CIF - Annual Report 2016

EXPERIENCE

MATTERS

Annual Report 2016 LOOKING BACK...About IFC IFC, 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 mem ber countries, a group that collectively determines our policies. We have six decades of experience in the world’s most challenging markets. With a global presence in more than 100 cou ntries, a network consisting of hundreds of financial institutions, and more than 2,000 priv ate 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. 1 iJ ,- fi ffi ,..,. .?,...TO SEE AHEADContents

SIX DECADES OF EXPERIENCE

IN EMERGING MARKETS 4

Lo oking Back to See Ahead 16

WORLD BANK GROUP 2016 SUMMARY RESULTS 18

L

ETTER FROM IFC EVP AND CEO

PHILIPPE LE HOUÉROU 24

O

UR MANAGEMENT TEAM 28

I

FC YEAR IN REVIEW 30

I FC Financial Highlights 31 IFC Operational Highlights 31 IFC’s Global Impact 32

HOW IFC CREATES OPPORTUNITY 36

I nnovation 37 Influence 45 Demonstration 55 Impact 63

ABOUT US 70

M easuring Up 71 Our Expertise 76 Our People & Practices 84 2 IFC ANNUAL REPORT 2016IF C ANNUAL REPORT 2016 3Sixty years ago, a few dozen countries made a calculated bet on the transformative potential of the private sector in developing countries. They put up $100 million in capital and established IFC to reinforce the work of the World Bank to spur growth and development.

a few dozen countries made a calculated bet on the transformative potential of the private sector in developing countries. They put up $100 million in capital and established IFC to reinforce the work of the World Bank to spur growth and development. The bet paid off, in orders of magnitude. Today, IFC is the largest global development institution focused on the private sector, having delivered more than $245 billion in financing to businesses in emerging markets. Yet, the need has never been greater. 2016 marks the first year of implementation of the Sustainable Development Goals— an initiative that depends on the collective ability of governments and the private sector to mobilize trillions of dollars a year to advance prosperity and peace. It’s a year of economic turbulence on a scale that hasn’t been seen since the global financial crisis of 2008–2009. It’s a year in which conflict and political upheaval are displacing and impoverishing millions. In these times, it takes a special kind of resourcefulness to accelerate development. 1956

SIX DECADES

OF EXPERIENCE

IN EMERGING

MARKETS

4 IFC ANNUAL REPORT 20162016

IF C ANNUAL REPORT 2016 5SIX DECADES OF Innovation, influence, demonstration, and impact

IFC ANNUAL REPORT 2016

Through 1960s 1970s 1980s SIX DECADES OF Innovation, influence, demonstration, and impact

ORIGINS

1947 • Wo rld Bank President John J. McCloy appoints New Y ork financier Robert L. Garner as vice president of the Bank. 1948 –49 • Gar ner and colleagues propose a new institution to stimulate private investment, working alongside others and taking full commercial risk. 1956

• IF

• Wo rld Bank President John J. McCloy appoints New Y ork financier Robert L. Garner as vice president of the Bank.

1948 –49 • Gar ner and colleagues propose a new institution to stimulate private investment, working alongside others and taking full commercial risk. 1956 • IF C opens under Garner’s leadership with $100 m illion in capital. 1957 • IF C’s first loan: $2 m illion to help Siemens’ Brazilian affiliate manufacture electrical equipment.

UP & RUNNING

1959 • Fi rst syndication: IFC mobilizes $2 m illion from a group of banks for Brazilian pulp and paper company Champion Celulose. 1961 • IF C’s charter amended to allow equity investments — in t ime, a key to our profitability. 1962 • Fi rst equity investment: about $500,000 in Spanish auto parts manufacturer Fábrica Española Magnetos.

BROADENING

OUR SCOPE

1971 • IF C Capital Markets Department created to strengthen local banks, stock markets, and other financial intermediaries — wh ich eventually become IFC’s largest area of emphasis. 1972 –74 • Ad visory services and field offices: for the first time IFC sends experts to Jakarta to help build the country’s first securities markets. 1973 • Fi rst housing finance project: IFC becomes a founding shareholder in start -up Davivienda of Colombia, then adopts that same model in 1978 with HDFC in India. 1974 • IF C’s $17.3 m illion investment and advice to Korea’s LG E lectronics helps it become one of the first globally competitive emerging -market companies. 1976 • Fir st SME finance project: $2 m illion loan for Kenya Commercial Bank to lend to smaller local companies.

EMPHASIZING

INNOVATION

1980 • Fi rst investment in Tata Group, India: Tata Iron

competitive emerging -market companies. 1976 • Fir st SME finance project: $2 m illion loan for Kenya Commercial Bank to lend to smaller local companies.

EMPHASIZING

INNOVATION

1980 • Fi rst investment in Tata Group, India: Tata Iron and Steel Company borrows $38 m illion from IFC. 1981 • IF C coins the phrase emerging markets — cha nging the financial world’s perception of developing countries and defining a new asset class. • IF C creates the Emerging Markets Database — basis of the world’s first emerging markets stock index. 1984 • IF C launches the first publicly traded emerging -market country fund, the NYSE -listed Korea Fund . 1985 • IF C provides investment -climate reform advice to China. 1988 • Am id the Latin American debt crisis, IFC helps several Mexican conglomerates reduce their debt. 1989 • IF C receives first triple -A credit rating — ke y to a major multicurrency borrowing program that by 2016 tops $15 b illion a year. 6 IFC ANNUAL REPORT 20161990s 2000s 2010s

RISING GLOBAL INFLUENCE

1992 • IF C coins the phrase frontier markets. • IF C leads one of Russia’s first privatization programs , auctioning 2,000 b usinesses in Nizhny Novgorod. 1996 • IF C enters the microfinance sector with a $3 m illion stake in ProFund, which is focused on Latin America and the Caribbean. • In o ne of our first investments in a conflict -affected state, IFC helps launch Bosnia’s microfinance pioneer (now ProCredit Bank). • IF C leads Africa’s largest privatization: the $70 m illion sale of the government’s stake in Kenya Airways to KLM. 1998 • IF C adopts new environmental and social review

state, IFC helps launch Bosnia’s microfinance pioneer (now ProCredit Bank). • IF C leads Africa’s largest privatization: the $70 m illion sale of the government’s stake in Kenya Airways to KLM. 1998 • IF C adopts new environmental and social review procedures and safeguard policies. • Re sponding to the Asian financial crisis , IFC begins a five-year, nearly $1 b illion countercyclical investment and advisory package to strengthen clients in Korea.

SETTING A

DEMONSTRATION EFFECT

2002 • Am id worsening economic conditions in Argentina, IFC starts a series of countercyclical investments , beginning with $60 mil lion for agribusiness client AGD. 2003 • Le ading commercial banks launch the Equator Principles , modeled on IFC’s own standards. • IF C and World Bank publish first Doing Business report, helping establish a global benchmark for countries to improve their investment climate. 2004 • IF C launches its first large-scale gender initiative , encouraging projects to help local women -owned businesses. • IF C oversees creation of the Emerging Market Private Equity Association , or EMPEA. 2006 • Ne w Performance Standards adopted . 2007 • Ou r $5 mi llion investment in FINO , a start-up Indian IT firm, helps expand access to finance for people in rural areas. 2009 • Th e G-20 launches its Financial Inclusion initiative , naming IFC its SME finance adviser. • Res ponding to the global financial crisis , IFC provides €2 b illion to an international effort to maintain commercial bank lending in Central and Eastern Europe. • Ha ving decentralized to be closer to clients, IFC has more than 50 p ercent of staff in the field . • IF C Asset Management Company is founded . By

provides €2 b illion to an international effort to maintain commercial bank lending in Central and Eastern Europe. • Ha ving decentralized to be closer to clients, IFC has more than 50 p ercent of staff in the field . • IF C Asset Management Company is founded . By 2016 it will manage nearly $9 b illion of investor funds.

INCREASING IMPACT

2010 • IF C launches a private sector window in the $1.25 b illion Global Agriculture and Food Security Program , a new World Bank Group initiative formed at the G-20’s request. 2012 • A ye ar after conflict ends in Côte d’Ivoire, IFC finances the expansion of the country’s largest thermal power plant, Azito. 2013 • La unch of the World Bank Group’s twin goals — en ding extreme poverty and boosting shared prosperity. • Th e People’s Bank of China pledges $3 b illion to IFC’s new Managed Co -Lending Portfolio Program , becoming the new syndications program’s first investor. 2014 • IF C’s first offshore Masala bond in Indian rupees issued in London. The program has now grown to $3 b illion. 2015 • IF C plays a key role in highlighting the importance of the private sector in achieving the Sustainable Development Goals. • As p art of the coordinated World Bank Group response to the Ebola crisis in West Africa, IFC provides $225 m illion to help local banks maintain lending to local SMEs. • A t hought leader at historical international climate change talks in Paris, IFC showcases emergingmarket clients with innovative climate -smart solutions. IF C ANNUAL REPORT 2016 7Investing in challenging environments It takes experience to accelerate development in the toughest corners of the world. We venture into the poorest and most strife-prone areas. We

market clients with innovative climate -smart solutions. IF C ANNUAL REPORT 2016 7Investing in challenging environments It takes experience to accelerate development in the toughest corners of the world. We venture into the poorest and most strife-prone areas. We create markets where none exist. We help close investment, regulatory, and other gaps that impede development. Our 60-year record of success has built trust in our ability to take on the world’s most difficult challenges. SIX DECADES OF 8 IFC ANNUAL REPORT 2016IFC AN NUAL REPORT 2016 9Leveraging resources and growing to scale Our history shows that large amounts of private sector funds can be mobilized in a self-sustaining way to finance development. Since 1956, we have leveraged about $2.6 billion in capital from our member governments to deliver more than $245 billion in financing for development. Each dollar of IFC capital leads to about $20 of total project financing, including co-financing from other investors. SIX DECADES OF 10 IFC ANNUAL REPORT 2016IFC AN NUAL REPORT 2016 11fi .. ¡j¡¡jj -= .... fi»wlllA .... = rlllf• .. l ISIX DECADES OF Adapting to markets and client needs Throughout our history, IFC has adapted to meet the needs of developing countries. Initially, we joined leading multinational companies to promote private investment in newly independent countries. Then, as businesses in these countries began to thrive, we moved our people and offices closer to them— to hel p them promote prosperity in less-developed areas of the world. 12 IFC ANNUAL REPORT 2016IFC AN NUAL REPORT 2016 13Shaping the development agenda Our experience in sustainable private sector development is unmatched. That makes us a key player in global efforts to address shared challenges

less-developed areas of the world. 12 IFC ANNUAL REPORT 2016IFC AN NUAL REPORT 2016 13Shaping the development agenda Our experience in sustainable private sector development is unmatched. That makes us a key player in global efforts to address shared challenges such as climate change and pandemics. We play a prominent advisory role in major initiatives of the United Nations and the Group of 20 advanced and developing economies. We act as a trusted liaison between the public and private sectors, bringing business solutions to the challenges of development.

SIX DECADES OF

14 IFC ANNUAL REPORT 2016IFC AN NUAL REPORT 2016 15

···-- ...... J!.!J ••;a" • ..f. .U.., .tl.JU.1 .U ___ ,... fi u tJ .l_! .JJ l.l ,¡; ,IJ!llfi-M W .l!J,i IJJt ll. . ..... ••••••• . , .. •••iu n•fi111 ·•:111 ::,m •• ,!fi' ••• , t ... ••• • • ' 'LOOKING BACK ...

ARTICLE 1

IFC Articles of Agreement The purpose of the Corporation is to further economic development by encouraging the growth of productive private enterprise in member countries, particularly in the less developed areas, thus supplementing the activities of the International Bank for Reconstruction and Development ... In carrying out this purpose, the Corporation shall: (i) in association with private investors, assist in financing the establishment, improvement, and expansion of productive private enterprises which would contribute to the development of its member countries by making investments, without guarantee of repayment by the member government concerned, in cases where sufficient private capital is not available on reasonable terms; (ii) seek to bring together investment opportunities, domestic and foreign private capital, and experienced management; and (iii) seek to stimulate, and to help create conditions conducive

investments, without guarantee of repayment by the member government concerned, in cases where sufficient private capital is not available on reasonable terms; (ii) seek to bring together investment opportunities, domestic and foreign private capital, and experienced management; and (iii) seek to stimulate, and to help create conditions conducive to, the flow of private capital, domestic and foreign, into productive investment in member countries. 16 IFC ANNUAL REPORT 2016...TO SEE AHEAD EXPERIENCE BUILDS TRUST IFC’s experience puts us in a unique position to address the leading development challenges of our time.

We will: • Intensify our f ocus on the poorest countries and on fragile and conflict-affected areas. • Incre ase climate-related and infrastructure investments. • Expan d opportunities for farmers and agribusinesses. • Broade n financial and social inclusion. • Scale u p investments in disruptive technology. • Streng then analytical and advisory work to foster private sector development. • Mobil ize capital for development.

Partnerships will be essential to deliver on our vision. Together, we can create opportunity where it’s needed most. IFC AN NUAL REPORT 2016 17Letter from Jim Yong Kim World Bank Group President In recent years, historic progress has been made to end extreme poverty around the globe. More than 1 billion people lifted themselves out of poverty in the past 15 years alone. In 2015, for the first time ever, the World Bank Group forecast that the global percentage of people living in extreme poverty fell under 10 percent. This is a remarkable milestone. WORLD BANK GROUP 2016 SUMMARY RESULTS 18 IFC ANNUAL REPORT 2016Yet the world today faces challenges that are as complex and vexing as at any time in recent memory. Strong economic headwinds have slowed global growth; fragility and conflict have displaced tens of millions of people from their homes; countries and their economies are vulnerable to natural disasters and climate change–related shocks; and a pandemic can

vexing as at any time in recent memory. Strong economic headwinds have slowed global growth; fragility and conflict have displaced tens of millions of people from their homes; countries and their economies are vulnerable to natural disasters and climate change–related shocks; and a pandemic can spread quickly without warning. We are all affected by these challenges, but the stark truth is that people living in extreme poverty are hit first and hardest. Our mission at the World Bank Group is defined by two goals— to end extreme poverty by 2030 and to boost prosperity among the poorest 40 percent in lowand middle-income countries. To achieve them, we are focusing on broad-based, inclusive growth, and we remain vigilant against shocks that can reverse hard-won gains in development. We know that business as usual won’t be enough. The World Bank Group is collaborating in new ways with an increasingly diverse array of partners. For example, we partnered with the United Nations and the Islamic Development Bank Group last year to launch an innovative financing facility in support of Syrian refugees and host communities in Jordan and Lebanon. Based on the initial contributions provided by eight nations and the European Commission, the facility will be able to immediately generate up to $800 million in concessional loans for Jordan and Lebanon. This will allow the scaling up of programs to expand vital services, such as health and education, to meet the combined demand from refugees and citizens. This is one of the many groundbreaking solutions we are implementing to address today’s global challenges. The talented and dedicated staff of our main financing institutions— th e International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA)— wo rk together to mobilize the innovative solutions and investments necessary to support inclusive economic growth. This year the World Bank Group committed nearly $64.2 billion in loans, grants, equity investments, and guarantees to its members and private businesses. Client

Investment Guarantee Agency (MIGA)— wo rk together to mobilize the innovative solutions and investments necessary to support inclusive economic growth. This year the World Bank Group committed nearly $64.2 billion in loans, grants, equity investments, and guarantees to its members and private businesses. Client demand for IBRD’s services continues to be strong, and this year it made commitments totaling $29.7 billion— th e highest amount ever outside of a financial crisis. And IDA, the World Bank’s fund for the poorest, committed $16.2 billion to support countries most in need to face their toughest challenges. Working with the private sector will become increasingly important to meet the scale of financing needs for our development goals. IFC and MIGA, our two institutions focused on private sector development, are strengthening their efforts in this regard. IFC delivered a record amount of financing for private sector development—about $18.8 billion, including $7.7 billion mobilized from investment partners. IFC’s investments in fragile and conflict-affected areas climbed to nearly $1 billion, an increase of more than 50 percent over the previous year. MIGA issued a record $4.3 billion in political risk and credit enhancement guarantees underpinning various investments, with 45 percent of its active portfolio in IDA-eligible countries and 10 percent in countries affected by conflict and fragility. The progress we’ve made in recent decades shows that we are the first generation in human history that can end extreme poverty. This is our great challenge, and our great opportunity. With the collective determination of the World Bank Group, our member countries, and global partners, I remain optimistic that we can tackle these challenges—one region, one country, and one person at a time—and create a more prosperous and inclusive world for all. DR. JIM YONG KIM President of the World Bank Group and Chairman of the Board of Executive Directors I remain optimistic that we can tackle

I remain optimistic that we can tackle these challenges—one region, one country, and one person at a time—and create a more prosperous and inclusive world for all. DR. JIM YONG KIM President of the World Bank Group and Chairman of the Board of Executive Directors I remain optimistic that we can tackle these challenges —one region, one country, and one person at a time — and create a more prosperous and inclusive world for all. IF C ANNUAL REPORT 2016 19Global 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. $11.4B

LATIN AMERICA &

THE CARIBBEAN $64.2B 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.

WORLD BANK GROUP

2016 SUMMARY RESULTS

20 IFC ANNUAL REPORT 2016$13.3B

SUB-SAHARAN

AFRICA

$10.3B

EUROPE &

CENTRAL ASIA

$11.4B

EAST ASIA &

THE PACIFIC

$6.3B

MIDDLE EAST &

NORTH AFRICA

$11.3B SOUTH ASIA IF C ANNUAL REPORT 2016 21The 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)

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

2016 SUMMARY RESULTS

22 IFC ANNUAL REPORT 2016World Bank Group Financing for Partner Countries By fiscal year, in millions of dollars WORLD BANK GROUP 2012 2013 2014 2015 2016 Commitmentsa 51,221 50,232 58,190 59,776 64,185 Disbursementsb 42,390 40,570 44,398 44,582 49,039 IBRD Commitments 20,582 15,249 18,604 23,528 29,729 Disbursements 19,777 16,030 18,761 19,012 22,532 IDA Commitments 14,753 16,298 22,239 18,966 16,171 Disbursements 11,061 11,228 13,432 12,905 13,191 IFC Commitmentsc 9,241 11,008 9,967 10,539 11,117 Disbursementsd 7,981 9,971 8,904 9,264 9,953

MIGA Gross issuance 2,657 2,781 3,155 2,828 4,258

RECIPIENT-EXECUTED TRUST FUNDS Commitments 3,988 4,897 4,225 3,914 2,910

Disbursements 3,571 3,341 3,301 3,401 3,363 a. Includes IBRD, IDA, IFC, Recipient-E xecuted Trust Fund (RETF) commitments, and MIGA gross issuance. RETF commitments include all recipient-executed grants, and therefore total WBG commitments differ from the amount reported in the WBG Corporate Scorecard, which includes only a subset of trust-funded activities. b. In cludes IBRD, IDA, IFC, and RETF disbursements. c. L ong-term commitments for IFC’s own account. Does not include short-term finance or funds mobilized from other investors. d. Fo r IFC’s own account. Does not include short-term finance or funds mobilized from other investors. IF C ANNUAL REPORT 2016 23A letter from IFC Executive Vice President and Chief Executive Officer Philippe Le Houérou Across the world, nations have agreed over the past year to act in concert to achieve goals that once seemed beyond reach— to end poverty, to expand prosperity and peace, and to stop the rise in global warming. Success, however, will not come easily. It will depend on trillions of dollars a year in investments by governments and the private sector. It will require the world to mobilize those funds in an era of decelerating economic growth and rising geopolitical uncertainty. In such times, experience matters. You need it to venture into the poorest and most strife-prone regions of the world. You need it to create and develop markets where none exist. You need it to mobilize financing from private investors. You need it to create new types of partnerships that can close investment and regulatory gaps while creating solutions to global challenges such as

world. You need it to create and develop markets where none exist. You need it to mobilize financing from private investors. You need it to create new types of partnerships that can close investment and regulatory gaps while creating solutions to global challenges such as climate change and pandemics. You need it to create jobs and avoid the “middleincome trap.” At IFC, we have built this experience methodically. For six decades, we have routinely evaluated our activities to learn what works and what doesn’t. We have looked back to see ahead. We have innovated to strengthen the private sector in emerging markets. We have promoted policy to raise standards. We have demonstrated the benefits of investing in tough markets. In doing all of these things, our investments have achieved significant development impact. In the year that ended June 30, 2016— a period of considerable market turbulence— we invested and mobilized more money for private sector development than ever before. Our long-term investments grew to a record of nearly $19 billion, helping create opportunity in more than 100 countries. More than a third of these investments— nearly $8 billion in all— was mobilized from other investors who joined us in our projects because of our 60-year track record of achieving strong development results and sound financial returns. Our work had an impact in every region of the world. Our clients provided 2.4 million jobs, helped educate 4.6 million students, and treated nearly 32 million patients. They generated power for 48 million people, distributed water to nearly 22 million, and provided gas to more than 50 million. LEADERSHIP PERSPECTIVE In such times, experience matters. You need it to venture into the poorest and most strife-prone regions of the world. You need it to create and develop markets where none exist. You need

gas to more than 50 million. LEADERSHIP PERSPECTIVE In such times, experience matters. You need it to venture into the poorest and most strife-prone regions of the world. You need it to create and develop markets where none exist. You need it to mobilize financing from private investors. You need it to create new types of partnerships that can close investment and regulatory gaps while creating solutions to global challenges such as climate change and pandemics. You need it to create jobs and avoid the “middleincome trap.”

24 IFC ANNUAL REPORT 2016IFC IS

UNIQUELY

POSITIONED

TO LEAD.

PHILIPPE

LE HOUÉROU IFC Executive Vice President and CEO IFC ANNUAL REPORT 2016 25Our work illustrates how very large and complex infrastructure projects can be funded without increasing public debt.

Consider one example: the opening this year of the expanded Panama Canal. In 2008, IFC and several other development banks committed $2.3 billion to signal our confidence in the project— and to support the work of the Panama Canal Authority in ensuring the project was carried out responsibly.

This year, we also strengthened our advice to clients. Our advisory portfolio included about 700 projects in 100 countries, valued at $1.3 billion. In FY16, more than 60 percent of IFC’s advice was delivered to clients in IDA countries— including 20 percent in fragile and conflict-affected areas. IFC Asset Management Company’s assets under management increased to $8.9 billion across 11 funds. AMC mobilized $476 million for IFC projects. We know the road ahead will be challenging. The world’s expectations of the development community— as reflected in the United Nations Sustainable Development Goals— are rightly ambitious. Investors have grown increasingly

lized $476 million for IFC projects. We know the road ahead will be challenging. The world’s expectations of the development community— as reflected in the United Nations Sustainable Development Goals— are rightly ambitious. Investors have grown increasingly risk-averse regarding emerging markets, causing capital flows to recede just when they are most needed. Conflict and violence in many parts of the world pose a significant obstacle to development. Yet we are optimistic— because IFC was invented for challenges of this kind. Sixty years ago, our founders set us on a course to “create conditions conducive to the flow of private capital” in “less developed areas” of the world— to intervene wherever “sufficient private capital is not available on reasonable terms.” We’ve been doing so ever since— venturing ever more deeply into the world’s toughest markets. Drawing on the many lessons learned over six decades, IFC is uniquely positioned to lead this work.

PHILIPPE LE HOUÉROU

IFC Executive Vice President and Chief Executive Officer

EXPERIENCE

MATTERS...

26 IFC ANNUAL REPORT 2016…TO HELP

CREATE AND

DEVELOP

MARKETS IN THE

POOREST AND

MO S T C ON F L IC TPRONE AREAS

IF C ANNUAL REPORT 2016 27Our

Management Team Our leadership team ensures that IFC’s resources are deployed effectively, with a focus on maximizing development impact and meeting the needs of our clients. IFC’s Management Team benefits from years of development experience, a diversity of knowledge, and distinct cultural perspectives. The team shapes our strategies and policies, positioning IFC to create opportunity where it’s needed most. Philippe Le Houérou IFC Executive Vice President and Chief Executive Officer 28 IFC ANNUAL REPORT 2016Jingdong Hua Vice President and Treasurer Saran Kebet -Kouliba