CIF - Annual Report 2024 Accelerating Impact

ACCELERATING

IMPACT

MOBILIZING INVESTMENT AT SCALE

IFC ANNUAL REPORT 2024

IFC 2024

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONSCONTENTS 2 Letter from the IFC Board

4 Message from Ajay Banga, World Bank Group President 6 Letter from Makhtar Diop, IFC Managing Director 8 IFC FY24: From Investment to Impact 11 Our Management Team 12 Becoming a Better Bank RESULTS 14 World Bank Group 2024 Summary Results 16 IFC 2024 Year in Review

STRATEGY IN ACTION

20 Accelerating Impact 22 Unlocking Capital 34 Pathways to Prosperity 46 Reimagining Development Finance

CRITICAL FUNCTIONS

54 Measuring Up 58 Sustainability 60 Accountability and Oversight 62 Diversity, Equity, and Inclusion 63 Auditor’s Report

Additional information is available on our website: www.ifc.org/AnnualReport.

Above: Artist’s rendering of the world’s largest electric ferry, which will offer climate-friendly service between Argentina and Uruguay when it launches in late 2025. Financed by IFC and Banco Santander Uruguay, the Buquebus vessel will carry 2,100 passengers and offset the equivalent of more than 37,000 tons of carbon dioxide emissions each year, becoming the first e-ferry in emerging economies and Uruguay’s first blue finance transaction.

Cover: Photo by Dorte Verner (DorteVerner.com).

The photograph shows Muria women dancing in Chhattisgarh, India. IFC 2024

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONSABOUT IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 developing countries, using our capital, mobilization capacity,

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONSABOUT IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 developing countries, using our capital, mobilization capacity, expertise, and influence to create jobs and raise living standards for people. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

IFC ANNUAL REPORT 2024 1 IFC ANNUAL REPORT 2024 1

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank RESULTS STRATEGY IN ACTION CRITICAL FUNCTIONSIn fiscal 2024, the World Bank Group Boards of Executive Directors supported the institution’s ongoing efforts to become a better Bank. These operational enhancements are both timely and necessary: While economic growth prospects for the near term have improved slightly, easing fears of a global recession, the post-pandemic recovery remains weak in many developing countries, and pre-existing social stresses endure. The world is increasingly unlikely to achieve the 2030 Sustainable Development Goals, and climate change, biodiversity loss, and escalating geopolitical tensions further threaten development. T o help countries address these intertwined challenges, the World Bank Group committed $117.5 billion (including $37.6 billion from IBRD, $31.2 billion from IDA, $31.7 billion from IFC, $8.2 billion from MIGA, and $8.9 billion in recipientexecuted disbursing activities) in fiscal 2024. The 2023 Annual Meetings marked an important

from IBRD, $31.2 billion from IDA, $31.7 billion from IFC, $8.2 billion from MIGA, and $8.9 billion in recipientexecuted disbursing activities) in fiscal 2024. The 2023 Annual Meetings marked an important milestone for the World Bank Group as Development Committee members endorsed the institution’s new vision of a world free of poverty on a livable planet. Since then, the Bank Group has implemented core reforms to build a better Bank, including enhancing its financial capacity; reinforcing its emphasis on results; and improving its operational effectiveness and efficiency. The Bank Group has also developed a new Scorecard and crisis preparedness and response tools; launched the Global Challenge Programs and World Bank Group Guarantee Platform; developed a Knowledge Compact; forged four new partnerships (with the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the Islamic Development Bank); and streamlined the implementation of the World Bank’s Environmental and Social Framework. Executive Directors commend the Bank Group’s commitment to devote 45 percent of annual financing to climate action by 2025, deployed equally between mitigation and adaptation. IFC and MIGA will intensify efforts to boost private sector financing for climate adaptation. Executive Directors also applaud the Bank Group’s 2030 commitments to provide electricity access to 300 million people in Africa in partnership with the African Development Bank and to provide quality, affordable healthcare to 1.5 billion people. The Bank Group is enhancing its financing model to create safer, more prosperous communities in low-income countries. Since the 2023 Annual Meetings, the Bank Group has raised funds for the IDA Crisis Facility and maintained IDA’s financial capacity of $30 billion per year for fiscal 2024 and 2025. Bank Group management has proposed enhancements to IDA’s Capital Adequacy Framework that are expected to expand IDA’s financing by $20 billion through fiscal 2037. Executive Directors

maintained IDA’s financial capacity of $30 billion per year for fiscal 2024 and 2025. Bank Group management has proposed enhancements to IDA’s Capital Adequacy Framework that are expected to expand IDA’s financing by $20 billion through fiscal 2037. Executive Directors anticipate the funding generated by these measures, coupled with strong donor contributions for the December 2024 IDA replenishment, will improve lives and equip nations to tackle immediate crises and long-term development goals. Beyond financing, achieving these goals requires the unwavering commitment of current and new donors, client countries, and the World Bank. IBRD has made significant progress in enhancing its financial capacity while continuing to protect its triple-A rating and long-term financial stability. New financial instruments — such as hybrid capital, a portfolio guarantee platform, and the Livable Planet Fund — have been approved, and contributions have already been pledged by some Bank Group shareholders. The Board recently approved the Framework for Financial Incentives, which will encourage IBRD countries to boost investments in global challenges with cross-border impact. Progress has been made toward enhancing the value of callable capital. In addition, IFC and MIGA are expanding their investment and guarantee offerings, including new instruments to mobilize private capital. Executive Directors look forward to the further operationalization of the Loss and Damage Fund, which is expected to be a significant resource in assisting developing nations affected by natural disasters linked to climate change. Executive Directors welcome the Bank Group’s deepening partnerships with multilateral development banks and the private sector. The One World Bank Group Partnership Charter, published in May 2024, highlights the principles that define our work with partners and restates our vision of the partner we aspire to be. The Private Sector Investment Lab, launched in June 2023, is working to address the barriers preventing private sector investment in emerging markets.

IFC BOARD

LETTER FROM THE IFC BOARD

IFC ANNUAL REPORT 2024 2

IFC 2024

Investment Lab, launched in June 2023, is working to address the barriers preventing private sector investment in emerging markets.

IFC BOARD

LETTER FROM THE IFC BOARD

IFC ANNUAL REPORT 2024 2

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank RESULTS STRATEGY IN ACTION CRITICAL FUNCTIONSThrough travel to several client countries this year, Executive Directors witnessed the Bank Group’s impact firsthand. During trips to Saudi Arabia (December 2023); China, Fiji, and Samoa (January–February 2024); Kazakhstan, Kyrgyz Republic, and T ajikistan (March 2024); and Kenya and Estonia (May 2024), Board members engaged with key government officials, private sector representatives, Bank Group staff, beneficiaries of Bank Group operations, donors, and other pertinent stakeholders. Looking ahead to fiscal 2025, the Executive Directors and management remain committed to sharpening the Bank Group’s approach to better serve people in low-income countries. The Executive Directors extend their gratitude to Ajay Banga for his leadership in spearheading the evolution of the Bank Group, and sincerely thank all staff across the institution for their continued hard work and unwavering commitment to the mission of ending poverty on a livable planet. Parameswaran Iyer India Abdulaziz Al Mulla Kuwait Ernesto Acevedo Mexico Felice Gorordo United States (Alternate Executive Director) Vel Gnanendran United Kingdom Matteo Bugamelli Italy (Dean) Seated (left to right): Junhong Chang China (Co-Dean) Dominique Favre Switzerland Ayanda Dlodlo South Africa

United States (Alternate Executive Director) Vel Gnanendran United Kingdom Matteo Bugamelli Italy (Dean) Seated (left to right): Junhong Chang China (Co-Dean) Dominique Favre Switzerland Ayanda Dlodlo South Africa Abdoul Salam Bello Niger Arnaud Buissé France Daniel Pierini Argentina Lene Lind Norway Katharine Rechico Canada Suhail Saeed Saudi Arabia Michael Krake Germany Marcos Chiliatto Brazil Hideaki Imamura Japan Floribert Ngaruko Burundi Il Young Park Korea (Republic of) Hayrettin Demircan Türkiye Wempi Saputra Indonesia Eugene Rhuggenaath Netherlands Roman Marshavin Russian Federation Tauqir Shah Pakistan Standing (left to right):

IFC ANNUAL REPORT 2024 3

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION CRITICAL FUNCTIONSMESSAGE FROM THE PRESIDENT In fiscal 2024, the World Bank Group adopted a bold new vision of a world free of poverty on a livable planet. T o achieve this, the Bank Group is enacting reforms to become a better partner to governments, the private sector, and, ultimately, the people we serve. Rarely in our 80-year history has our work been more urgent: We

face declining progress in our fight against poverty, an existential climate crisis, mounting public debt, food insecurity, an unequal pandemic recovery, and the effects of geopolitical conflict. Responding to these intertwined challenges requires a faster, simpler, and more efficient World Bank Group. We are refocusing to confront these challenges not just through funding, but with knowledge. Our Knowledge Compact for Action, published in fiscal 2024, details how we will empower all Bank Group clients, public and private, by making our wealth of development knowledge more accessible. And we have reorganized the World Bank’s global practices into five Vice Presidency units — People, Prosperity, Planet, Infrastructure, and Digital — for more flexible and faster engagements with clients. Each of these units reached important milestones in fiscal 2024. We are supporting countries in delivering quality, affordable health services to 1.5 billion people by 2030 so our children and grandchildren will lead healthier, better lives. This is part of our larger global effort to provide a basic standard of care through every stage of a person’s life — infancy, childhood, adolescence, and adulthood. T o help people withstand food-affected shocks and crises, we are strengthening social protection services to support half a billion people by the end of 2030 — aiming for half of these beneficiaries to be women. We are helping developing countries create jobs and employment, the surest enablers of prosperity. In the next 10 years, 1.2 billion young people across the Global South will become working-age adults. Yet, in the same period and the same countries, only 424 million jobs are expected to be created. The cost of hundreds of millions of young people with no hope for a decent job or future is unimaginable, and we are working urgently to create opportunity for all.

DELIVERING ON OUR COMMITMENTS

REQUIRES US TO DEVELOP NEW AND

BETTER WAYS OF WORKING. IN FISCAL

2024, WE DID JUST THAT.

AJAY BANGA

IFC ANNUAL REPORT 2024 4

IFC 2024

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

REQUIRES US TO DEVELOP NEW AND

BETTER WAYS OF WORKING. IN FISCAL

2024, WE DID JUST THAT.

AJAY BANGA

IFC ANNUAL REPORT 2024 4

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank RESULTS STRATEGY IN ACTION CRITICAL FUNCTIONSRecognizing that digitalization is the transformational opportunity of our time, we are collaborating with governments in more than 100 developing countries to enable digital economies. Our digital lending portfolio totaled $5.6 billion in commitments as of June 2024; and our new Digital Vice Presidency unit will lead our efforts to establish the foundations of a digital economy. Key initiatives include building and enhancing digital and data infrastructure, ensuring cybersecurity and data privacy for institutions, businesses, and citizens, and advancing digital government services. Delivering on our commitments requires us to develop new and better ways of working. In fiscal 2024, we did just that. We are squeezing our balance sheet and finding new opportunities to take more risk and boost our lending. Our new crisis preparedness and response tools, Global Challenge Programs, and Livable Planet Fund demonstrate how we are modernizing our approach to better drive impact and outcomes. Our new Scorecard radically changes how we track results. But we cannot enable development on our own. We need partners from both the public and private sectors to join our efforts. That’s why we are working closely with other multilateral development banks to improve the lives of people in developing countries in tangible, measurable ways. Our deepening relationship with the private sector is evidenced by our Private Sector Investment Lab, which is working to address the barriers preventing private sector investment in emerging markets. The Lab’s core group of 15 Chief Executive

improve the lives of people in developing countries in tangible, measurable ways. Our deepening relationship with the private sector is evidenced by our Private Sector Investment Lab, which is working to address the barriers preventing private sector investment in emerging markets. The Lab’s core group of 15 Chief Executive Officers and Chairs meets regularly, and already has informed our work — most notably with the development of the World Bank Group Guarantee Platform. The impact and innovations we delivered this year will allow us to move forward with a raised ambition and a greater sense of urgency to improve people’s lives. I would like to recognize the remarkable efforts of our staff and Executive Directors, as well as the unwavering support of our clients and partners. T ogether, we head into fiscal 2025 with a great sense of optimism — and determination to create a better Bank for a better world. AJAY BANGA President of the World Bank Group and Chairman of the Board of Executive Directors In response to climate change — arguably the greatest challenge of our generation — we’re channeling 45 percent of annual financing to climate action by 2025, deployed equally between mitigation and adaptation. Among other efforts, we intend to launch at least 15 country-led methane-reduction programs by fiscal 2026, and our Forest Carbon Partnership Facility has helped strengthen high-integrity carbon markets. Access to electricity is a fundamental human right and foundational to any successful development effort. It will accelerate the digital transformation in developing countries, strengthen public infrastructure, and prepare people for the jobs of tomorrow. But half the population of Africa — 600 million people — lacks access to electricity. In response, we have committed to provide electricity to 300 million people in Sub-Saharan Africa by 2030 in partnership with the African Development Bank.

IFC ANNUAL REPORT 2024 5

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONSLETTER FROM IFC MANAGING DIRECTOR

IN FISCAL 2024, WE PUSHED

BOUNDARIES, SET NEW

RECORDS, AND PIONEERED

INNOVATIVE APPROACHES

TO MOBILIZE PRIVATE

CAPITAL WHERE IT’S

NEEDED MOST. WORKING

AS ONE WORLD BANK

GROUP, WE BROUGHT OUR

COLLECTIVE RESOURCES

TOGETHER TO MAKE A

DIFFERENCE FOR THE

PEOPLE WE SERVE.

MAKHTAR DIOP

IFC ANNUAL REPORT 2024 6

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONSMAKHTAR DIOP Managing Director With an all-time record of $56 billion in investments — including over $22 billion mobilized from partners — we continued to amplify private sector impact across key development areas. Our efforts contributed to progress in climate action, gender equality, digital transformation, and other critical domains that shape global prosperity. We are evolving to deliver on our mission. As an investor, we’re reshaping what’s possible in emerging markets. Our innovative platforms are channeling capital into critical areas like sustainable infrastructure and digital connectivity in places often considered too risky or complex for private investment. Our role as a partner is moving beyond traditional advisory services. Now more than ever, we’re

emerging markets. Our innovative platforms are channeling capital into critical areas like sustainable infrastructure and digital connectivity in places often considered too risky or complex for private investment. Our role as a partner is moving beyond traditional advisory services. Now more than ever, we’re serving as architects of opportunity, creating environments where private sector solutions can succeed, even in the most challenging markets. Our upstream sector and project development work is helping us unlock new markets and build a robust pipeline of bankable opportunities. As a catalyst, we’re proving the business case for tackling persistent development challenges. We are leveraging our experience to share knowledge and enhance understanding of risks and opportunities across the markets where we work. From climate-smart agriculture to affordable healthcare, we’re demonstrating that profit and purpose can align at scale. The stories in this report aren’t just highlights; they’re harbingers of transformative change. They show how we’re accelerating impact across diverse sectors and geographies, setting the stage for even greater achievements in the years to come. The challenges ahead are substantial. But so is our commitment to improve people’s lives. Working in concert as one World Bank Group and with our growing network of partners, we’re poised to unlock the full potential of the private sector to create jobs and build a more sustainable and inclusive global economy. As you read this report, I hope you’ll see not just what we’ve accomplished, but the immense ambition for the future as we continue to accelerate private sector solutions to the world’s most pressing development challenges.

WE’RE POISED TO

UNLOCK THE FULL

POTENTIAL OF THE

PRIVATE SECTOR

TO CREATE JOBS

AND BUILD A MORE

SUSTAINABLE AND

INCLUSIVE GLOBAL

ECONOMY.

IFC ANNUAL REPORT 2024 7

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop,

INCLUSIVE GLOBAL

ECONOMY.

IFC ANNUAL REPORT 2024 7

IFC 2024

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

Letter from the IFC Board Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank RESULTS STRATEGY IN ACTION CRITICAL FUNCTIONSPhoto: IFC and the European Bank for Reconstruction and Development are helping Serbia boost its renewable energy production by financing the Cibuk 1 wind farm.

WE PUSHED BOUNDARIES,

SET NEW RECORDS, AND

PIONEERED INNOVATIVE

APPROACHES TO MOBILIZE

PRIVATE CAPITAL.

IFC ANNUAL REPORT 2024 10

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank RESULTS STRATEGY IN ACTION CRITICAL FUNCTIONSIFC’s Management T eam is focused on meeting our client needs and maximizing the development impact of our work. It brings together years of development experience, a broad array of expertise, and diverse 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, Treasury & Mobilization 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, Legal, Institutional Risk & Governance Hela Cheikhrouhou Regional Vice President, Middle East, Central Asia, Türkiye, Afghanistan and Pakistan

and the Caribbean Mary-Jean Moyo Chief of Staff Ramit Nagpal Vice President and General Counsel, Legal, Institutional Risk & Governance 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 ANNUAL REPORT 2024 11

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONSTHE WORLD IS CONFRONTING

A SET OF INTERTWINED

CHALLENGES — POVERTY, THE

CLIMATE CRISIS, DEBT, FOOD

INSECURITY, PANDEMICS, AND

FRAGILITY — AND A NEED TO

ACCELERATE ACCESS TO CLEAN

AIR, ENERGY, AND WATER. TIME

IS OF THE ESSENCE.

We need a better Bank to address these challenges and the challenges of tomorrow.

The G20 Leaders requested the World Bank Group to change and be a more significant part of the solution. In response, we raised our ambition for speed, simplicity, better leveraging our balance sheet, and engaging partners and the private sector. Here’s how we are enhancing our approach: FINANCIAL INNOVATIONS Our new financial instruments are designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges. We’ve squeezed $40 billion over 10 years from our balance sheet by adjusting our loan-to-equity ratio. We’ve launched a hybrid-capital instrument.

Our new financial instruments are designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges. We’ve squeezed $40 billion over 10 years from our balance sheet by adjusting our loan-to-equity ratio. We’ve launched a hybrid-capital instrument. Our Livable Planet Fund, launched in April 2024, offers governments, philanthropies, and other partners an opportunity to contribute to our concessional resources for middle-income countries.

PRIVATE SECTOR

INVESTMENT LAB The Private Sector Investment Lab is a collaborative initiative between the World Bank Group and directors of leading global private sector institutions. Its goal is to develop solutions that address existing barriers to private sector investment in emerging markets and developing economies. The Lab’s core group of 15 CEOs and Chairs have delivered recommendations on regulatory certainty, increased use of guarantees, foreign-exchange-risk mitigation, and increased use of originateto-distribute models for mobilization of private capital. Their feedback has already informed the development of the World Bank Group Guarantee Platform. WORLD BANK GROUP GUARANTEE PLATFORM This new platform is delivering simplicity and improved access to our guarantee products, putting us on a path to boost our annual guarantee issuance to $20 billion by 2030 — and multiply our mobilization of private capital many times.

BECOMING A

BETTER BANK

IFC ANNUAL REPORT 2024 12

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONSKNOWLEDGE BANK Knowledge has been critical to the World Bank Group for 80 years, and we are refocusing ourselves not just as a

IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONSKNOWLEDGE BANK Knowledge has been critical to the World Bank Group for 80 years, and we are refocusing ourselves not just as a funding mechanism, but also as a source of knowledge. T o do this, we are bringing experts to the forefront of our countrydriven model, working with governments to craft focused development plans that marry their ambition and our expertise. The Knowledge Compact for Action details this approach, with a focus on four areas: new and updated knowledge products, strategic partnerships, enhanced learning, and cutting-edge systems. WORLD BANK GROUP SCORECARD Accountability and focus underpin all our work. Our new Scorecard is a yardstick of accountability and a cornerstone of our efforts for greater efficiency, impact, and results. This tool allows our shareholders and taxpayers to clearly see the impact we are making, rewarding their trust.

GLOBAL EMERGING

MARKETS RISK DATABASE

(GEMS) CONSORTIUM The GEMs Consortium comprises 25 multilateral development banks and development finance institutions. The World Bank Group and the GEMs Consortium are driving transparency and mobilizing private investment in emerging markets by releasing comprehensive credit risk data. CRISIS PREPAREDNESS AND RESPONSE TOOLKIT The World Bank Group is rolling out an expanded Crisis Preparedness and Response T oolkit to help developing countries better respond to crises and build resilience against future shocks. Climate Resilient Debt Clauses allow small states to prioritize disaster recovery over debt repayment when catastrophes hit.

IFC ANNUAL REPORT 2024 13

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director

IFC ANNUAL REPORT 2024 13

IFC 2024

ANNUAL REPORT LEADERSHIP PERSPECTIVES Letter from the IFC Board

Message from Ajay Banga, World Bank Group President Letter from Makhtar Diop, IFC Managing Director IFC FY24: From Investment to Impact Our Management T eam Becoming a Better Bank

RESULTS

STRATEGY IN ACTION

CRITICAL FUNCTIONSGLOBAL COMMITMENTS In fiscal 2024, the World Bank Group provided much-needed financing, conducted research and analysis, and partnered with governments, the private sector, and other institutions to address global development challenges.

AFRICA

$38.0B

(BILLION)

EAST ASIA AND

PACIFIC

$12.5B

(BILLION)

EUROPE AND

CENTRAL ASIA

$24.7B

(BILLION)

LATIN AMERICA

AND THE

CARIBBEAN

$19.4B

(BILLION)

MIDDLE EAST

AND NORTH

AFRICA

$6.5B

(BILLION)

SOUTH ASIA

$15.9B

(BILLION)

GLOBAL

$0.4B (BILLION) in loans, grants, equity investments, and guarantees to partner countries and private businesses $117. 5 B (BILLION) Total includes multiregional and global operations. Regional totals reflect IFC commitments that were recalculated to match the World Bank’s regional classifications by aggregating country-level commitments within each World Bank region.

WORLD BANK GROUP

2024 SUMMARY RESUL TS

IFC ANNUAL REPORT 2024 14

IFC 2024

ANNUAL REPORT

LEADERSHIP PERSPECTIVES

RESULTS

World Bank Group 2024 Summary Results Global Commitments World Bank Group institutions World Bank Group financing for partner countries IFC 2024 Year in Review Financial Highlights Operational Highlights FY24 Long-T erm Commitments FY24 Portfolio Exposure

LEADERSHIP PERSPECTIVES

RESULTS

World Bank Group 2024 Summary Results Global Commitments World Bank Group institutions World Bank Group financing for partner countries IFC 2024 Year in Review Financial Highlights Operational Highlights FY24 Long-T er