments of the poorest countries International Finance Corporation (IFC) provides loans, equity, and advisory services to stimulate private sector investment in developing countries Multilateral Investment Guarantee Agency (MIGA) provides political risk insurance and credit enhancement to investors and lenders to facilitate foreign direct investment in emerging economies International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes

WORLD BANK GROUP FINANCING

FOR PARTNER COUNTRIES

provides political risk insurance and credit enhancement to investors and lenders to facilitate foreign direct investment in emerging economies International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes WORLD BANK GROUP FINANCING FOR PARTNER COUNTRIES By fiscal year, in millions of dollars WORLD BANK GROUP 2015 2014 2013 2012 2011 Commitments a 59,776 58,190 50,232 51,221 56,424 Disbursements b 44,582 44,398 40,570 42,390 42,028 IBRD Commitments 23,528 18,604 15,249 20,582 26,737 Disbursements 19,012 18,761 16,030 19,777 21,879 IDA Commitments 18,966 22,239 16,298 14,753 16,269 Disbursements 12,905 13,432 11,228 11,061 10,282 IFC Commitmentsc 10,539 9,967 11,0 08 9,241 7,491 Disbursements 9,264 8,904 9,971 7,981 6,715 MIGA Gross issuance 2,828 3,155 2,781 2,657 2,099

RECIPIENT-EXECUTED TRUST FUNDS Commitments3,914 4,225 4,897 3,988 3,828

Disbursements 3,401 3,301 3,341 3,571 3,152 a. Includes IBRD, IDA, IFC, and Recipient-Executed Trust Fund (RETF) commitments, and MIGA gross issuance. RETF commitments include all recipient-executed grants, and therefore total WBG commitments differ from the amounts reported in the WBG

Corporate Scorecard, which includes only a subset of trust-funded activities. b. Includes IBRD, IDA, IFC, and RETF disbursements. NOTE: The disbursement total for 2015 has been corrected since publication of the print edition. It includes previously omitted IDA data. c. Long-term commitments for IFC’s own account. Does not include short-term finance or funds mobilized from other investors.I FC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. Established in 1956, IFC is owned by 184 member countries, a group that collectively determines our policies. With a global presence in 100 countries, a network consisting of hundreds of financial institutions, and more than 2,000 private sector clients, IFC is uniquely positioned to create opportunity where it’s needed most. We use our capital, expertise, and influence to help end extreme poverty and boost shared prosperity. ABOUT IFC Throughout our history, IFC has made a practice of taking on difficult tasks — knowing that the lessons we learn will help us steer the private sector to make a greater contribution to growth and poverty reduction. IFC ANNUAL REPORT 2015 1LEADERSHIP PERSPECTIVE T he needs of developing countries are immense. But our experience over the past two decades has shown that strong partnership between the public and private sectors can achieve dramatic results. Since 1990, the number of people living in extreme poverty has been reduced by more than half, and the size of the working middle class in developing countries has nearly tripled. Now the global community has embarked on an ambitious initiative — the Sustainable Development Goals — to address the full spectrum of challenges that inhibit progress and prosperity in developing countries. Meeting these goals over the next 15 years will require trillions of dollars a year. It will require the world to unleash the power of market economies — which are most effective when they are fair, transparent, and inclusive. It’s imperative for the public and private sectors to play their

in developing countries. Meeting these goals over the next 15 years will require trillions of dollars a year. It will require the world to unleash the power of market economies — which are most effective when they are fair, transparent, and inclusive. It’s imperative for the public and private sectors to play their respective roles in this effort. At IFC, we believe the private sector is essential for sustainable development — and we know how to forge the publicprivate A Letter from IFC Executive Vice President and Chief Executive Officer, JinYong Cai It’s imperative for the public and private sectors to play their respective roles. 2 IFC ANNUAL REPORT 2015partnerships necessary to address the most urgent challenges of development. In fiscal year 2015, our long-term investments in developing countries totaled $17.7 billion, a 17 percent increase over the previous year. More than a third of that amount — over $7 billion — was mobilized from other investors who joined us in our projects because of our 60-year track record of achieving strong development results along with sound financial returns. Our work helped spark opportunity in more than 100 developing countries, particularly in the most challenging markets. Our long-term investments in the poorest countries — those eligible to borrow from the World Bank’s International Development Association — totaled nearly $4.7 billion, accounting for over a third of our projects. About 10 percent of our projects, totaling more than $600 million, were in fragile and conflictaffected areas of the world. In doing so, we helped our clients improve lives and drive sustainable growth. Our clients provided 2.5 million jobs, helped educate 3.5 million students, and treated more than 17 million patients. They generated power for nearly 56 million customers, distributed water to more than 23 million, and provided gas to 35 million. We did all of this despite turbulent market

3.5 million students, and treated more than 17 million patients. They generated power for nearly 56 million customers, distributed water to more than 23 million, and provided gas to 35 million. We did all of this despite turbulent market conditions, declining commodity prices, and political instability in several regions. During the year, IFC unveiled several projects with substantial development potential. We helped Colombia on an ambitious $24 billion roadmodernization project. We played a catalytic role in deepening India’s capital markets, introducing an offshore rupeedenominated bond program whose success prompted the Indian central bank to consider permitting local companies to issue similar bonds in offshore markets. We agreed to provide a $300 million financing package to help set up the largest wind farm in Central America. IFC continued to deliver strong results for our clients through our advisory work. More than 90 percent of our advisory clients expressed satisfaction with our work. Nearly twothirds of our advisory work was in the poorest countries — including 20 percent in fragile and conflictaffected areas. IFC Asset Management Company maintained its growth trajectory, increasing its assets under management to $8.5 billion across nine investment funds, and mobilizing $761 million for IFC projects. I am proud of IFC staff’s efforts in improving the lives of millions of people in developing countries. Much more can be done to tackle the challenges of development — especially in mobilizing the financing that will be needed to achieve the Sustainable Development Goals. I am confident IFC’s performance has positioned us well to take on those challenges in the coming years.

JIN-YONG CAI

IFC Executive Vice President and Chief Executive Officer IFC ANNUAL REPORT 2015 3ESSENTIAL: WHY THE PRIVATE SECTOR MATTERS FOR DEVELOPMENT Over the past two decades, the world has made extraordinary progress in economic development, lifting more than

JIN-YONG CAI

IFC Executive Vice President and Chief Executive Officer IFC ANNUAL REPORT 2015 3ESSENTIAL: WHY THE PRIVATE SECTOR MATTERS FOR DEVELOPMENT Over the past two decades, the world has made extraordinary progress in economic development, lifting more than 700 million people out of extreme poverty while creating millions of jobs. The 2008 global financial crisis, however, slowed that progress — and the world economy is still struggling to regain momentum. 4 IFC ANNUAL REPORT 2015M ore than a billion people still scrape by on less than $1.25 a day. If the world is to end extreme poverty by 2030 and create the conditions necessary for sustained prosperity, economic growth must accelerate. Growth must be resilient in the face of a growing array of challenges — such as climate change, conflict and instability, and fastmoving epidemics. These challenges can’t be tackled without a robust and engaged private sector. Developing countries need up to $2 trillion a year just for investments in the power, transportation, and health sectors. As the largest global development institution focused on the private sector, we know how to mobilize significant private capital to create opportunity in the most challenging places. Over the past six decades, we have leveraged about $2.6 billion in capital from our member governments to deliver a significant amount of financing for private sector development — about $224 billion in all. It takes a special kind of focus, however, to ensure that the benefits of private sector growth reach the people who need them most. IFC plays an important role here — by making investments that expand opportunities for the poor; by helping businesses improve environmental, social, and governance standards; and by helping establish investmentclimate systems that promote prosperity for all. This is challenging work, and it can involve difficult judgments and tradeoffs. But throughout our history, IFC has made a practice of taking on difficult tasks — knowing that the lessons we learn from our experience

governance standards; and by helping establish investmentclimate systems that promote prosperity for all. This is challenging work, and it can involve difficult judgments and tradeoffs. But throughout our history, IFC has made a practice of taking on difficult tasks — knowing that the lessons we learn from our experience will help us steer the private sector to make an even greater contribution to growth and poverty reduction. It takes a special kind of focus to ensure that the benefits of private sector growth reach the people who need them most. IFC ANNUAL REPORT 2015 5Developing countries need up to $2 trillion a year just for investments in the power, transportation, and health sectors. A challenge of this magnitude requires the public and private sectors to work together. 6 IFC ANNUAL REPORT 2015O ver the past six decades, we have leveraged about $2.6 billion in capital from our member governments to deliver a significant amount of financing for private sector development — about $224 billion in all. But much more is needed. Open here to see how far we have to go IFC ANNUAL REPORT 2015 7$2 TRILLION$2 TRILLION$2 TRILLION$2 TRILLION Not adjusted for inflation. $2 2 4 B $2 .6 B I FC capital from shareholders since 1956 F inancing generated by IFC for private sector development since 1956250 BILLION Additional funding needed for education per year $Noun: opportunity A set of circumstances that makes it possible to do something. “We’ve identified a good business opportunity.” ESSENTIAL: OPPORTUNITY Our priority is to create opportunity where it’s needed most — in the poorest and most fragile countries, and for the most vulnerable segments of the population. U

to do something. “We’ve identified a good business opportunity.” ESSENTIAL: OPPORTUNITY Our priority is to create opportunity where it’s needed most — in the poorest and most fragile countries, and for the most vulnerable segments of the population. U nsteady, low-wage jobs are the norm for 1.5 billion people in developing countries. It’s imperative to accelerate job creation, expand opportunities for women, and modernize health and education services. IFC ANNUAL REPORT 2015 13Noun: capital Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing. “Rates of return on invested capital were high.” ESSENTIAL: CAPITAL IFC helps unlock private capital for development in ways that promote prosperity for all. We do so by helping businesses mitigate risks and raise environmental, social, and governance standards. M obilizing private capital means creating the right mix of incentives — one that balances the private sector’s need for returns with society’s need for affordable services. 14 IFC ANNUAL REPORT 2015Up to 690 . BILLION Additional funding needed for power per year $Up to

$ 470 . BILLION Additional funding needed for the transportation sector per yearNoun: growth Increase in economic value or activity. “The government aims to revive economic growth.” N early a billion people struggle on less than $1.25 a day. If the world is to end extreme poverty by 2030 and boost shared prosperity, economic growth and job creation must accelerate.

ESSENTIAL: GROWTH IFC helps companies overcome obstacles to sustainable growth.

We focus on strengthening infrastructure, boosting small and medium enterprises, and making it easier for people to get the financing they need to succeed. IFC ANNUAL REPORT 2015 17ESSENTIAL: IMPACT IFC looks for creative ways

obstacles to sustainable growth. We focus on strengthening infrastructure, boosting small and medium enterprises, and making it easier for people to get the financing they need to succeed. IFC ANNUAL REPORT 2015 17ESSENTIAL: IMPACT IFC looks for creative ways to maximize the private sector’s capacity to create opportunity and promote inclusive growth, driving impact. T he private sector sparks the innovation necessary for economies to thrive, delivering 90 percent of the jobs and most of the goods and services that people need to improve their lives.

Noun: impact The effect or influence of one person, thing, or action, on another. “Our regional initiatives have had a significant impact on employment.” 18 IFC ANNUAL REPORT 2015Up to

240 . BILLION Additional funding needed for telecom per year $I FC’s Management Team benefits from years of development experience, a diversity of knowledge, and distinct cultural perspectives — qualities that enhance IFC’s uniqueness. The team shapes our strategies and policies, positioning IFC to help improve the lives of poor people in the developing world. OUR MANAGEMENT TEAM Our seasoned team of executives ensures that IFC’s resources are deployed effectively, with a focus on maximizing development impact and meeting the needs of our clients. James Scriven, Vice President, Corporate Risk and Sustainability Jean Philippe Prosper, Vice President, Global Client Services 20 IFC ANNUAL REPORT 2015Gavin Wilson, CEO, IFC Asset Management Company Jin-Yong Cai, IFC Executive Vice President and CEOKarin Finkelston, Vice President, Global Partnerships Anshul Krishan, Chief of Staff Dimitris Tsitsiragos, Vice President, Global Client Services Jingdong Hua, Vice President and Treasurer Ethiopis Tafara, General Counsel and Vice President, Corporate Risk and Sustainability Nena Stoiljkovic, Vice President, Global Partnerships, and World Bank Group Vice President—Global Practices

Jingdong Hua, Vice President and Treasurer Ethiopis Tafara, General Counsel and Vice President, Corporate Risk and Sustainability Nena Stoiljkovic, Vice President, Global Partnerships, and World Bank Group Vice President—Global Practices IFC ANNUAL REPORT 2015 21IFC YEAR IN REVIEW In FY15, IFC invested nearly $18 billion, including more than $7 billion mobilized from other investors. Our comprehensive approach helped businesses innovate, build internationally competitive industrial sectors, and create good jobs. 22 IFC ANNUAL REPORT 2015IFC FINANCIAL HIGHLIGHTS 2015 2014 2013 2012 2011 Dollars in millions, for the year ended June 30 Net income (loss) attributable to IFC $ 445 $ 1,483 $ 1,018 $ 1,328 $ 1,579 Grants to IDA $ 340 $ 251 $ 340 $ 330 $ 600 Income before grants to IDA $ 749 $ 1,739 $ 1,350 $ 1,658 $ 2,179 Total assets $ 87,548 $ 84,130 $ 77,525 $ 75,761 $ 68,490 Loans, equity investments, and debt securities, net $ 37,578 $ 38,176 $ 34,677 $ 31,438 $ 29,934 Estimated fair value of equity investments $ 14,834 $ 14,890 $ 13,309 $ 11,977 $ 13,126 KEY RATIOS Return on average assets (GAAP basis) 0.5% 1.8% 1.3% 1.8% 2.4% Return on average capital (GAAP basis) 1.8% 6.4% 4.8% 6.5% 8.2% Cash and liquid investments as a percentage of next three years’ estimated net cash requirements 81% 78% 77% 77% 83%

Cash and liquid investments as a percentage of next three years’ estimated net cash requirements 81% 78% 77% 77% 83% Debt-to-equity ratio 2.6:1 2.7:1 2.6:1 2.7:1 2.6:1 Total resources required ($ billions) $ 19.2 $ 18.0 $ 16.8 $ 15.5 $ 14.4 Total resources available ($ billions) $ 22.6 $ 21.6 $ 20.5 $ 19.2 $ 17.9 Total reserve against losses on loans to total disbursed loan portfolio 7.5% 6.9% 7.2% 6.6% 6.6% See page 4 of Management’s Discussion and Analysis and Consolidated Financial Statements for details on the calculation of these numbers: http://www.ifc.org/FinancialReporting IFC OPERATIONAL HIGHLIGHTS 2015 2014 2013 2012 2011 Dollars in millions, for the year ended June 30 LONG-TERM INVESTMENT COMMITMENTS Number of projects 406 364 388 365 324 Number of countries 83 73 77 78 82 For IFC’s account $ 10,539 $ 9,967 $ 11,008 $ 9,241 $ 7,491 CORE MOBILIZATION Syndicated loans 1 $ 4,194 $ 3,093 $ 3,098 $ 2,691 $ 4,680 Structured finance – – – – – IFC initiatives & other $ 1,631 $ 1,106 $ 1,696 $ 1,727 $ 1,340 Asset Management Company (AMC) funds $ 761 $ 831 $ 768 $ 437 $ 454 Public-Private Partnership (PPP) 2 $ 548 $ 113 $ 942 $ 41 –

Asset Management Company (AMC) funds $ 761 $ 831 $ 768 $ 437 $ 454 Public-Private Partnership (PPP) 2 $ 548 $ 113 $ 942 $ 41 – Total core mobilization $ 7,133 $ 5,142 $ 6,504 $ 4,896 $ 6,474

INVESTMENT DISBURSEMENTS For IFC’s account $ 9,264 $ 8,904 $ 9,971 $ 7,981 $ 6,715

Syndicated loans 3 $ 2,811 $ 2,190 $ 2,142 $ 2,587 $ 2,029 COMMITTED PORTFOLIO Number of firms 2,033 2,011 1,948 1,825 1,737 For IFC’s account $ 50,402 $ 51,735 $ 49,617 $ 45,279 $ 42,828 Syndicated loans 4 $ 15,330 $ 15,258 $ 13,633 $ 11,166 $ 12,387 SHORT-TERM FINANCE Average Outstanding Balance $ 2,837 $ 3,019 $ 2,739 $ 2,529 $ 1,881 ADVISORY SERVICES Advisory Services program expenditures $ 202.1 $ 234.0 $ 231.9 $ 197.0 $ 181.7 Share of program in IDA countries 5 65% 66% 65% 65% 64% Note: IFC changed its reporting practice regarding investment amounts, beginning in the current fiscal year. To align our approach with that of commercial banks, we now report short-term finance investments separately from long-term investments. Short-term investments are reported as the average outstanding balance for the year. This chart reflects five years’ worth of data, calculated under the new reporting policy. Financing from entities other than IFC that becomes available to client due to IFC’s direct involvement in raising resources.

1. Includes B-Loans, Parallel Loans, MCPP Loans, and A-Loan Participation Sales (ALPS).

This chart reflects five years’ worth of data, calculated under the new reporting policy. Financing from entities other than IFC that becomes available to client due to IFC’s direct involvement in raising resources.

1. Includes B-Loans, Parallel Loans, MCPP Loans, and A-Loan Participation Sales (ALPS).

2. Third-party financing made available for public-private partnership projects due to IFC’s mandated lead advisor role to national, local, or other government entity.

3. Includes B-Loans, Agented Parallel Loans & MCPP Loans.

4. Includes B-Loans, A-Loan Participation Sales (ALPS), Agented Parallel Loans, Unfunded Risk Participations (URPs) & MCPP Loans.

5. All references in this report to percentages of advisory program expenditures in IDA countries and fragile and conflict-affected areas exclude global projects.

IFC ANNUAL REPORT 2015 23M ore than a third of our long-term investments — $4.7 billion in all — went to the world’s poorest countries. About 10 percent of our projects, totaling more than $600 million, were in fragile and conflict-affected areas of the world. IFC’S GLOBAL IMPACT Our work helped spark opportunity in 100 developing countries, particularly in the most challenging markets.

LATIN AMERICA & THE CARIBBEAN

$5.1

BILLION

24 IFC ANNUAL REPORT 201517.7

BILLION in long-term investment commitments, including more than $7 billion in funds mobilized from other investors Including global projects $

EUROPE & CENTRAL ASIA

$2.2

BILLION

EAST ASIA & THE PACIFIC

$3.3

BILLION

$1.9

BILLION

SOUTH ASIA

$1.3

BILLION

MIDDLE EAST & NORTH AFRICA

$3.7

BILLION

SUB-SAHARAN AFRICA

IFC ANNUAL REPORT 2015 25IFC’S GLOBAL IMPACT

FY15 LONG-TERM COMMITMENTS

BY ENVIRONMENTAL AND

SOCIAL CATEGORY

$1.3

BILLION

MIDDLE EAST & NORTH AFRICA

$3.7 BIL