CIF - Annual Report 2023 Building a Better Future

IFC 2023

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

BUILDINGBUILDING

A BETTER FUTURE

IFC ANNUAL REPORT 2023IFC ANNUAL REPORT 2023IFC 2023

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS CONTENTS 2 Letter from the IFC Board 4 Letter from Ajay Banga, World Bank Group President 6 Letter from Makhtar Diop, IFC Managing Director 9 Our Management Team 10 FY23 Financing and Impact Highlights RESULTS 12 World Bank Group 2023 Summary Results 14 IFC 2023 Year in Review 18 Climate Highlights

STRATEGY IN ACTION

20 Building a Better Future 22 Innovation 34 Inclusion 40 Thought Leadership and Capacity Building

CRITICAL FUNCTIONS

44 Measuring Up 47 Sustainability 50 Accountability and Oversight 52 Diversity, Equity, and Inclusion

Additional information is available on IFC’s website: www.ifc.org/AnnualReport.

On the cover: By investing in a growth fund for promising technology startups, IFC brings job opportunities and hope for a better future to Ukraine.

Below: An IFC investment is helping African financial technology firm M-KOPA expand financial services to delivery drivers and other underbanked consumers in East Af rica, allowing them to purchase productive assets such as smartphones and home solar-energ y systems.IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets and developing economies. We work in more than 100 countries, using our capital, mobilization capacity, expertise, and influence to create jobs and raise living standards, especially for the poor and vulnerable.

In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector

capacity, expertise, and influence to create jobs and raise living standards, especially for the poor and vulnerable. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to improve people’s lives as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

ABOUT IFC

IFC ANNUAL REPORT 2023  1

IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights RESULTS STRATEGY IN ACTION CRITICAL FUNCTIONSOver the past year, the World Bank Group Executive Directors have engaged with World Bank Group leadership about persisting global crises and the urgent need for approaches to restore progress toward the Sustainable Development Goals. More than 574 million people are projected to be living in extreme poverty by 2030, most of them in Africa. More broadly, nearly half the world — over 3 billion people — lives on less than $6.85 per day. Spillover effects from the COVID-19 pandemic, Russia’s invasion of Ukraine, and extreme climate events are among the major issues on which the Executive Directors led World Bank Group interventions to support countries, including a focus on opportunities for women and young people. From July 2022 to June 2023, support from the World Bank Group for developing countries totaled $122.9 billion, including $38.6 billion from IBRD, $34.2 billion from IDA, $43.7 billion (including mobilization) from IFC, and $6.4 billion in guarantees from MIGA. At the Annual Meetings in October 2022, Development Committee members asked the World Bank Group to review its vision, mission, and operating and financial

mobilization) from IFC, and $6.4 billion in guarantees from MIGA. At the Annual Meetings in October 2022, Development Committee members asked the World Bank Group to review its vision, mission, and operating and financial models to enhance the institution’s capacity to respond to global challenges. In response, the World Bank Group created the Evolution Roadmap, with the aim of better addressing the scale of challenges facing the world today. The Roadmap provides a basis for World Bank Group management and the Board to discuss priorities for the institution’s evolution and begin to implement collective reform. Led by the Boards of Executive Directors in partnership with management, the Evolution Roadmap gained momentum this year. At the 2023 Spring Meetings, Governors at the Development Committee commended the World Bank Group for identifying measures to increase financial capacity by roughly $50 billion over the next 10 years and discussed priorities to further strengthen the institution for the next phase of the Roadmap process ahead of the October 2023 Annual Meetings in Marrakech. The important work of the Evolution comes as the World Bank Group continues to respond at record pace, scale, and impact to help countries address compounding crises and increasingly complex development challenges. In April 2022, the World Bank Group outlined the Global Crisis Response Framework, which focused on responding to food insecurity, protecting people and preserving jobs, boosting resilience, and strengthening policies, institutions, and investments to build back better. Between April 2022 and June 2023, the World Bank Group provided unprecedented crisis financing of $171.6 billion, including $53.1 billion from IBRD, $51.8 billion from IDA, $57.6 billion from IFC, and $9.1 billion in guarantees from MIGA. In addition to its impact on food security, Russia’s invasion of Ukraine has exacerbated trends in energy access, international trade, and other major sectors. Recognizing the invasion’s potentially long-term consequences, the Board approved several operations

from MIGA. In addition to its impact on food security, Russia’s invasion of Ukraine has exacerbated trends in energy access, international trade, and other major sectors. Recognizing the invasion’s potentially long-term consequences, the Board approved several operations to help restore and improve access to essential health care, provide financial protection for the Ukrainian people, and repair Ukraine’s energy infrastructure. To date, the World Bank Group has mobilized over $37.5 billion in emergency financing for Ukraine, including IBRD and IDA loans, IBRD loans guaranteed by partners, donor grants, short and long-term IFC financing, and MIGA guarantees. Climate action remains a crucial global priority. The Executive Directors welcome the efforts the World Bank Group has made as the world’s largest multilateral provider of climate finance for developing countries by mobilizing more public and private finance. The Executive Directors are encouraged that, in addition to work combining country diagnostics, policy advice, financing, and scalable mechanisms to mobilize funding, the World Bank is on track to align 100 percent of new operations with the goals of the Paris Agreement from July 1, 2023. For IFC and MIGA, 85 percent of new operations will be aligned starting July 1, 2023, and 100 percent from July 1, 2025. The world witnessed devastating natural disasters this year that caused tragic losses of life and widespread destruction. The earthquakes in Türkiye are among the most recent events to which the World Bank Group has responded. The Executive Directors continue to recognize the hardships encountered in fragile and conflict-affected situations around the world, including the challenges and complexities of migration, as discussed in this year’s World Development Report. The Executive Directors commend the ongoing and coordinated efforts by the World Bank, IFC, and MIGA to swiftly address fragility and disasters, including by leveraging the IDA Private Sector Window and Contingency Emergency Response Components in operations. The Board also recently approved the establishment of an IDA Crisis Facility, which will

and coordinated efforts by the World Bank, IFC, and MIGA to swiftly address fragility and disasters, including by leveraging the IDA Private Sector Window and Contingency Emergency Response Components in operations. The Board also recently approved the establishment of an IDA Crisis Facility, which will boost support for the world’s poorest countries in tackling urgent development challenges, particularly food security and climate change.

IFC BOARD

LETTER FROM THE IFC BOARD

IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  2In addition to the many operations and country engagements the Board discussed and approved this year, Executive Directors also visited operations in several client countries. In February and May 2023, Board members traveled to Belize, Guatemala, Panama, the Republic of Congo, and São Tomé and Príncipe. During these missions, the Executive Directors engaged with key government entities, the private sector, civil society, and donor stakeholders and met with World Bank Group staff and the people who have benefited from these operations. As the World Bank Group’s leadership and Boards of Directors prepare for the October 2023 Annual Meetings in Marrakech, the Executive Directors and management are moving forward on the Evolution Roadmap. The Executive Directors extend their sincere gratitude to David Malpass for his strong and steadfast leadership of the World Bank Group through a historically challenging period. His commitment to the mission, diversity and inclusion, debt transparency and sustainability, and countrylevel development outcomes have seen the institution deliver record commitments for development. The Board warmly welcomes his successor, Ajay Banga, as the 14th President of the World Bank Group. Finally, the Executive

to the mission, diversity and inclusion, debt transparency and sustainability, and countrylevel development outcomes have seen the institution deliver record commitments for development. The Board warmly welcomes his successor, Ajay Banga, as the 14th President of the World Bank Group. Finally, the Executive Directors extend their thanks to all staff for their tireless dedication and hard work in these challenging times. Thanks to them, the World Bank Group continues to make a difference in the lives of many who deserve a life in dignity. Standing (left to right): Wempi Saputra Indonesia, Parameswaran Iyer India, Mansour Alshamali Kuwait, Michael Krake Germany, Katharine Rechico Canada, Roman Marshavin Russian Federation, Velavan Gnanendran United Kingdom, Il-Young Park Korea, Hayrettin Demircan Türkiye, Naveed Baloch Pakistan, Abdoul Salam Bello Niger, Arnaud Buissé France

Absent: Floribert Ngaruko Burundi

Seated (left to right): Erivaldo Gomes Brazil, Cecilia Nahon Argentina, Ayanda Dlodlo South Africa, Dominique Favre Switzerland, Junhong Chang China — Co-Dean, Koen Davidse The Netherlands — Dean, Khalid Bawazier Saudi Arabia, Adriana Kugler United States, Matteo Bugamelli Italy, Ernesto Acevedo Mexico, Takashi Miyahara Japan, Lene Lind Norway

PHOTO OF IFC EXECUTIVE DIRECTORS

IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  3This urgency motivates us to write a new playbook that will drive impactful development and lead to a better quality of life for people everywhere.

IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  3This urgency motivates us to write a new playbook that will drive impactful development and lead to a better quality of life for people everywhere. Pandemics and climate change don’t respect lines on a map. If we fail to work together to address these crises, we all lose. Our approach must be inclusive of everyone, including women, young people, and others too often left behind. It must be resilient to shocks, including climate and biodiversity catastrophes, pandemics, and fragility. And it must be sustainable — through economic growth, human development, fiscal and debt management, food security, and access to clean air, water, and affordable energy. To help countries achieve these goals and address their most urgent development needs, we offer innovative solutions that can be implemented at scale to maximize impact. Through our knowledge and research, we help countries make informed, impactful decisions. Central to these efforts are our partnerships and convening power, which further extend our reach as we work to realize our shared vision. Under the umbrella of our Evolution Roadmap, we are working to become a better Bank. We will become more efficient and do more in less time — incentivizing output, not input. Keeping focus on how many girls are in school, how many jobs are created, how many tons of carbon dioxide emissions are avoided, and how many private sector dollars are mobilized. We are digging deep to boost our lending capacity, finding ways to leverage callable capital, and creating new mechanisms like hybrid capital that could unlock untold resources to deliver results. We want to expand and evolve concessional financing to help more low-income countries achieve their development goals, while thinking creatively about how to encourage cooperation across borders and tackle shared challenges. As we face a new era in development, we remain committed to creating a world free of poverty on a livable planet. Ajay Banga President of the World Bank Group and Chairman of the Board of Executive Directors

encourage cooperation across borders and tackle shared challenges. As we face a new era in development, we remain committed to creating a world free of poverty on a livable planet. Ajay Banga President of the World Bank Group and Chairman of the Board of Executive Directors LETTER FROM AJAY BANGA President of the World Bank Group Deeply intertwined challenges — poverty, pandemics, climate change, debt, conflict, food insecurity, and fragility — are eroding decades of hard-won development progress; the world is looking to us for solutions. Fortunately, the World Bank is built to take on difficult challenges. To truly make a difference, we will need a greater appetite for risk, meaningful private sector financing, and a sense of urgency. IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

IFC ANNUAL REPORT 2023  4WE OFFER INNOVATIVE

SOLUTIONS THAT CAN BE

IMPLEMENTED AT SCALE TO

MAXIMIZE IMPACT.

THROUGH OUR KNOWLEDGE

AND RESEARCH, WE

HELP COUNTRIES MAKE

INFORMED, IMPACTFUL

DECISIONS.

Photo: World Bank Group President Ajay Banga visits Jamaica’s

Kirkvine Community Council Greenhouses, June 2023. IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

IFC ANNUAL REPORT 2023  5LETTER FROM MAKHTAR DIOP IFC MANAGING DIRECTOR This year brought a continued wave of

IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

IFC ANNUAL REPORT 2023  5LETTER FROM MAKHTAR DIOP IFC MANAGING DIRECTOR This year brought a continued wave of challenges with global growth slowing sharply, extreme poverty increasing, the climate crisis intensifying, and new conflicts emerging. As these overlapping crises continued to intensify, IFC responded with scale and speed. Most importantly, we recognized that business as usual wouldn’t do, and we raised our ambition to meet the moment.

IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  6And in FY23, we delivered. We made over $43 billion in total investment commitments — the largest volume in our history. We set a record for climate commitments, which surpassed $14 billion. We exceeded our gender targets. And we mobilized over $15 billion from external partners — another record.

These are impressive numbers, but what they really represent is jobs created, women entrepreneurs getting access to financial services, greenhouse gas emissions being slashed, and much more. Our achievements this year also speak to how we are reshaping IFC. We have made several changes to how we work that cut bureaucracy and empower frontline staff to take more risks and respond to emerging needs faster. The result? Bold interventions that disrupt crises and drive impact. Across the world, we are deploying our full arsenal of tools to achieve scale: setting standards, developing innovative financial solutions, using public-private partnerships to build sustainable infrastructure, and

staff to take more risks and respond to emerging needs faster. The result? Bold interventions that disrupt crises and drive impact. Across the world, we are deploying our full arsenal of tools to achieve scale: setting standards, developing innovative financial solutions, using public-private partnerships to build sustainable infrastructure, and mobilizing capital. We are supporting the ingenuity of entrepreneurs who form the backbone of economies around the world — helping small businesses from Cameroon to the Kyrgyz Republic get access to financing. We are focusing on the massive untapped potential of female entrepreneurs in our efforts to address a more than $5 trillion financing gap for micro, small, and medium enterprises (MSMEs). To ensure the most vulnerable have access to food, we launched a $6 billion Global Food Security Platform and have worked to stabilize volatile food markets and provide much-needed finance to companies along the food supply chain. In tackling global challenges — from food security to climate change — we must bridge the gap for private investors to access emerging markets and developing economies by mitigating the risks of pioneering investments. That’s why we deployed a record level of blended concessional finance to de-risk highimpact investments, and we continue to launch new facilities to address emerging needs in middle-income countries. IFC now has over 30 different mobilization vehicles, including MCCP One Planet, the world’s first portfolio of emerging market loans aligned with the Paris Agreement. The World Bank Evolution Roadmap calls on us to do more to address intertwined global challenges. This year we continued retooling IFC to help unlock innovation and deliver more sustainable private sector solutions that lift people up. I am especially heartened by our team, who are behind the projects and initiatives detailed in this report. With talent, passion, and purpose on our side, I am confident that a more virtuous cycle — one that ends poverty, protects the

solutions that lift people up. I am especially heartened by our team, who are behind the projects and initiatives detailed in this report. With talent, passion, and purpose on our side, I am confident that a more virtuous cycle — one that ends poverty, protects the planet, and creates inclusive growth — is within reach. Makhtar Diop Managing Director Photo above: Ildys Karazhieva, in the Chuy region of Kyrgyz Republic, has relied on micro loans from Elet-Capital to support her business raising chickens. IFC’s loan to EletCapital is under IFC’s Base of the Pyramid program, which helps financial services providers deliver funding to help MSMEs, informal enterprises, and low-income households. IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  8IFC’s leadership develops corporate strategies and policies and oversees the effective deployment of our resources. Our main focus is on maximizing development impact and meeting client needs. IFC’s Management Team brings together years of development experience, a broad array of expertise, and complementary cultural perspectives. OUR

MANAGEMENT

TEAM Makhtar Diop Managing Director Riccardo Puliti Regional Vice President, Asia and the Pacific Sérgio Pimenta Regional Vice President, Africa Elena Bourganskaia Vice President, Corporate Support John Gandolfo Vice President and Treasurer Mohamed Gouled Vice President, Industries Alfonso Garcia Mora Regional Vice President, Europe, Latin America and the Caribbean Mary-Jean Moyo Chief of Staff Ramit Nagpal Vice President and General Counsel Hela Cheikhrouhou Regional Vice President, Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan Susan M. Lund Vice President, Economics and Private Sector Development Federico Galizia Vice President, Risk and Finance Emmanuel Nyirinkindi Vice President, Cross-Cutting Solutions IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

IFC ANNUAL REPORT 2023  9IFC FY23: REACHING NEW HEIGHTS

World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

IFC ANNUAL REPORT 2023  9IFC FY23: REACHING NEW HEIGHTS

CLIMATE TRADE AND SUPPLY CHAIN $14.4B in climate financing $12.0 B in short-term finance 68% was committed in IDA and fragile and conflict-affected economies in total investment commitments $43.7B IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  10HIGHLIGHTS OF ANTICIPATED IMPACT FROM FY23 PROJECTS

1. Employment estimates are computed for individual projects using IFC ’s economic impact estimation framework. The framework comprises sector-specific models and a variety of assumptions across countrie s and sectors. For financial intermediaries, the estimate includes on -lending of IFC funds only. Client banks’ portfolios grow more than the IFC funding al one, partly because IFC’s contribution catalyzes additional fundi ng and partly because the growth is contractually agreed with IFC. This addi tional expansion, which is hard to attribute precisely, could repre sent the creation of several million jobs. $11.2B Volume of additional trade finance supported

496K Additional farmers reached 34.5M Number of additional direct fixed/mobile internet connections 11.5M TONS GHG emissions reduction of CO2 equivalent each year 2.2–3. 1M Estimated number of direct, indirect, and induced jobs created1 2.2M Number of additional outstanding MSME loans, of which 1.4 million are to women IFC 2023

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

2.2–3. 1M Estimated number of direct, indirect, and induced jobs created1 2.2M Number of additional outstanding MSME loans, of which 1.4 million are to women IFC 2023

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Letter from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director Our Management Team FY23 Financing and Impact Highlights

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONS

IFC ANNUAL REPORT 2023  11GLOBAL COMMITMENTS In fiscal 2023, the World Bank Group provided much-needed financing; conducted data collection, in-depth analysis, and research; and partnered with governments, the private sector, and other institutions to support countries’ development and address global challenges.

EAST ASIA AND

THE PACIFIC

$13.0B

(BILLION)

EUROPE AND

CENTRAL ASIA

$36.2B

(BILLION)

LATIN AMERICA AND

THE CARIBBEAN

$18.2B

(BILLION)

MIDDLE EAST AND

NORTH AFRICA

$6.8B

(BILLION)

SOUTH ASIA $15.4B

(BILLION)

SUB-SAHARAN

AFRICA

$38.6B (BILLION) in loans, grants, equity investments, and guarantees to partner countries and private businesses $128.3B (BILLION) Total includes multiregional and global operations. Regional breakdowns reflect World Bank country classifications.

WORLD BANK GROUP

2023 SUMMARY RESULTS

IFC 2023

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

World Bank Group 2023 Summary Results Global Commitments The Institutions of the World Bank Group World Bank Group Financing for Partner Countries IFC 2023 Year in Review Financial Highlights Operational Highlights FY23 Long-Term Commitments FY23 Portfolio Exposure

RESULTS

World Bank Group 2023 Summary Results Global Commitments The Institutions of the World Bank Group World Bank Group Financing for Partner Countries IFC 2023 Year in Review Financial Highlights Operational Highlights FY23 Long-Term Commitments FY23 Portfolio Exposure IFC’s Largest Country Exposures FY23 Long-Term Commitments by Environmental and Social Category FY23 Advisory Services Program Expenditures Climate Highlights

STRATEGY IN ACTION

CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  12The Institutions of the World Bank Group The World Bank Group is one of the world’s largest sources of financing and knowledge for developing countries. It consists of five institutions that share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable growth and development. International Bank for Reconstruction and Development (IBRD) Lends to governments of middle-income and creditworthy low-income countries. International Development Association (IDA) Provides financing on highly concessional terms to governments of the poorest countries. International Finance Corporation (IFC) Provides loans, guarantees, equity, advisory services, and project development services and mobilizes capital from other sources to grow 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, mediation, and arbitration of investment disputes. World Bank Group Financing for Partner Countries By fiscal year, millions of dollars World Bank Group Commitments1 128,341 104,370 98,830 83,547 68,105 Disbursements 2 91,391 67,041 60,596 54,367 49,395 IBRD Commitments3 38,572 33,072 30,523 27,976 23,191

Disbursements 2 91,391 67,041 60,596 54,367 49,395 IBRD Commitments3 38,572 33,072 30,523 27,976 23,191 Disbursements 25,504 28,168 23,691 20,238 20,182 IDA Commitments3, 4 34,245 37,727 36,028 30,365 21,932 Disbursements 4 27,718 21,214 22,921 21,179 17,549 IFC Commitments5 27,704 22,229 20,669 17,604 14,684 Disbursements 18,689 13,198 11,438 10,518 9,074 MIGA Gross issuance 6,446 4,935 5,199 3,961 5,548 Recipient-Executed Disbursing Account Commitments21,374 6,407 6,411 3,641 2,749 Disbursements 19,480 4,461 2,546 2,433 2,590

1. Includes IBRD, IDA, IFC, Recipient-Executed Disbursing Account ( REDA) commitments, and MIGA gross issuance. REDA commitments include all recipient-executed grants.

2. Includes IBRD, IDA, IFC, and REDA disbursements.

3. Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year.

4. Commitments and disbursements exclude IDA-IFC-MIGA Private Sec tor Window (PSW) activities.

5. Includes long-term commitments for IFC’s own account and short-ter m finance commitments. Does not include funds mobilized from other investors. 2023 2022 2021 2020 2019

IFC 2023

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

World Bank Group 2023 Summary Results Global Commitments The Institutions of the World Bank Group

other investors. 2023 2022 2021 2020 2019 IFC 2023

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

World Bank Group 2023 Summary Results Global Commitments The Institutions of the World Bank Group World Bank Group Financing for Partner Countries IFC 2023 Year in Review Financial Highlights Operational Highlights FY23 Long-Term Commitments FY23 Portfolio Exposure IFC’s Largest Country Exposures FY23 Long-Term Commitments by Environmental and Social Category FY23 Advisory Services Program Expenditures Climate Highlights STRATEGY IN ACTION CRITICAL FUNCTIONS IFC ANNUAL REPORT 2023  13IFC operations are guided by our Board-approved IFC 3.0 strategy and the IFC Strategy and Business Outlook Update FY23–25. Financial Highlights Dollars in millions, as of and for the years ended June 30 2023 2022 2021 2020 2019 Net income (loss) $ 672 $ (464) $ 4,209 $(1,672) $ 93 Grants to IDA – – 213 – – Income (loss) before grants to IDA 672 (464) 4,422 (1,672) 93 Total assets $ 110,547 $99,010 $ 105,264 $95,800 $99,257 Investments 51,502 44,093 44,991 41,138 43,462 Key Financial Ratios Overall liquidity ratio 104% 111% 114% 96% 104% Debt-to-equity ratio 1.6 1.6 2.1 2.2 2.2

Capital available ($ in billions) 34.8 32.5 30.7 28.2 27.8 Capital required ($ in billions) 21.1 20.1 20.5 20.3 21.8 Capital utilization ratio 1 60.7% 62.0% 66.6% 72.1% 78.4% Total reserve against losses on loans to total disbursed portfolio 3.7% 4.4% 4.