20800 Volume 2 INTERNATIONAL FINANCE CORPORATION m 1999 ANNUAL REPORT ANNEX Mfanageements Discussion and Analysis Financial Statlements Investm ent Iortfolio 1999 Financial Highlights OPERATIONAL RESULTS New projects approved 255 Total financing approved, $5.3 billion including syndications and underwriting Financing approved for IFCs own account $3.5 bilLion TotaL financing committed, $3.6 billion including syndications and underwriting Financing committed for IFC's own account $2.8 billion Disbursed Loan and equity portfolio $10.0 bilLion for IFC's own account on June 30 Total project costs of commitments $13.3 billion RESOURCES AND INCOME Net income $249 milLion Paid-in capital $2.3 bilLion Retained earnings $3.0 biLLion Borrowings for the fiscal year $4.3 billion Corporate Information Contents Since its founding in 1956, IFC has committed MANAGEMENT'S DISCUSSION AND ANALYSIS more than $26.7 billion of its own funds and has Overview I arranged $17.9 bilLion in syndications and under- Financial Summary 1 wrting for 2,264 companies in 135 developing Client Services 2 countries; IFC coordinates its activities with the Treasury Services 5 other institutions in the Wortd Bank Group- Risk Management and Financial Policies 6 the International Bank for Reconstruction and Resutts of Operations 10 Development, the International Development FINANCIAL STATEMENTS Association, and the Multilateral Investment Report of Independent Accountants 13 Guarantee Agency-but is legally and financially Repotco Ineen 13 Balance Sheet 14 independent. Its 174 member countries provide its Statement of Income 15 share capital and collectively determine its policies. Statement of Comprehensive Income 16 Statement of Changes in Capital 16 Statement of Cash Flows 17 Note: The 1999.Regional Reports, Project Approvals, Statement of Capital Stock and Voting Power 18 and other information on IFC operations during the 1999 fiscal year appear under separate cover in the Notes to Financial Statements 20 1999 Annuat Report. INVESTMENT PORTFOLI Currency is given in US doltars throughout untess Statement of Cumulative Gross 38 otherwise specified. -Commitments (by country) Investment Portfolio Summary 40 1999 Investment Portfotio 41 MaagemtsDi and A St0nafeL i C S SoDf a dA X, nancial Condition and ResultsofOpti o nn 1. OVERVIEW The International Finance Corporation (IF or the Corporation) is an international organization, established in 1956, to further economic growth in its developing member countries by promoting private sector development. IIF( is a member of the WVorld Bank Group, which also includes the International Bank for Reconstruction and Development (IBRI) o r the WWorld Bank), the International Development Association (IDA) and the Mlultilateral Investment Guarantee Agency ( MI.G.A.). It is a legal entity separate and distinct from the WN,orld Bank, IDA and M.l.G.A. with its own Articles of Agreemenit, share capital, financial structure, management and staff Mlembership in IFC is open only to member countries of the WVorld Bank. As of lune 30, 1999 IFC's entire share capital was held by 174 member countries. ItC's principal products are loans and equity investments. Unlike most multilateral development institutions, IF(' does not accept host government guarantees on its loans or equity investments. IFC raises virtually all of the funds for its lending anid equity investment activi- ties through the issuance of debt obligations in the international capital markets, while maintaining a small borrowing window with the WVorld Bank. During the year ended JuLne 3t), 1999 (FY99), IF(t was authorized to borrow up to $200 million equivalent under the facility with the WNorld Bank, representing 3.661o of the FY99 authorized borrowing ceiling of $5,S0t) million. IFC's capital base and its assets and liabilities are primarily in US dollars. The (Corporation seeks to minimize nmarket risk (foreign exchange and interest rate risks) by closely matching the currency, rate bases and maturity of its liabilities in various currencies with assets with the same characteristics. 'I'he Corporation controls residual market risk by utilizinig currency and interest rate swaps and other deriv- ative finanicial instruments. II. FINANCIAL SUMMARY From year to year, IFC's net income is affected bv a number of factors, principall [Lhe magniitude of provision for losses against its loans and equity investments, loans in nonaccrual status and income generated from its equity portfolio. IFC has been consistently profitable since its inception in 1956 and net income for FY99 was $249 million as compared with $246 million for the year ended June 30, 1998 (FY98) after reaching a record high of $432 million in the vear ended June 30, 1997 (FY97). Ttle Corporationi's net income for the past five fiscal years eiidinig June 30 is presented below: NET INCOME Year ended June 30 .. .. . ... . . .. ... . . .. . ... . 500 432 34 ' 4003 . . . . . . . . . . . . . . . . . 4 4 300' 24. 3- ' 00 ..~~~~~. ... . . . . . . ... .. . . . . . . . . . 200 ..... 2_00_ FY95 FY96 FY97 FY98 FY99 MET INCOME The table below presents selected financial data for the last five fiscal years (in millions of US dollars, except where stated): As of and for the years ended June 30 1999 1998 1997 1996 1995 Net income highlights: Interest income 1,139 1,133 991 869 733 W > (>~f which: Interest and financial fees from loan investments 607 583 580 521 468 Income from deposits and securities 532 550 411 348 265 2 Charges on borrowings (670) (651) (536) (489) (394) Income from equity investments 265 314 344 242 132 Of which: Capilal gains 166 218 196 155 82 Mividends 99 96 148 87 50 Provision for losses on loan and equity investments (333) (481) (266) (151) (162) Net noninterest income (152) (103) (101) (125) (121) Effect of accounting change - 34 - - - Net income 249 246 432 346 188 Balance sheet highlights: lotal assets 33,456 31,621 28,975 22,640 18,228 Liquid assets, net of associated derivatives 10,075 9,434 7,615 6,582 4,801 Loan and equity investments 10,039 8,976 8,423 7,817 7,262 Reserve against losses on loan and equity investments (1,825) (1,522) (1,076) (876) (777) Borrowings withdrawn and outstanding 12,429 11,162 10,123 8,956 7,994 Fotal capital 5,344 5,084 4,737 4,158 3,603 Key financial ratios: Return on average assets1 1.2% 1.4% 1.7% 1.7% 1.7% Return on average net worth2 4.8% 5.0% 9.7% 8.9% 5.5% Cash and liquid investments as a percentage of next three years' estimated net cash requirements 106% 77% 85% 86% 77% I)ebt to equity ratio3 2.33:1 2.25:1 2.08:1 2.04:1 1.98:1 Capital adequacy ratio4 48% 49% 48% 45% 41% Total reserve against losses to total disbursed portfolios 18.2% 17.0% 12.8% 11.2% 10.7% 1. Return on average assets is defined as net income for the fiscaL year as a percentage of the average of total assets at the end of such fiscal year and the previous fiscaL year. 2. Return on average net worth is defined as net income for the fiscal year as a percentage of the average of total net worth (excluding payments on account of pending subscriptions) at the end of such fiscal year and the previous fiscat year. 3. Debt to equity ratio is defined as the ratio of outstanding borrowings plus outstanding guarantees to subscribed capital plus retained earnings at the end of the fiscaL year. 4. CapitaL adequacy ratio is defined as the ratio of capital (incLuding paid-in capital, retained earnings and generaL Loss reserve) to risk-weighted assets, both on- and off-balance sheet. 5. Total reserves against tosses to totaL disbursed portfoLio is defined as reserve against losses on loan and equity investments as a percentage of the total disbursed loan and equity portfolio at the end of the fiscal year. III. CLIENT SERVICES IFC, together with private investors, assists in financing the establishment, improvement and expansion of private sector enterprises by making investments where sufficient private capital is not otherwise available on reasonable terms. IFC seeks to create investment oppor- tunities by bringing together domestic and foreign private capital and experienced management and thereby helping to create conditions conducive to the flow of private capital, domestic and foreign, into productive investments in its developing member countries. Thus, IFC plays a catalytic role in mobilizing additional project funding from other investors and lenders, either through cofinancing or through loan syndications, underwritings and guarantees. In addition to project finance and resource mobilization, IFC offers financial and tech- nical advisory services to private businesses in developing member countries and also advises member governments on private sector development matters. IF(C's investments are normally made in its developing member countries. The Articles of Agreement mandate that IFC shall invest in productive private enterprises. The requirement for private ownership does not disqualify enterprises that are partly owned by the public sector, if (I) such enterprises are organized under local commercial and corporate law, operate free of host government control in a mar- ket context and according to profitability criteria, and/or (2) are in the process of being totally or partially privatized. The Corporation applies stringent tests of enterprise soundness, project viability and developmental impact in determining the eligibility of projects for its investments. Investment Process and Portfolio Supervision IFC's investment process can be divided into several main stages: (1) identification and appraisal; (2) Board approval; (3) document negotiation; (4) commitment; (5) disbursement; and (6) supervision. The initial four stages are carried out under the responsibility of the Vice President, Investment Operations, while the fifth and sixth stages are overseen by the Vice President, Portfolio Management and Advisory Operations. The Corporation carefully supervises its projects to monitor project performance and compliance with IFC's internal policies and procedures. IFC's Board of Directors is informed of such matters and of recommended courses of action through internal reporting at regular intervals. Investment Program Summary Investment ApprovaLs and Commitments New investments approved by IFC for its own account for the fiscal years ended June 30, 1999 and 1998 were as follows: Sector June 30, 1999 June 30,1998 (in millions of US dollars) Loans $ 2,149 $ 2,334 Equity 738 731 Quasi-equity 450 254 Other 168 93 Total $ 3,505 $ 3,412 Number of investments 255 304 Approvals pending commitment at June 30, 1999 were $3.1 billion ($3.3 billion-June 30, 1998). During the year ended June 30, 1999 the Corporation entered into commitments totaling $2.8 billion as compared with $2.7 billion for the year ended June 30, 1998, an increase of 4%. Commitments pending disbursement at June 30, 1999 were $2.9 billion ($2.5 billion-June 30, 1998). IFC disbursed $2.1 billion in the year ended June 30, 1999 ($2.1 billion-year ended June 30, 1998). At June 30, 1999 IFC's disbursed and outstanding investment portfolio was $10.0 billion, an increase of 12% over the June 30, 1998 disbursed and outstanding portfolio of $9.0 billion. Disbursed and Outstanding Loan and Equity Portfolio The Corporation's disbursed investment portfolio is widely diversified in sector and geography. The following two tables present the distribution of the investment portfolio by sector and region as of June 30, 1999 and June 30, 1998: DISTRIBUTION OF DISBURSED PORTFOLIO BY SECTOR Sector June 30,1999 June 30, 1998 Financial services 22% 22% Infrastructure 18 18 Mining and extraction 12 11 Food and agribusiness 11 12 Manufacturing 7 7 Cement and construction materials 6 6 Chemicals and petrochemicals 5 6 Timber, pulp and paper 5 4 Textiles 4 5 Hotels and tourism 3 3 Oil refining 2 2 Industrial and consumer services 2 1 Other 3 3 100% 100% DISTRIBUTION OF DISBURSED PORTFOLIO BY REGION Region June 30, 1999 June 30, 1998 Latin America and Caribbean 38% 38% Asia 27 27 Europe 17 16 Central Asia, Middle East and North Africa 11 12 Sub-Saharan Africa 7 7 100% 100% Additional information on IFC's investment portfolio as of and for the years ended June 30, 1999 and 1998 can be found in Note D to the Corporation's Financial Statements for the fiscal year ended June 30, 1999. Investment Products Loans t L L W Loans account for the bulk of the financing provided by IFC, representing 77% of the Corporation's disbursed and outstanding investment porttolio as of June 30,1999, unchanged from June 30, 1998. Project financing ("greenfield" projects, expansions and modernizations) is >, L the Corporation's main investment activity. IFC also provides corporate credits to selected companies to finance ongoing programs of Xs. L investments. In addition, the Corporation facilitates financing through financial intermediaries to fund certain project, sectoral and general purpose financing as well as for specialized products such as leasing, trade and mortgage finance. These financial intermediaries function either as IFC's borrower, in which case they on-lend to private sector companies at their own risk, or as IFC's agent, in which case the Corporation makes direct loans to individual private sector companies identified by the agent. IFC's loans are medium to long term (typically amortizing loans carrying final maturities of 7 to 12 years) and are available primarily in a variet y of convertible currencies (principally US dollar, Euro, Swiss franc and Japanese yen) at fixed or variable interest rates. Beginning in FY99. IFC also offers local currency loan products to certain clients, provided the Corporation is able to hedge its local currency exposure through mechanisms such as cross-currency swaps or forward contracts. Loan pricing reflects such factors as IFC's cost of funds, market conditions and country and project risks. Variable rate loans are generally tied to the 6-month LIBOR index in each currency. The major- itv of IFC's loans are variable rate US dollar loans tied to the 6-month US dollar LIBOR index, and most other loans are normally trans- formed, using currency and interest rate swaps, into US dollar variable rate loans. At June 30, 1999 91% (91%-June 30, 1998) of the Corporation's loans were US dollar-denominated. At June 30, 1999 total loans disbursed and outstanding were $7.7 billion ($6.9 billion-June 30, 1998). The currency composition of the loan portfolio at June 30, 1999 and 1998 weas as follows: June 30, 1999 June 30, 1998 (in millions of US dollars) US dollars s 7,051 S 6,259 Euro 550 481 Japanese yen 59 55 Swiss franc 53 62 Other currencies 20 17 Total $ 7,733 $ 6,874 Equity and Quasi-Equity Equity investments accounted for 23% of the Corporation's disbursed portfolio at June 30, 1999, unchanged from June 30, 1998. IFC's equity investments are typically in the form of common or preferred stock and are usually denominated in the currency of the country in which the investment is made. In addition to traditional equity investments, the Corporation provides financing through a variety of quasi-equity instruments, such as subordinated or convertible loans. Quasi-equity investments constitute a small but growing portion of the Corporation's investment portfolio. Depending upon their characteristics, quasi-equities may be classified as either loans or equity investments in the Corporation's balance sheet. At June 30, 1999 the Corporation's quasi-equity portfolio totaled $995 million ($852 million-June 30, 1998), of which $913 million was classified as loans ($761 nillion-June 30, 1998) and $82 miillion ($91 million-June 30, 1998) was classified as equity investments in the Corporation's balance sheet. Client Risk Management Services IFC provides its clients with access to asset and liability management tools such as interest rate, currency- and commodity-indexed swaps, caps and floors and other derivative financial instruments by intermediating between market counterparties and its clients. IFC has also provided risk-sharing structures and guarantees which allow its clients to transact directly with market counterparties. The Corporation requires that all transactions be for hedging purposes only. Guarantees 'I he Corporation's guarantee is available for both debt instruments and trade obligations of clients and typically covers commercial as well as nonicommercial risks. Guarantee fees are calculated so as to be consistent with IFC's loan pricing policies. IFC will provide local currency guarantees but only if the Corporation is able to fund its commitment in local currency terms, for example, by hedging its expo- sure in the swap market. Resource Mobilization Activities 'IThe Corporation mobilizes finance for the private sector in developing member countries by encouraging private sector companies and financial institutions to participate in IFC's investment projects. This usually takes the form of an equity investment or co-financed lend- ing to a project that also receives IFC financing. The Corporation also mobilizes funds directly through mechanisms such as loan syndications. IFFC's syndications involve arrangements whereby banks and other financial institutions purchase participations in an IFC loan to a client company. The loan participations are sold without recourse to IFC; thus, participants accept the same commercial risks as IFC. IFC always retains a portion of the loan for its own account and, as the only lender of record, administers the entire loan including the portion subject to participation. IFC charges fees to the borrower for its syndication services consistent with those prevailing for comparable services in the financial markets. During the year ended June 30, 1999 IFC approved $1.8 billion in syndicated loans ($2.5 billion-year ended June 30, 1998). Underwritings and Investment Banking Services IFC provides underwriting and placement services of equity, quasi-equity and/or debt securities for private sector companies in IFC's 5 developing member countries and structuring and underwriting of country funds and pooled investment vehicles such as private investment funds. In this role, IFC is often a core investor. The Corporation does not conduct any sales activities within the United States or directed at US investors in connection with securities offerings of private sector companies or pooled investment vehicles. The Corporation prices these services in conformity with market standards and practices, in coinjunction with internatioinal securities firms and financial intermediaries. Underwriting and other capital market services requiring a financial commitment from IFC are subject to the same investment criteria and limits applicable to its loan and equity investments. Advisory Activities The Corporation provides three general types of advisory services to member countries as well as to individual enterprises: (1) special advisory services on project structuring and financial packaging; (2) financial advisory services provided to member governments or to private sector clients; and (3) policy advice to governments on capital markets development and private sector development, including privatization and foreign investment. The Corporation also assists governments with developing the legal framework for privatizing their state-owned sectors, as well as with the sale of individual enterprises. Thle Corporation charges fees for its advisory services consistent with market rates charged for comparable services. The amount of such fees was $33 million for the year ended June 30, 1999 ($66 mil- lion-year ended June 30, 1998). Specialty Targeted Assistance IFC has established a number of vehicles through which it can provide specially targeted assistance to areas of high developmental priority. These include its business advisory services serving sub-Saharan Africa, Central America and the Caribbean, the South Pacific islands, Cambodia, the Lao People's Democratic Republic and Vietnam; its Technical Assistance Trust Funds, which provide technological assistance; and the Foreign Investment Advisory Service, which advises governments on foreign direct investment. IV. TREASURY SERVICES Liquid Assets IFC invests surplus liquidity in highly rated instruments issued or unconditionally guaranteed by governments of countries or other official entities including government agencies and instrumentalities, or by multilateral organizations as well as AAA-rated corporate securities, including mortgage- and asset-backed securities. Surplus liquidity is also placed in time deposits and other unconditional obligations of banks and financial institutions. IFC manages market risk associated with liquid assets investments through the usc of derivative financial instruments, principally currency and interest rate swaps. IFC's liquid assets are invested in three separate portfolios. The first portfolio (PI) consists of proceeds from market borrowings that have been swapped into floating rate US dollar obligations. It is managed by IFC's Treasury Department against a 6-month US dollar LIBOR bcnchmark. The second portfolio (P2) is comprised primarily of the Corporation's paid-in capital and accumulated earnings that have not been invested in equity and quasi-equity investments or fixed-rate loans. Prior to July 1, 1999 IFC outsourced management of the P2 portfolio to IBRD's Treasury, but has since assumed direct management of the portfolio. P2 is managed against a 3-year duration bench- mark. The third portfolio (P3), consisting of funds actively managed by external managers appointed by IFC against a 6-month US dollar LIBOR benchmark, is invested in global fixed-income assets and mortgage-backed securities. Under guidelines in effect as of June 30, 1999 the P3 portfolio was not permitted to exceed 10% of the total value of liquid assets at any time (under current guidelines, increased to 12%). The PI and P2 portfolios are accounted for as available for sale portfolios. The P3 portfolio is accounted for as a trading port- folio. All liquid assets are managed according to an investment authority approved by IFC's Board of Directors and investment guidelines approved by IFC's Finance Committee, a subcommittee of the Management Group. As of June 30, 1999 the market value of IFC's liquid assets portfolio (net of associated derivative financial instruments and securities lend- ing activities) amounted to $10.1 billion, up from 59.4 billion at June 30, 1998. As of June 30, 1999 the market values of Pt, P2 and P3 were, respectively, $6.2 billion, $3.1 billion and $0.8 billion. Capitalization IFC's capitalization as of June 30, 1999 and June 30, 1998 is shown below: June 30, 1999 June 30, 1998 (in millions of US dollars) Borrowings Borrowings from market sources S 12,080 S 10,708 Borrowinigs from the World Bank 350 454 6 Capital and retained earnings Paid-in capital 2,350 2,337 Retainied earnings 2,998 2,749 Other (4) (2) Total capitalization $ 17,744 $ 16,246 Borrowings F(C relies on the international capital markets as the major source of its borrowings. 1)uring the year ended June 30, 1999 the Corporation borrowed $4.5 billion ($3.9 billion-year ended June 30, 1998). Under the Articles of Agrcemenet, the Corporation may borrow 'In the public markets of a member country only with approvals from such member and the member in whose currency the borrowing is denonin1ated. IFC diversifies its borrowings by currency, country, source and maturity to provide flexibility and cost effectiveness. Outstanding market borrowings have remaining maturities ranging from less than one to slightly less than 30 vears with a weighted average life of 7.3 years at June 30, 1999 (6.7 years-June 30, 1998). As of June 30, 1999 I[FC's outstanding borrowings totaled S12.4 billion ($11.2 billion-June 30, 1998), including $0.4 billion fromi the World Bank ($0.5 billion-JuLLe 30, 1998). Market borrowings have generally been swapped into floating rate obligations denominated in US dollars. As of June 30, 1999 the Corporation had gross payables from borrowing-related currency swaps of $9.1 billion ($8.5 billion-June 30, 1998) and from borrowing- related interest rate swaps in the notional principal amount of $4.3 billion ($3.2 billion-June 30, 1998). After considering the effect of these derivative financial instruments, 1000% (99%-Junc 30, 1998) of the Corporation's market borrowinigs were US dollar-deinoiminiated. The weighted average cost of market borrowings after currency and interest rate swap transactions was 5.1 % at June 30, 1999 compared with 5.3('O at Junie 30, 1998. Capital and Retained Earnings As of Jlure 30, 1999 IFC's net worth (presented as 'total Capital in the Corporation's balance sheet) amounted to $5.3 billion, up from the June 30, 1998 level of $5.1 billion, including S3.0 billion ($2.7 billion-June 30, 1998) in retained earnings. As of June 30, 1999 and 1998, IFC's authorized capital was $2.45 billion, of which $2.37 billion was subscribed ($2.36 billion-June 30, 1998) and $2.35 billion was paid in ($2.34 billion-June 30, 1998). IFC's subscribed capital increases as share allocations made under the 1992 capital increases are subscribed by members during the remaining subscription period. Likewise, paid-in capital will increase as menmbers pay for shares. Because virtually all members elect to pay in installments for shares subscribed, there will be differences between IFC's subscribed and paid-in capital. As of June 30, 1999 IFC's paid-in capital of $2.35 billion ($2.34 billion-June 30, 1998) represented 99% of its subscribed capital (99% June 30, 1998). V. RISK MANAGEMENT AND FINANCIAL POLICIES IFC assumes various kinds of risks in its private sector development business. I'he Corporation's operations and activities are principally subiect to commercial or project risk, credit risk, market risk, liquidity risk and operational risk. Active management of these risks is an essential part of the Corporation's operations and a key determinant of its ability to maintain1 a stable capital and earnings base. IFC has adopted several key financial policies and a number of prudential policies in order to manage and control commercial or project risk and liquidity risk associated with its investment portfolio. IFC uses derivative financial instrumenits to manage market risk associated with its bo)rrowing, lending and liquidity managemiienit activities, and in connection with its client risk management products. 'I'he Notes to the Corporation's Financial Statements for the fiscal year ended June 30, 1999 (including, without limitationl Notes B, G, K and L thereto) describe the Corporation's risk managenment activities and the use of derivative instruments. Key Financial Policies IF(C operates under the following key financial policies, which have been approved by its Board of D)irectors: (1) IFC's disbursed equity plus quasi-equity investments (net of loss reserves) may not exceed 100% of IFC's net worth, and IFC's disbursed cquity investmcnts (nct of loss rcserves) may not cxceed 50%.6 of IFC('s net worth; (2) IFC( must maintain at all times a level of liquidity, including liquid assets and undrawn borrowing commitments from the W`orld Bank, sufficient to cover at least 65% of its estimated net cash requirements for the next three years; (3) The currency. rate basis and maturity of IFC's loan assets and borrowings are required to be closely matched; and (4) IFC must maintain at all times a level of capital (including paid-in capital, retained earnings and general loss reserve) equal to at least 30% of risk-weighted assets. In addition, under IFC's Articles of Agreement, as long as IFC has outstanding borrowings from the WNorld Bank, IFC's leverage, as mea- sured by the ratio of IFC's debt (borrowings plus outstanding guarantees) to IFC's equity (subscribed capital plus retained earnings) may not exceed 4.0 to 1. Managing Commercial (Project) Risk IFC is prohibited from accepting host government guarantees of repayment on its investments and therefore incurs the commercial risk of its investments. In addition to the key financial policies specified above, the Corporation's investments are subject to a number of opera- tional or prudential limits, including limitations on single project exposure, single country exposure and segment concentration. Thus, IFC does not normally finance for its own account more than 25% of a project's cost. The Corporation's equity investment in a company does not normally represent more than 35% of such company's total share capital, provided further that IFC is not the single largest shareholder. An investment in a single project or entity may not exceed 3% of IFC's total investment portfolio, with equity and quasi-equity investments (as defined below) in a single project or entity not exceeding 3% of the Corporation's net worth plus general reserves. Total investments in a single country will not normally represent more than 12% of IFC's total investment portfolio or 25% of its net worth, whichever is lower, and the Corporation's total exposure in any industry should not exceed 8% of the total investment portfolio. The quality of IFC's investment portfolio is monitored according to established supervision procedures. The portfolio management units of individual investment departments are responsible for the day-to-day monitoring and management of commercial risk associated with projects originated by the departments, including monitoring and evaluating credit quality of the borrowers. Loss Reserves Policy IFC maintains a conservative loss reserves and revenue recognition policy. IFC does not recognize income on loans where collectibility is in doubt or payments of interest or principal are past due more than 60 days unless management anticipates that collection of interest is expected in the near future. IFC's loss reserves policy reflects management's judgment as to identifiable impairment on specific loans and equity investmenits on which such impairment is judged to be other than temporary. IFC considers a loan as impaired when, based on current information and events, it is probable that it will be unable to collect all amounts due according to the loan's contractual terms. The reserve against losses for impaired loans represents management's judgment of the present value of expected future cash flows discounted at the loan's effective interest rate. IFC establishes a reserve against losses for equity investments when a decrease in value of the investment has occurred, below its US dollar equivalent cost, which is considered other than temporary. In addition to the reserve on specific investments, the reserve against losses includes an estimate of potential losses resulting from risks that cannot be specifically identified, as further described in Note A to the Corporation's Financial Statements for the fiscal year ended June 30, 1999. The reserve against losses is maintained through annual charges to income. Investments written off, as well as any subsequent recoveries, are recorded through the reserve. The quality of IFC's portfolio has been negatively affected by the Asian crisis during FY98 and its contagion effect. A key indicator of portfolio performance, the amount of nonaccruing loans as a percentage of the disbursed loan portfolio, rose to 11.t% at June 30, 1999 as compared with 9.2% at June 30, 1998. The principal amount outstanding on nonaccrual loans totaled $857 million at June 30. 1999, an increase of 35% from the June 30, 1998 level of $633 million. As of June 30, 1999 IFC's total reserve against losses amounted to $1,825 million ($1,522 million-June 30, 1998) equivalent to 18.2%/o of IFC's disbursed loan and equity investment portfolio (17.0%Yo-June 30, 1998). The five-year trend of loss reserves is presented below: RESERVE AGAINST LOSSES AS A PERCENTAGE OF TOTAL PORTFOLIO Year ended June 30 . . . . . . . . . . . . . . . . . . . . . . . 0:2% - 180/ .0.%. . . . . . . . . 12% 11.25, . l.7° . . . . . . . . . . . ..... ........................... 10% FY95 FY96 FY97 FY98 FY99 - TOTAL RESERVES AS A % OF TOTAL PORTFOLIO DIuring the vear enided June 30, 1999 the portfolio was further affected by continuing economic problems in emerging markets, although the impact was less serious than in FY98. In that year, a number of key portfolio performance indicators deteriorated, such as loans in nonaccrual status, the interest collection rate on loans and the number of loans in arrears. Further, currency devaluations and stock mar- ket declines have continiued to affect the value of IFC's equity investmrents. The environment of the past two years resulted in historically ~ high levels of reserves against losses at June 30, 1999. w Managing Liquidity Risk Tu he Corporation's Liquidity Policy requires the Corporation to maintain at all times sufficient liquidity (including liquid assets and 8 undrawdn borrowiing commitnments from the World Bank) to cover at least 65% of its estimated net cash requirements for the next three years. As a prudential mcasure, the Corporation maintains an operating liquidity target of not less than 70% of three years' net cash requiremiienits, including projected disbursement and debt service requirements. At June 30, 1999 the Corporation's liquidity level stood at S10.1 billion (or 10606 of its projected net cash requirements for three years). Managing Market Risk MNarket risk refers to changes in values of financial instruments or positions due to movements in interest or exchange rates, or liquidity factors. 'The Corporation uses derivative financial instruments to manage market risk (principally interest rate and exchange rate risk) that arises primarily in the context of IFC's liquid assets and borrowinig activities. Liquid Asset Investment Activities As described above, IFC's liquid assets are invested in three separate portfolios: Pt ($6.2 billion as of Jule 30, 1999), managed by IFC Treasurv; P2 (83.1 billion as of June 30, 1999), managed by IBR) 'Ireasury until June 30, 1999 and thereafter by IFC Treasury; and P3 ($0.8 bi:llion as of June 30, 1999), managed by external managers appointed by IFC. 'I'he Corporation's matched-funding policy requires that all loans be funded at the time of Board approval with borrowings bearing similar interest rate, currency and maturity characteristics. As the Corporation's loan assets are predominantly denominated in floating rate US dollars, the PI and P3 portfolios are invested, directly or synthetically, in floating rate US dollar instruments. The matched-funding policy limaits the Corporation's exposure to unmatched interest rate and exchange risks. As discussed below, residual market risks are managed on a portfojio basis by the Asset and Liability Management Unit. P2 is invested in fixed rate US dollar denominated instruments. LUnder I FC's InsVestmelt Guidelines, the Corporation's liquid assets are invested primarily in debt or asset-backed instruments issued by sovereigns, agencies or AAA-rated corporates. The Corporation also places deposits with highly rated commercial banks and financial institutions. IFC uses a variety of derivative financial instruments in its liquidity management activities for hedging purposes, to take advantage of profitable trading opporttinities, and as a proxy for cash securities. The derivative financial instruments used include short- term, over-the-counter foreign exchange forwards (covered forwards), interest rate and currency swaps and exchange-traded futures and options on fixed-income instrtuments. Asset and Liability Management Activities tn addition to interest rate risks arising from liquid assets, IFC faces residual market risks in its overall asset and liability management. While IFC's matched funding policy provides a significant level of protection against currency and interest rate risk, the Corporation is exposed to currency risk due to the receipt of spread income in currencies other than US dollars or other events such as changes in the level of iton-US dollar reserves against loans. IFC manages the currency risk described above bv monitoring the aggregate position in each lending currency and eliminating the net asset or liability position in excess of S I million equivalent through spot sales or purchases. In addition to currenlcy risks, IFC faces interest rate risks from two sources: (I) assets that are fully matched funded at inception can becomc mismlatched over time due to writedowns, prepayments or rescheduling, and (2) LIBOR reset dates on assets can differ from those on liabilities. Interest rate risk due to reset date mismatches is limited by synchronizing the reset dates on assets and liabilities and managin,g residual risks on an aggregate basis. Interest rate risk arising from mismatches due to writedowns, prepayments and reschedul- ilgs, and residual reset date mismatches is monitored monthly by measuring the change in the present value of assets and liabilities in each currency for a one percentage point change in interest rates. A review trigger of $5 million equivalent has been established on this measure for interest rate exposure in the aggregate and in each currency. Borrowing Activities IEC uses derivative financial instrtuments, primarily currency and interest rate swaps, in connection with its borrowing activities, in order to lower the Corporation's overall funding costs bv creating synthetic variable rate US dollar borrowinigs and to hedge market risks arising from bond issues. In general, and consistent with the Corporation's matched funding policy, the Corporation issues securities in various capital markets that offer the most attractive funding opportunities and uses derivative financial instruments to convert the associated liabilities into obligations denominated in variable rate US dollars, the Corporation's principal lending currency. The Corporation also enters into conmplex structured derivatives to hedge offsetting structures embedded in many of its borrowings, stuch as borrowiings payable in multiple currencies, or borrowings ssith principal and/or interest determined by reference to a specified index such as a stock market index, a reference interest rate, a commodits index or one or more foreign exchange rates. Lending Activities Derivative financial instruments are also used in connection with the Corporation's lending activities to minimize the level of interest rate and currency exchange risk in non-US dollar lending. Managing Credit Risk Credit risk refers to the potential for a borrower or a counterpartv to a transaction with IFC to default on its financial obligations to the Corporation. Credit risks arising in connection with IlC's treasury activities are monitored and controlled in accordance with credit risk guidelines established by the Financial Policy & Planning unit. Credit risk also arises in connection with the Corporation's loan and equity investments. The risk of borrower default is discussed above, under Mlanaging Commercial (Project) Risk. 9 Credit Risk in Treasury Operations Counterparty credit risk is the principal residual risk to the Corporation arising from liquid assets and borrowing activities. For over- the-counter derivative financial instruments, the Corporation limits credit risk by restricting its transactions to a list of authorized counterparties, placing limits on the volume of transactions with individual counterparties and negotiating collateral arrangements with the counterparties. For exchange-traded instruments, IFC limits credit risk by restricting transactions to a list of authorized exchanges, contracts and dealers, and by placing limits on the Corporation's o pen interest rate position in each contract. Credit Risk in Client Risk Management Activities IFC enables its clients to take advantage of certain asset and liability management tools involving derivative financial products, by intermediating between market counterparties and its clients. Where it has done so, the Corporation minimilizes its credit risk exposure by conducting credit appraisals of clients and minimizes its market risk by entering into offsetting positions with highly rated market counterparties. Counterparty Credit Risk IFC's credit policies restrict eligibility of counterparties and set diversification caps on exposure to individual counterparties, sovereigns and countries. They are revised annually at the beginning of each fiscal year and approved by IFC's Finance Committee. During the year, institution-specific limits are updated monthly based on changes in counterparty size and/or credit status. IFC's extensive use of derivative financial instruments carries credit risk which arises from the potential for a counterparty to default at a time when the derivative contract has a positive value to IFC. IFC measures derivatives exposure to counterparties in terms of "worst case" potential exposure based on simulations of market variables which are updated monthly to reflect market movements. IFC currently restricts counterparty eligibility to banks and financial institutions with a minimum rating of A. In order to limit exposure to counter- parties, IFC signs collateral agreements with counterparties that require the posting of collateral when net exposure exceeds certain predetermined thresholds, which decreases as a counterparty's credit rating deteriorates. Because counterparties can be downgraded during the life of a transaction, the agreements provide an option for IFC to terminate all swaps if the counterparty is downgraded below investment grade. Managing Operational Risk Operational risk is the potential for losses arising from internal activities or externial events caused by breakdowns in informatioTn sys- tems, communications, physical safeguards, business continuity, supervision, transaction processing and the execution of legal, fiduciary and agency responsibilities. IFC, like all financial institutions, is exposed to many types of operational risks. 'rhe Corporation seeks to mitigate such risks by maintaining a comprehensive system of internal controls that is designed not only to identify the parameters of various risks but also to monitor and control those areas of particular concern. The Corporation has adopted the COSO' control frame- work and a self-assessment methodology to evaluate the effectiveness of its internal controls, and it has an ongoing program in place to cover all significant operations. In each of the last three fiscal years. IJC has obtained an attestation report from its external auditors on its assertion that as of June 30 of each of the fiscal years, its system of internal control over financial reporting met the criteria for effective internal control described in COSO and that the Corporation's assertion is fairly stated in all material respects. During the year ended lune 30. 1999 several ongoing initiatives emphasized the area of operational risk management, including the adoption of a new information technology system to replace numerous systems in areas such as financial accounting and administrative expense processing (the Systems Renewal Project). The Corporation has also recently appointed a new global custodian to centralize custodianship of its liquid assets and equity portfolios and, therebv, to streamline and enhance existing controls and reporting. 1 COSO refers to the Internal ControL-Integrated Framework formulated by the Committee of Sponsoring Organizations of the Treadway Commission which was convened by the US Congress in response to the weLl-publicized irregularities that occurred in the financial sector during the late 1980s. Economic and Monetary Union in Europe Since January 1, 1999, in the normal course of business as a multicurrency organization, IFC has been conducting Euro-denominated transactions in pavinig and receiving, liquid asset investments, debt issuance and in its loan and equity investment portfolio activities. IF( has adoptcd a gradual approachi to redenomiinlatinig nationial currency balance sheet items to Euro during the transitioni period. The I incremental cost of Euro conversion was immaterial to the Corporation's financial statements and has been included in the Corporation's administrative expenses. Year 2000 Issues 10 The Ycar 2000 issue is the result of computer programs and embedded process control chips using two digits rather than four to define the applicable year. Information systems or automated process control devices that are unable to properly interpret dates beyond 1999 could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions correctly and promptly, a temporary failure of building internal infrastructure, or a temporary failure of one or more public infrastructure segnents UpOIn whichI the business operations depend. Year 2000 issues affect the Corporation's hardware, databases and software associated with critical financial and administrative automated information systems, the headquarters building technical infrastructure, vendors, suppliers and contractors, and include the Year 2000 preparedness of IFC's client companies. The primary goal of the Corporation's Year 2000 Project is to ensure that the Corporation's vital business processes will operate in the next millennium by being Year 20()0 compliant. Additional goals are to protect IFC irom legal liability stemming from its own unpre- paredness or that of vendors, suppliers and correspondent banks; to ensure that IFC client companies understand the nature and urgency of the Year 2000 issue, and consequcnces of noncompliance; and to assist IFC client companies in dealing effectively with such issues. 'I'he Corporation's Year 2300 Project has been in active operation for more than two-and-a-half years. At present, IFC believes that the Year 2000 Project is on schedule and sufficiently resourced. Regular mneetings with the Year 2000 Project Office are held and a monthly report on the status of the project is provided to the Corporation's President and Management Group. Moreover, the Corporation's MNanagement Group is apprised of the project's status through detailed quarterly reports, and semiannual reviews of the Year 2000 Project are reviewed by the Corporation's Audit Committee. T'he cost of completing the Corporation's Year 2000 program is estimated at approximately $3.0 million, including $2.0 million for client companiy readiness assessments and related activity. In addition, the cost of the General Ledger Module portion of the aforementioned Systems Renewal Project was $1.0 million. IFC requires contingency plans for all mission-critical systems needing repair or replacement due to Year 2000 problems. For IFC's inter- nal systems at headquarters, the contingency plan is to repair or replace the old application systems before end-June 1999. Most of IFC's internal svstems have already been tested and found to be Year 2(000 compliant by design. Some of IFC's compliance activities are coordi- nated w ith, and dependent upon, the Systems Renewal Project for the replacement of certain core administrative support systems. 1'his project wvent into production as of July 15, 1999. Integration testing of all mission-critical systems is scheduled to be completed by the end of August 1999. Moreover, the cut off date for normal modifications testing is December 1, 1999, after which all systems will be frozen until end-January 2000. IFC's iicld offices have been providecd with a Contingency Planniiig Guide to develop practical measures to ensure continuity of functions and programs, based upon local country and regional risks. These plans address provisioning for continued office operations and staff needs and were distributed in July 1999. 'The Corporation has encouraged all of its client companies to develop contingency plans, or adapt existing plans, to prepare for this unique event. In the second half of August 1999 IFC will have issued a guideline monograph to every client company in the investment portfolio. This serves to augment the overall awareness effort, and supplements previous Y2K- related guidelines sent to clients (all with appropriate legal disclaimers). VI. RESULTS OF OPERATIONS Il-C's net income can be seen as broadly comprising a spread on interest earning assets, income from the equity investment portfolio, provisions for loan and eqIuitv investments, noninterest income and noninterest expense. Since the Corporation seeks to minimize its exposure to currenicy and interest rate risk through the use of derivative financial instruments, the three main factors that affect net income are the impact of nonaccruals and the interest collection rate on loan interest income; the performance of the equity portfolio; and the level of provisions for losses on loan and equity investments. The following paragraphs detail significant variances between FY99 and FY98. Net Income The Corporation's net income for FY99 was $249 million, marginally higher than FY98's net income of $246 million. In spite of the stable overall level of net income, several components of net income have varied significantly in FY99 as compared with FY98.The decrease in provisions for losses from $481 million to S333 million was offset by: * the decrease in net interest income from S482 million to $469 million; * the decrease in income from equity investments from $314 million to S265 million; * the increase in noninterest expense from $230 million to $254 million; and * the decrease in noninterest income (including the effect of the accounting change in FY98) from $160 million to $102 million. K Net Interest Income IFC's primary interest earning assets are its loan portfolio and its liquid assets portfolios. With charges on borrowings taken into account, net interest income declined by $13 million or 3% from $482 million in FY98 to $469 million in FY99. Interest and financial fees from loans for FY99 were $607 million, compared with $583 millioni for FY98, an increase of 4%. The growth in the disbursed and outstanding loan portfolio of 129/6 was substantially offset by a 3% reduction in interest collection rates resulting from the growth in loans in nonaccrual status from $633 million at June 30, 1998 to $857 million at June 30, 1999. Income from deposits and securities for FY99 was $532 million, slightly lower than the $550 million recorded in FY98. The liquid assets portfolio, net of derivatives and securities lending activities, grew from $9.4 billion to $10.1 billion and interest rates rose, especially during the second half of FY99. However, the S9 million increase in interest income, and a $12 million increase in realized gains in the Corporation's trading portfolios, were offset by $22 million of realized losses in the available for sale portfolios ($17 million realized gains in FY98). which primarily occurred on sales during the second half of FY99. The Corporation's charges on borrowings rose by $19 million during FY99 from $651 million to $670 million, reflecting a growth in the borrowings portfolio (after the effect of associated derivative financial instruments), offset by a reduction in average borrowings costs. Income from Equity Investments The Corporation generated capital gains for FY99 of $166 million as compared with $217 million for FY98, a decline of 230%. Dividend income was relatively stable at $99 million for FY99 as compared with $96 million for FY98. Overall income from the equity investment portfolio declined by $49 million, or 16%, from S314 million in FY98 to $265 million in FY99. During FY97 and the early part of FY98, IFC was able to liquidate a number of individual equity investment holdings to realize capital gains due to a relatively strong environment in the emerging markets. Subsequent to various crises in late FY98 and early FY99, this trend did not continue and led to the decline in realized capital gains in FY99. Provisions for Losses The income charge for provisions for losses of $333 million in FY99 was significantly lower than the historically high level of $481 million in FY98, a decline of $148 million or 31/%. At June 30, 1999 the Corporation's total reserves against losses on loan and equity investments were 18.2% of the disbursed and outstanding portfolio (I17.0%-Iune 30, 1998). Provisions were lower in FY99 because impairment dur- ing FY99 was less severe than in FY98. This trend continued through FY99, so that provisions recorded during the second half of the year were lower than in the first half ($73 million as compared with $26t) million). Noninterest Income Noninterest income of $102 million for FY99 was lower than FY98 ($160 million), principally due to the FY98 nonrecurring income of $34 million resulting from the change in accounting for other postretirement benefits. Also contributing to the decline were lower service fees of $33 million for FY99 as compared with $66 million for FY98. This was a result of less favorable market conditions for IFC's techni- cal and advisory assistance services and resource mobilization services. Offsetting these factors, there was an increase in income from the expected long-term return from Staff Retirement Plan assets and from the change in the Corporation's share of net assets held for postretirement benefits, from $54 million in FY98 to $64 million in FY99. Noninterest Expense Administrative expenses (the principal component of noninterest expense) rose 170%o from $213 million in FY98 to $250 million in FY99. This increase was in line with budget funding of the anticipated growth in the investment portfolio and the move into smaller invest- ments in frontier countries within IFC's portfolio. In addition, the Corporation instigated a number of new initiatives in FY99 to fund the Year 2000 Project, the implementation of the Euro and continued funding of its Africa Enterprise Fund and Small and Medium Enterprise Fund. 12 Financial Statements Report of Independent Accountants Financial Statements including Notes Deloitte Touche Tohmatsu (International Firm) 555 12th Street NW 13 Washington, DC Report of Independent Accountants President and Board of Governors International Finance Corporation We have audited the accompanying balance sheets of the International Finance Corporation, as of June 30, 1999 and 1998, including the statements of capital stock and voting power, as of June 30, 1999, and the related statements of income, comprehensive income, changes in capital and cash flows for the years then ended. These financial statements are the responsibility of the International Finance Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards in the United States of America and International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the financial position of the International Finance Corporation as of June 30, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles in the United States of America and with International Accounting Standards. July28, 1999 Beijing London Mexico City Moscow New York Paris Tokyo Toronto Balance Sheet as of June 30, 1999 and June 30, 1998 (US$ thousands) 1999 1998 ASSETS Due from banks $ 54,162 $ 113,165 Time deposits 2,423,049 4,353,758 Securities-Note B 'Irading 669,705 434,487 Available for sale 8,023,837 5,835,435 Securities purchased under resale agreements 198,335 9,870 Receivables and other assets-Note C 1,583,279 1,476,435 Loan and equity investments disbursed and outstanding-Note D Ioan investments 7,732,690 6,873,878 Equity investments 2,306,606 2,101,944 Total investments 10,039,296 8,975,822 Less: Reserve against losses for loan and equity investments (1,825,105) (1,521,918) Net investments 8,214,191 7,453,904 Derivative instruments-Notes B, K and L Receivables from currency and interest rate swaps 12,265,444 10,964,235 Receivables from covered forwards 24,160 979,398 'rotal assets $33,456,162 $31,620,687 LIABILITIES AND CAPITAL Liabilities Payables and other liabilities-Note F $ 1,293,530 $ 1,137,095 Sec urities sold under agreements to repurchase and payable ior cash collateral received 1,319,269 1,492,164 Borrowings withdrawn and outstanding-Note G From market sources 12,079,565 10,708,070 From International Bank for Reconstruction and Development 349,852 453,648 l'otal borrowings 12,429,417 11,161,718 D)erivative instruments-Notes B, K and L Payables for currencv and interest rate swaps 12,987,498 11,725,924 Payables for covered forwards 24,228 952,015 Deferred income 58,032 67,501 Total liabilities 28,111,974 26,536,417 ('apital (Capital stock, authorized 2,450,000 shares of $1,000 par value each-Note H Subscribed 2,374,130 2,364,123 Less: Portion not yet paid (24,351) (27,509) Total capital stock 2,349,779 2,336,614 Payrnents received on account of pending subscriptions 1,803 1,825 Accumulated other comprehensive income (5,828) (3,340) Retained earnings 2,998,434 2,749,171 Total capital 5,344,188 5,084,270 Total liabilities and capital $33,456,162 $31,620,687 The notes to financial statements are an integral part of these statements. Statement of Income for the years ended June 30, 1999 and June 30, 1998 (US$ thousands) 1999 1998 Interest income Interest and financial fees from loan investments-Note I $ 606,674 $ 583,035 Income from deposits and securities-Note B 531,792 549,818 Total interest income 1,138,466 1,132,853 Interest expense Charges on borrowings-Note G 669,709 650,660 Total interest expense 669,709 650,660 Net interest income 468,757 482,193 Income from equity investments Capital gains on equity sales 165,908 217,482 Dividends and profit participations 99,295 96,451 Total income from equity investments 265,203 313,933 Net interest income and income from equity investments 733,960 796,126 Provision for losses on investments 332,942 480,952 Net interest income and income from equity investments after provision for losses on investments 401,018 315,174 Noninterest income Service fees 33,384 65,854 Income from Staff Retirement Plan-Note 0 63,637 42,505 Increase (decrease) in share of net assets held for postretirement benefits-Note P (51) 11,578 Other income 4,992 6,160 Total noninterest income 101,962 126,097 Noninterest expense Administrative expenses-Note Q 250,018 212,720 Translation adjustments, net (3,199) 5,807 Other expenses 3,484 7,131 Contributions to special programs-Note J 3,414 3,962 Total noninterest expense 253,717 229,620 Operating income 249,263 211,651 Effect of accounting change-Note P - 34,100 Net income $ 249,263 $ 245,751 The notes to financiaL statements are an integral part of these statements. Statement of Comprehensive Income for the years ended June 30, 1999 and June 30, 1998 (US$ thousands) 16 1999 1998 Net income $ 249,263 $ 245,751 Other comprehensive income Unrealizcd holding gainis (losses) on available for sale securities arising during period (25,200) 12,799 Less: reclassificationi adjustmelIt for (gains) losses on available for sale securities incliided in net income 22,712 (18,829) Total comprehensive income S 246,775 $ 239,721 Statement of Changes in Capital for the years ended June 30, 1999 and June 30, 1998 (US$ thousands) 1999 Payments Accumulated received other on account Retained comprehensive of pending earnings income Capital stock subscriptions Total capitaL Beginning balance $2749,171 S (3,340) $2,336,614 $ 1,825 $5(,)84,270 Net incomne 249,263 249,263 tither comprehenisive income (2,488) (2,488) Capital stock Payments received for capital stock subscribed 13,1 65 13,165 Refunid of overpayiuents for capital stock sLubscribed (22) (22) Ending balance $2,998,434 $ (5,828) $2,349,779 $ 1,803 $5,344,188 1998 Payments Accumulated received other on account Retained comprehensive of pending earnings income CapitaL stock subscriptions TotaL capital Beginning balance $2.5()3,42() $ 2,691) $2,228,851 S 1,91)8 $4,736,869 Net illcoieIC 245,751 245,751 )ther comprehelinsie incomlle (6,030) (6,0(30)) Capital stock lpaynments received for capital stock subscribed 1(06,399 1116,399 Pavocrits received on account of pcidinlg siibscripticins 1,398 1,398 Reallocation of paymncnts on account of pendinig subst riptioins to capital stock subscribed 1,364 11364) Refund of overpasyments for capital stock subscribed (117) 1117) Ending balance $2,749,171 $ (3,340) $2,336,614 $ 1,825 $5,084,270 The notes to financial statements are an integral part of these statements. Statement of Cash Flows for the years ended June 30, 1999 and June 30, 1998 (US$ thousands) 1999 1998 Cash flows from loan and equity investment activities Loan disbursements $ (1.812,947) $ (1,675,930) Equity disbursements (289,423) (377,795) Loan repayments 877,606 1,277,123 Equity redemptions 2,633 5,227 Sales of equity investments at cost 110,054 149,336 Net cash used in investing activities (1,112,077) (622,039) Cash flows from financing activities Drawdown of borrowings 4,481,196 3,947,244 Repayment of borrowings (3,061,075) (1,767,417) Capital subscriptions 13,165 10(7,763 Net cash provided by financing activities 1,433,286 2,287,590 Cash flows from operating activities Net income 249,263 245,751 Adjustments to reconcile net incoomc to net cash provided by operating activities: Provision for losses on investments 332,942 480,952 Translation adjustments, net (3,199) 5,8(07 Change in accrued income on loans, deposits and securities 5,592 4,445 Change in pavables and other liabilities 230,9(08 (56,142) Change in receivables and other assets (833,531) (321,653) Net cash provided by operating activities (18,025) 359,160 Change in liquid assets 3(03,184 2,024,711 Effect of exchange rate changes on liquid assets 130,724 (19,819) Net change in liquid assets 433,908 2,004,892 Liquid assets at beginning of year 10,736,845 8,731,953 Liquid assets at end of period $ 11,170,753 $10,736,845 Liquid assets is composed of: Due from banks $ 54,162 $ 113,165 Time deposits 2,423,049 4,353,758 Securities held in trading portfolio 669,705 434,487 Securities held in available tor sale porttolio 8,023,837 5,835,435 Total liquid assets $ 11,170,753 $ 10,736,845 Supplemental disclosure Changc in ending balances resulting from exchange rate fluctuations: Loans outstanding $ 17,187 S (43,937) Borrowings (153,366) (878,720) Currency swaps (34) (719,424) The notes to financiat statements are an integral part of these statements. Statement of Capital Stock and Voting Power as of June 30, 1999 (US$ thousands) Capital stock Voting power Capital stock Voting power Amount Percent Number Percent Amount Percent Number Percent Members paid of total of votes of total Members paid of total of votes of total Afghanistan $ 111 361 .02 El Salvador $ 11 261 .01 Albania 1,302 .06 1,552 .06 Equatorial Guinea 43 293 .01 Algeria 5,010 .21 5,260 .22 Eritrea 935 04 1,185 .05 Angola 1,353 .06 1,603 .07 Estonia 1,434 06 1,684 .07 Antigua and Barbuda 13 1 263 .01 Ethiopia 127 01 377 .02 Argentiria 38,129 1.62 38,379 1.60 Fiji 287 .01 537 .02 Armenia 992 .04 1,242 .05 Finland 15,697 .67 15,947 .67 Australia 42,185 1.80 42,435 1.77 France 121,015 5.15 121,265 3.07 Austria 19,741 .84 19,991 .84 Gabon 1,268 05 1,518 .06 Azerbaiian 2,367 .10 2,617 .11 Gambia, The 94 - 344 .01 Bahamas, The 335 .01 585 .02 Georgia 861 .04 1,111 .05 Bahrain 1,746 .07 1,996 .08 Germany 128,908 5.49 129,158 5.40 Bangladesh 9,037 .38 9,287 .39 Ghana 4,630 .20 4,880 .20 Barbadcs 361 .02 611 .03 Greece 6,898 .29 7,148 .30 Belarus 5,162 .22 5,412 .23 Grenada 74 324 .01 Belgium 50,610 2.15 50,860 2.13 Guatemala 878 .04 1,128 .05 Belize 101 351 .01 Guinea 339 .01 589 .02 Benin 119 .01 369 .02 Guinea-Bissau 18 n 268 .01 Bolivia 1,902 .08 2,152 .09 Guyana 1,392 06 1,642 .07 Bosnia and Herzegovina 620 .03 870 .04 Haiti 822 .03 1,072 .04 Botswana 113 363 .02 Honduras 432 .02 682 .03 Brazil 39,479 1.68 39,729 1.66 Hungary 10,932 .47 11,182 .47 Bulgaria 4,867 .21 5,117 .21 Iceland 42 292 .01 Burkina Faso 836 .04 1,086 .05 India 81,342 3.46 81,592 3.41 Burtndi 100 350 .01 Indonesia 28,539 1.21 28,789 1.20 Cambodia 339 .01 589 .02 Iran, Islamic Republic of 1,444 .06 1,694 .07 (Cameroon 885 .04 1,135 .05 Iraq 147 .01 397 .02 Canada 81,342 3.46 81,592 3.41 Ireland 1,290 .05 1,540 .06 Cape Verde 15 265 .01 Israel 2,135 .()9 2,385 .10 Central African Republic 119 .01 369 .02 Italy 81,342 3.46 81,592 3.41 Chad 1,364 .06 1,614 .07 Jamaica 4,282 .18 4,532 .19 Chile 11,710 .50 11,960 .50 Japan 141,174 6.01 141,424 5.91 China 24,500 1.04 24,750 1.03 Jordan 941 .04 1,191 .05 Colombia 12,606 .54 12,856 .54 Kazakhstan 4,637 .20 4,887 .20 Comoros 14 n 264 .01 Kenya 4,041 .17 4,291 .18 Congo, Dem Rep of 2,159 .09 2,409 .10 Kiribati 12 262 .01 Congo, Republic of 131 .01 381 .02 Korea, Republic of 15,946 .68 16,196 .68 Costa Rica 952 .04 1,202 .05 Kuwait 9,947 .42 10,197 .43 C6te d'lvoire 3,544 .15 3,794 .16 Kyrgyz Republic 1,720 .07 1,970 .08 Croatia 2,882 .12 3,132 .13 Lao People's Dem Rep 278 01 528 .02 Cyprus 2,139 .09 2,389 .10 I,atvia 2,150 .09 2,400 .10 Czech Republic 8,913 .38 9,163 .38 Lebanon 135 01 385 .02 Denmark 18,554 .79 18,804 .79 Lesotho 71 321 .01 Djibouti 21 271 .01 L.iberia 83 333 .01 Dominica 42 292 .01 Libya 55 305 .01 Dominican Republic 1,187 .05 1,437 .06 Lithuania 2,341 10 2,591 .11 Ecuador 2,161 .09 2,411 .10 Luxembourg 2,139 09 2,389 .10 Egypt, Arab Republic of 12,360 .53 12,610 .53 Macedonia, FYR of 270 .01 520 .02 continued on next page Statement of Capital Stock and Voting Power as of June 30, 1999 (US$ thousands) 19 Capital stock Voting power Capital stock Voting power Amount Percent Number Percent Amount Percent Number Percent Members paid of total of votes of total Members paid of total of votes of total Madagascar $ 432 .02 682 .03 Sevchelles $ 27 277 .01 Malawi 1,822 .08 2,072 .09 Sierra Leone 123 .0l1 373 .02 Malaysia 15,222 .65 15,472 .65 Singapore 177 .01 427 .02 Maldives 16 266 .01 Slovak Republic 4,457 .19 4,707 .20 Mali 451 .02 701 .03 Slovenia 1,585 .07 1,835 .08 Marshall Islands 663 .03 913 .04 Solomon Islands 37 287 .01 Mauritania 214 .01 464 .02 Somalia 83 333 .01 Mauritius 1,665 .07 1,915 .08 South Africa 15,948 .68 16,198 .68 Mexico 27,589 1.17 27,839 1.16 Spain 37,026 1.58 37.275 1.56 Micronesia, Fed States of 744 .03 994 .04 Sri Lanka 7,135 .31 7,385 .31 Moldova, Republic of 744 .03 994 .04 Sudan 111 361 .02 Mongolia 144 .01 394 .02 Swaziland 684 .03 934 .04 Morocco 9,037 .38 9,287 .39 Sweden 26,876 1.14 27,126 1.13 Mozambique 322 .01 572 .02 Switzerland 41,580 1.77 41,830 1.75 M4yanmar 666 .03 916 .04 Syrian Arab Republic 194 .01 444 .02 Namibia 404 .02 654 .03 Tajikistan 1,212 .05 1,462 .06 Nepal 822 .03 1,072 .04 Tanzania 1,003 .04 1,253 .05 Netherlands 56,131 2.39 56,381 2.36 Thailand 1(0,941 .47 11,191 .47 New Zealand 3,583 .15 3,833 .16 Togo 8()8 .03 1,058 .04 Nicaragua 715 .03 965 .04 Tonga 34 284 .01 Niger 147 .01 397 .02 Trinidad and Tobago 4,112 .17 4,362 .18 Nigeria 21,643 .92 21,893 .91 Tunisia 3,566 .15 3,816 .16 Norway 17,599 .75 17,849 .75 Turkey 14,545 .62 14,795 .62 Oman 1,187 .05 1,437 .06 Turkmenistan 810 .03 1,060 .(4 Pakistan 19,380 .82 19,630 .82 Uganda 735 .03 985 .04 Palau 25 275 .01 Ukraine 8,9(07 .38 9,157 .38 Panama 1,007 .04 1,257 .05 United Arab Emirates 4,033 .17 4,283 .18 Papua New Guinea 766 .03 1,016 .04 United Kingdom 121,015 5.15 121,265 5.07 Paraguay 436 .02 686 .03 United States 569,379 24.23 569,629 23.80 Peru 6,898 .29 7,148 .30 Uruguay 3,569 .15 3,819 .16 Philippines 11,405 .49 11,655 .49 Uzbekistan 3,873 .16 4,123 .17 Poland 7,236 .31 7,486 .31 Vanuatu 55 305 .01 Portugal 8,324 .35 8,574 .36 Venezuela 27,588 1.17 27,838 1.16 Romania 2,661 .11 2,911 .12 Vietnam 446 .02 696 .03 Russian Federation 81,342 3.46 81,592 3.41 Yemen, Republic of 715 .03 965 .04 Rwanda 306 .01 556 .02 Zambia 1,286 .05 1,536 .06 St Kitts and Nevis 638 .03 888 .04 Zimbabwe 2,120 .(9 2,370 .10 St Lucia 74 324 .01 Samoa 35 285 .01 Total June 30,1999 $2,349,779 100.00+ 2,393,279 100.00+ Saudi Arabia 30,062 1.28 30,312 1.27 Senegal 2,299 .10 2,549 .11 TotalJune30,1998 $2,336,614 100.00+ 2,380,114 100.00+ * Less than .005 percent. + May differ from the sum of the individual percentages shown because of rounding. The notes to financial statements are an integral part of these statements. Notes to Financial Statements PURPOSE : I'he Interniationial Finance Corporation 'the Corporation), an international organization, was established in 1956 to further economic developmefat in its member countries bv encouraging the growth of private enterprise. The Corporation is a member of the World Bank Group, which also includes the International Bank for Reconstruction and Development (IBRD), the International D)evelopment Association and the Multilateral Investnment Guarantee Agency (MIGA). The Corporation's activities are closely coordinated with and conaplenent the overall development objectives of the other World Bank Group institutions. The Corporation, together with private investors, a,sists in finanicing the establishment, improvement and expansion of private sector enterprises by making loan and equity investments where sufficient private cap tal is not otherwise available on reasonable terms. The Corporation's share capital is provided by its membIIer counltries. It raises most of the funds for its investment activities through the issuance of notes, bonds and other debt securi- ties in the internationial capital markets. The Corporation also plays a catalytic role in mobilizing additional project funding from other insvestors and lenders, either through cofinancing or through loan syndications. underwritings and guarantees. In addition to project finance and resource mobilization, the (orporation offers an array of financial and technical advisory services to private businesses in the developi ng world to increase their chances of success, and also advises governments on how to create an environment hospitable to the growth of private enterprise and foreign investment. NOTE A-SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED POLICIES I'he accounting and reporting policies of the Corporation conform with generally accepted accounting principles in the United States (L'S (AAP) and with International Accountinig Standards (IAS). Financial statements presentation-Certain amounts in the prior year have been reclassified to conform to the current year's presentation. Use of estimates-T[he preparationi of tne financial statements in conformity with US GAAP and 'AS requires management to make estimates anad assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of inconae and expense during the reporting period. Actual results could differ fro:maa these cstimates. A significanit degree of Judgment has been used in the determination of the adequacy of the reserve against losses, and in the determinationi of net periodic pension inconme. There are inherent risks and uncertainties related to the Corporation's operations. The possibility exists that changing econiomic conditionis could have an adverse effect en the financial position of the (.orporatioin. Translation of currencies-Assets and liabilities not denominated in United States dollars (US dollars or $), other than disbursed equity investnaents, are expressed in US dollarsat the exchange rates prevailing at June 30, 1999 and June 30, 1998. Disbursed equity investments are expressed in lUS dollars at the prevailing exchange rates at the time of disbursement. Income and expenses are translated at the rates of exchange prevailing at the time of the transaction. 'I'ranslation gains and losses are credited or charged to income. Loan and equity investments-L.oan and equity investnaents are recorded as assets when disbursed. Loan investments are carried at the prinicipal antounts outstanding. It is the Corporation's practice to obtain collateral securitv such as, but not limited to, mortgages and third-party guarantees. Equity investmuents are carried at cost. On occasion the Corporation enters into put and call option agreements in connection with equity insvestnients. Reserve against losses for loan and equity investments-The Corporation considers a loan as impaired when, based on current infor- iamatioia and events, it is probable that the Corporation will be unable to collect all amounts due according to the loaia's contractual terms. The reserve against losses for impaired loans represents naanagement's judgment of the present value of expected future cash flows dis- counted at the loan's effective interest rate. The Corporation estahlishes a reserve against losses for equity investments when a decrease in valuc of the investnaents has occurred which is considered other than temporary. The reserve against losses for loan and equity invest- iaierits iniludes an estimaate of potenltial losses oii loan and equity investmenits not specifically identifiable. The reserve is established through annual charges to iiaconme in the form of a provision for losses on investmeiats. Investments written off, as well as any subsequent recoveries, are recorded through the reserve. Revenue recognition on loan and equity investments-Dividends and profit participations are recorded as income when received in freely convertilble currencies. Gains on the sale of equity investmelnts are iaieasured against the average cost of the investrnents sold and are recorded as iniconme wheni received in freely convertible currencies. Interest inconae and conianitnaent fees on loan investments are recorded as income on an accrual basis. All other fees are recorded as inconme wshel received in freely convertible currenicies. The Corporation does not recognize income on loans where collectibilits is in doubt or payrmaeiits ot iiilerest or principal are past due naore thafi 60 days uialess managermient aiaticipates that collection of interest will occur in the near future. Any interest accrued on a loan placed in nonaccrual status is reversed out of income and is thereafter recognized as iriconac otly vs heni the actual payvnent is receixved. Interest not previously recognized but capitalized as part of a debt restructuring is recorded as deferred income and credited to income only when the related principal is received. Fee income and costs associated with loan origiiaatioia are recognized whena incurred, as the net of these amounats is not material. Liquid assets-As part of its overall portfolio managenment strategy, to diversify its credit exposure to commercial banks and to obtain higher returns, the Corporation invests in government and agency obligations, time deposits and asset-backed securities according to the Corporation's credit risk and duration policies. Government and agency obligations include highly rated fixed rate bonds, notes, bills and other obligations issued or unconditionially guaranteed by governments of countries or other official entities including government agen- cies and instrumentalities or bv multilateral organizations. The Corporation converts these fixed rate government and agency obligations into variable rate US dollar instruments by entering into currency and interest rate swaps. On July 1, 1997, the Corporation transferred $978 million of its securities classified as trading securities to the available for sale portfolio. Securities classified as available for sale, which are those securities that may be sold prior to maturity as part of asset and liability manage- 2 ment or in response to other factors, are carried at fair value with any changes in fair value reported in other comprehensive income. Securities classified as trading are carried at market value with any changes in fair value reported in income from deposits and securities. Interest and dividends on securities and amortization of premiums and accretion of discounts are reported in income from deposits and securities. Realized gains and losses on securities classified as available for sale or trading, which are computed by the last-in first-out method, are included in income from deposits and securities. The Corporation classifies due from banks, time deposits, and securities classified as trading and available for sale (collectively, liquid assets) as an element of liquidity in the statement of cash flows because of their nature and the Corporation's policies governing the level and use of such investments. Repurchase and resale agreements-Repurchase agreemenits are contracts under which a party sells securities and simultaneously agrees to repurchase the same securities at a specified future date at a fixed price. Resale agreements are contracts under which a party purchases securities and simultaneously agrees to resell the same securities at a specified future date at a fixed price. Securities purchased under resale agreements, securities sold under agreements to repurchase and securities payable for cash collateral received are valued at cost, on the basis that cost approximates market value. Borrowings-To diversify its access to funding and reduce its borrowing costs, the Corporation borrows in a variety of currencies and uses a number of borrowing structures, including inverse floating rate and zero coupon notes. Generally, the Corporation simultaneously converts such borrowings into variable rate US dollar borrowings through the use of currency and interest rate swap transactions. Under certain outstanding borrowing agreements, the Corporation is not permitted to mortgage or allow a lien to be placed on its assets (other than purchase money security interests) without extending equivalent security to the holders of such borrowings. Derivative financial instruments-In the normal course of business, the Corporation is a partv to derivative financial instruments with off-balance-sheet risk used to manage its exposure to fluctuations in currency and interest rates. These instruments include currency and interest rate swaps, covered forwards, commodity-indexed swaps, comm1lodity-incdexed options anid forward contracts on its own behalf and for clients, guarantees for third parties, futures contracts and short sales. In addition, the Corporation issues warrants, and purchases matching over-the-counter options to hedge these transactions. Except for those related to deposits and securities, derivative financial instruments are accounted for on the accrual basis. Income or expense are recognized over the life of the associated instrument as an element of charges on borrowings or service fees, depending on the purpose for which the financial instrument associated with the derivative financial instrument is used. Derivative financial instruments associated with the trading and available for sale portfolios are recorded in the balance sheet at fair value, consistent with the recording of the underlying financial instrument. The cash settlement value of warrants and associated options are reported gross on the balance sheet and are included in receivables and other assets and payables and other liabilities. Income and expense from warrants and associated options are recognized as an element of charges on borrowings. Intermediation services-Where it acts as an intermediary on currency and interest rate swaps, options, or forward contracts, the Corporation miniimizes its exposure to credit risk by performing credit reviews of the clients and minimizes its exposure to currency and interest rate risks by entering into offsetting swap, option, or forward contract positions with highly rated market counterparties. Resource mobilization-The Corporation mobilizes funds from commercial banks and other finanicial institutions (Participants) through loan participations which are sold by the Corporation, without recourse, to Participants. These loan participations are adminis- tered and serviced by the Corporation on behalf of the Participants. The disbursed and outstanding balances of the loan participations are not included in the Corporation's balance sheet. Introduction of the Euro-Effective January 1, 1999 eleven member states of the European Union adopted the Euro as their common currency and the European Currenicy Unit was automatically redenominated into the Euro. Amounts stated in Euros appearing herein for both the current and prior periods have been recast from the legacy currencies regardless of the timing of the redenomination of the instruments concerned. Recasting has had no impact on the TS dollar equivalents reported in these financial statements, except insofar as in the footnotes that disclose currency analvses of balance sheet amounts legacy currency items have been aggregated and single Euro amounts are disclosed in their place. Caution is advised when analyzing the information in the footnotes concerned as the data may not be readily comparable to similar data disclosed by other organizations in similar footnotes. Accounting and reporting developments-In June 1996, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 125, Accountingfor Transfers ofAssets and Servicing ofFinancialAssets andExtinguishments of Liabilities, which requires new accounting and reporting standards for sales, securitizations and servicing of receivables and other financial assets and extinguishments of liabilities. The Standard was effective beginning in 1997 and had no material impact on the Corporation's financial statements upon adoption. The provisions relating to transfers involving repurchase and resale agreements and securities lending for transfers of financial assets were effective in 1998. The adoption of these provisions of the Standard had no material impact on1 the Corporation's reported results of operations or financial position. 22 In February, 1997, FASB issued SFAS No. 129, Disclosure ofInformation about Capital Structure. The Statemelnt establishes standards for disclosing information about an entity's capital structure, Adoption of this Standard by the Corporation on July 1, 1998 did not have a material impact on the Corporation's results of operations or financial position. In June 1997, FASB issued SFAS No. 130, Reporting Comprehensive Income. The Standard establishes standards for the reporting and pre- sentation of comprehensive income and its components in financial statements. SFAS No. 130 defines comprehensive income as the change in equitv excluding transactions with shareholders. Comprehensive income has two major components: net income and other comprehensive income. Other comaprehensive income comprises unrealized gains and losses on available for sale securities. Adoption of this Standard by the Corporation on July 1, 1998 did not have a material impact on the Corporation's reported results of operations or financial position. In June 1997 FASB issued SFAS No. 131, Disclosures about Segments ofan Enterprise and Relatedlnformation. The Standard establishes the criteria for determining an operating segment and the related financial information disclosure required. It also establishes standards for disclosing related information regarding products and services, geographic areas and major customers. In August 1997, IASC issued IAS No. 14 'revised), Segment Reporting, which requires disclosure of similar information. These Standards are effective for the Corporation's financial statemenits for the year ended June 30, 1999. Adoption of these Standards did not have a material impact on the Corporation's reported results of operations or financial position. Refer to footnote N for further information. In August 1997, IASC issued IAS No. I (revised), Presentation ofFinancial Statements. [AS No. I (revised) is designed to improve the qual- ity of financial statements presented using International Accounting Standards by providing guidance on the structure of financial state- ments and establishing certain practical requirements. This Standard is effective for the year ended June 30, 1999 for the Corporation. Adoption of this Standard did not have a material impact on the Corporation's reported results of operations or financial position. In February 1998, FASB issued SFAS No. 132, Employers Disclosures about Pensions and Other Postretirement Benefits. This Statement revises employers' disclosures about pension and other postretirement benefits. It requires additional information on changes in the benefit obligations and fair values of plan assets that will facilitate financial analysis, and eliminates certain disclosures. T'his Standard has been given effect in the Corporation's financial statements for the year ended June 30, 1999. Adoption of this Statement did not have a material impact on the Corporation's reported results of operations or financial position. In February 1998, [ASC issued lAS No. 19 (revised), Employer Benefits. The Standard prescribes the accounting and disclosure by employ- ers for employee benefits. The Standard is effective for the year ending June 30, 2000 for the Corporation. Adoption of this Standard did not have a material impact on the Corporation's reported results of operations or financial position. In February 1998, IASC issued IAS No. 34, Interim Financial Reporting. The Standard defines the minimum content of interim financial reporting and identifies the accounting recognition and measurement principles that should be applied in an interim report. The Standardl is effective for the year ending June 30, 2000 for the Corporation. Adoption of this Standard is not expected to have a material imipact on the Corporation's reported results of operations or financial position. In June 1998, IASC issued IAS No. 36, Impairment ofAssets. The Standard requires that the recoverable amount of an asset should be esti- mated whenever there is an indication that the asset may be impaired. The Standard is effective for the year ending June 30, 2000 for the Corporation. Adoption of this Standard is not expected to have a material impact on the Corporation's reported results of operations or financial position. In June 1998, FASB issued SFAS No. 133, Accountingfor Derivative Instruments and HedgingActivities. The Standard establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedg- ing activities. It requires a company to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value. 'I'his Standard is effective for the year ending June 30, 2001 for the Corporation. The Corporation has not completed the process of evaluating the impact that will result from the adoption of SFAS No. 133 and is, therefore, unable to dis- close the impact that adoption of this Standard will have on the Corporation's results of operations or financial position. In September 1998, the IASC issued IAS No. 37, Provisions, Contingent Liabilities and ContingentAssets. The Standard prescribes the accounting and disclosure for most provisions, contingent liabilities and contingent assets. It requires provisions to be recognized when the enterprise has a present obligation from which an outflow of resources is probable, and the amount of the outflow can be reasonably estimated. Contingent liabilities are to be recognized when their occurrence is probable and the amount of the obligation can be reliably measured. Contingent assets are generally not recognized. The Standard is effective for the year ending June 30, 2000 for the Corporation. Adoption of this Standard is not expected to have a material impact on the Corporation's reported results of operations or financial position. In March 1999, the IASC issued IAS No. 39, Financial Instruments Recognition and Measurement. The Standard prescribes balance sheet recognition of all financial assets and financial liabilities, including derivatives. It requires financial assets and financial liabilities to be initially measured at cost, and to be carried at fair value on the balance sheet thereafter. The Standard is effective for the Corporation for the year ending June 30, 2002; however, early application is permitted. The Corporation has not completed the process of evaluating the impact that will result from the adoption of IAS No. 39 and is, therefore, unable to disclose the impact that adoption of this Standard will have on the Corporation's results of operations or financial position. NOTE B-SECURITIES Trading portfolio A summary of the trading portfolio, including associated derivative financial instruments is as follows: Year ended June 30, 1999 At June 30, 1999 Fair vaLue Average average maturity Average yieLd daily batance Fair vaLue (years) (N) Government and agency obligations $ 225 $ 245 1.9 5.8 Asset-backed securities 195 211 19.2 6.1 Corporate securities 179 214 2.3 8.3 Total trading securities, net of associated derivative financial instruments $ 599 $ 670 Year ended June 30, 1998 At June 30, 1998 Fair vatue Average average maturity Average yietd daily balance Fair vaLue (years) (/) Government and agency obligations S 259 $ 255 3.3 6.3 Asset-backed securities 140 179 21.9 7.3 Total securities 399 434 Associated derivative financial instruments: Covered forwards, net (I) - 0.5 Total trading securities, net of associated derivative financial instruments $ 398 $ 434 The expected maturity of the asset-backed securities will differ from the contractual maturity, as reported above, due to prepayment features. Available for sale portfolio The amortized cost, gross unrealized gains and losses, fair value and average yield of securities classified as available for sale, including associated derivative financial instruments, are as follows: June 30, 1999 US$ millions Gross Gross Amortized unrealized unrealized Fair Average cost gains losses value yietd (%) Government and agency obligations $ 6,058 $ 188 $ (40) $ 6,206 4.1 Asset-backed securities 1,813 7 (2) 1,818 5.6 Associated derivative financial instruments: Receivables from currency swaps 3,373 4 (2) 3,375 5.3 Payables for currency swaps (3.264) 20 (150) (3,394) 2.2 Interest rate swaps 25 12 (42) (5) (0.4) Total available for sale securities, net of associated derivative financial instruments $ 8,005 $ 231 $ (236) $ 8,000 June 30, 1998 US$ millions Gross Gross Amortized unrealized unrealized Fair Average cost gains losses value yield (%) X W Governmentandagencyobligations $ 4,721 $ 230 $ (21) $ 4,930 4.1 X- A Asset-backed securities 902 4 (1) 905 5.8 Associated derivative financial instruments: 24 Receivables from currency swaps 2,948 - (10) 2, 938 6.1 Pavables for currency swaps (2,580) - (197) (2,777) 3.2 Interest rate swaps 7 - (8) (1) (0.4) Receivables from covered forwards 951 - - 951 5.6 Payables for covered forwards (924) - _ (924) 3.3 Total available for sale securities, net of associated derivative financial instruments $ 6,025 $ 234 $ (237) $ 6,022 The derivative financial instruments associated with securities in the available for sale portfolio are included in derivative financial instruments on the balance sheet. Maturities The expected maturities of securities in the available for sale portfolio, net of associated derivative financial instruments, are as follows (US$ millions): June 30, 1999 June 30, 1998 Amortized cost Fair value Amortized cost Fair value Due in one year or less $ 1,633 $ 1,633 $ 1,761 $ 1,775 Due after one year through two years 1,117 1,116 1,128 1,120 Due after tvo years through five years 3,682 3,678 2,348 2,334 Due after five years 1,401 1,402 707 711 I)ue after ten years 172 171 81 82 Total $ 8,005 $ 8,000 $ 6,025 $ 6,022 The trading and available for sale portfolios are denominated primarily in US dollars; instruments in non-dollar currencies, net of the effect of associated derivative financial instruments which convert non-US dollar securities into US dollar securities, represent less than 1% of the portfolio at June 30, 1999 (1.8%-June 30, 1998). The annualized rate of return on securities in the trading portfolio during the year ended June 30, 1999 was 5.6% (6.5%-vear ended June 30, 1998). The annualized rate of return on securities in the available for sale portfolio during the year ended June 30, 1999 was 5.3% (6.204)-year ended June 30, 1998). After the effect of associated derivative financial instruments, the securities portfolios generally reprice within one year. Income from deposits and securities for the years ended June 30, 1999 and 1998 comprises (US$ millions): 1999 1998 1Trading securities: Interest income $ 30 $ 37 Securities gains (losses), net - Realized (6) Unrealized 14 (4) Available for sale securities: Interest income 592 538 Realized securities gains (losses), net (22) 17 Expense from securities under resale and repurchase agreements, net (76) (38) Total income from securities and time deposits $ 532 $ 550 NOTE C-RECEIVABLES AND OTHER ASSETS Receivables and other assets are summarized below (US$ millions): June 30, 1999 June 30, 1998 Receivables from sales of securities $ 316 $ 278 Accrued interest income on time deposits and securities 121 132 Accrued income on derivative financial instruments 442 413 Accrued interest income on loan investments 130 122 Deferred charges and other assets 311 264 25 Headquarters building: Land 89 89 Building 185 184 Less: Building depreciation (11) (6) Headquarters building, net 263 267 Total receivables and other assets $ 1,583 $ 1,476 NOTE D-LOAN AND EQUITY INVESTMENTS AND RESERVE AGAINST LOSSES Loan and equity investments approved by the Board of Directors to be held by the Corporation not yet signed as commitments, and loan and equity investment commitments signed for which disbursement has not yet been made, are summarized below (US$ millions): June 30, 1999 June 30, 1998 Investments approved but not committed: Loan investments S 2,697 $ 2,491 Equity investments 596 769 Total investments approved but not committed 3,293 3,260 Investments committed but not disbursed: Loan investments 2,062 2,022 Equity investments 815 450 Total ilvestments committed but not disbursed 2,877 2,472 Total investments approved but not disbursed $ 6,170 $ 5,732 The distribution of the disbursed loan and equity investment portfolio by sector is as follows (US$ millions): June 30, 1999 June 30, 1998 Loan Equity TotaL Loan Equity Total Financial services $ 1,441 $ 794 $ 2,235 S 1,195 $ 744 $ 1,939 Infrastructure 1,473 324 1,797 1,360 300 1,660 Mining and extraction 870 305 1,175 778 231 1,009 Food and agribusiness 902 185 1,087 912 177 1,089 Manufacturing 599 124 723 479 113 592 Cement and construction materials 487 112 599 405 112 517 Chemicals and petrochemicals 454 90 544 475 93 568 Timber, pulp and paper 373 109 482 283 96 379 Textiles 317 115 432 317 107 424 Hotels and tourism 290 49 339 265 48 313 Industrial and consumer services 155 38 193 77 28 105 Oil refining 167 9 176 154 8 162 Motor vehicles and components 100 36 136 121 36 157 Other 105 16 121 53 9 62 Total disbursed portfolio $ 7,733 $ 2,306 $ 10,039 $ 6,874 $ 2,102 $ 8,976 The distribution of the disbursed loan and equity investment portfolio by geographical region is as follows (US$ millions): June 30, 1999 June 30, 1998 Loan Equity Total Loan Equity Total Latin America and Caribbean $ 3,056 $ 727 $ 3,783 $ 2,748 $ 695 $ 3,443 7 Asia 1,985 684 2,669 1,811 587 2,398 Europe 1,370 369 1,739 1,078 360 1,438 Central Asia, Middle East and North Africa 865 247 1,112 829 212 1,041 Sub-Saharan Africa 457 230 687 408 198 606 ; 26 Other - 49 49 - 50 50 Total disbursed portfolio $ 7,733 $ 2,306 $ 10,039 $ 6,874 $ 2,102 $ 8,976 At June 30,1999 25% (28%-June 30, 1998) of the disbursed loan portfolio consisted of fixed rate loans, while the remainder was at variable rates. The currency composition and average yield of loans disbursed and outstanding is summarized below (1'S$ millions): June 30, 1999 June 30, 1998 Amount Average Amount Average yield (%) yield (o/%) US dollar S 7,051 8.0 $ 6,259 8.5 Euro 550 7.1 481 7.7 Japanese yen 59 5.4 55 6.0 Swiss franc 53 6.5 62 6.8 Other currencies 20 9.7 17 12.5 Total loans disbursed and outstanding $ 7,733 7.9 $ 6,874 8.4 Effective January 1, 1999 eleven member states of the European Union adopted the Euro as their common currency and the European Currency Unit was automatically redenominated into the Euro. The analysis set out above has been recast into Euros. Refer to footnote A, "Summary of significant accounting and related policies" for further explanation. Loans disbursed and outstanding in all currencies are repayable during the years ending June 30, 2000 through June 30, 2004 and there- after, as follows (17S$ millions): 2000 2001 2002 2003 2004 Thereafter Total Fixed rate loans S 408 $ 271 $ 240 $ 225 $ 206 $ 593 $ 1,943 \ariable rate loans 976 795 872 732 726 1,689 5,790 Total loans disbursed and outstanding $ 1,384 $ 1,066 $ 1,112 $ 957 $ 932 $ 2,282 $ 7,733 The Corporation's variable rate loans disbursed and outstanding generally reprice within one year. Loans on which the accrual of interest has been discontinued amounted to S857 million at June 30, 1999 (5633 million-June 30, 1998). Interest income not recognized on nonaccrUing loans during the year ended June 30, 1999 totaled $73 million ($47 million-year ended June 30, 1998). Interest collected on loans in nonaccrual status, related to current and prior years, during the year ended June 30, 1999 was $17 million ($7 million-year ended June 30,1998). The average recorded investment in impaired loans during the year ended June 30, 1999 was $ 1,460 million ($1,240 million-year ended June 30, 1998). The recorded investment in impaired loans at June 30, 1999 was $1,512 million ($1,409 million-June 30, 1998). Changes in the reserve against losses for the years ended June 30, 1999 and 1998 are summarized below (US$ millions): 1999 1998 Loan Equity Total Loan Equity TotaL Balanceatbeginningofyear $ 977 $ 545 $ 1.522 $ 719 $ 357 $ 1,076 Investments written off (12) (14) (26) (17) (11) (28) Investments recovered - - - 2 - 2 Translation adjustments (4) - (4) (9) - (9) Provision for losses 157 176 333 281 200 481 Balance at end of period $ 1,118 $ 707 $ 1,825 $ 976 $ 546 $ 1,522 The translation gain of $4.2 million ($8.7 million gain-year ended June 30, 1998) has been offset by an equivalent loss on currency hedges. Both amounts have been recorded in translation adjustments in the income statement. NOTE E-RESOURCE MOBILIZATION Loan participations arranged to be placed with Participants for loans approved by the Board of Directors, loan participations signed as commitments for which disbursement has not yet been made and loan participations disbursed and outstanding and serviced by the Corporation for the Participants are as follows (US$ millions): June 30, 1999 June 30, 1998 Loan participations arranged to be placed with Participants approved but not committed $ 3,139 $ 3,045 Loan participations signed as commitments but not disbursed 807 1,573 Loan participations arranged to be placed with Participants approved but not disbursed $ 3,946 $ 4,618 Loan participations disbursed and outstanding which are serviced by the Corporation $ 7,514 $ 7,587 During the year ended June 30, 1999 the Corporation called and disbursed $1,194 million ($2,237 million-year ended June 30, 1998) of Participants' funds. The Corporation has securitized and sold variable rate US dollar loan participations to a trust (the Trust). Concurrently, the Corporation provided a $20 million liquidity facility to the Trust and acquired $20 million of the Trust's Class C certificates. The outstanding balance of the Trust's Class C certificates held by the Corporation was $10 million at June 30, 1999 ($10 million-June 30, 1998) and is included in equity investments. The liquidity facility is included in receivables and other assets and totaled $10 million at June 30, 1999 (S18 mil- lion-June 30, 1998). The Corporation has provided reserves for losses of $7 million at June 30, 1999 ($11 million-June 30. 1998) against these instruments. Certain of the securitized loan participations are secured by security interests in personal and real property. The principal balance outstanding of total loans securitized at lune 30, 1999 was $120 million ($168 million-June 30, 1998). NOTE F-PAYABLES AND OTHER LIABILITIES Payables and other liabilities are summarized below (US$ millions): June 30, 1999 June 30, 1998 Accrued charges on borrowings $ 336 $ 319 Accrued charges on derivative financial instruments 313 311 Obligations for securities purchased 452 341 Accounts payable, accrued expenses and other liabilities 193 166 Total payables and other liabilities $ 1,294 $ 1,137 -W NOTE G-BORROWINGS I'he Corporation's borrowings outstandinig from market sources and currency and interest rate swaps, net of unamortized issue premi- ums and discouLits, are summarized below: $ ~~~~~~~~~~~~~~~~~~~~June 30, 1999 Interest rate swaps Currency swaps notional principal Market borrowings payable (receivable) payable (receivable) Net currency obligation Weighted Weighted Notional Weighted Weighted 28 Amount (US average Amount (US average amount (US average Amount (US average $ millions) cost (%) $ millions) cost (%) $ millions) cost (%) $ millions) cost (%) US dollar $ 3,818 5.7 $ 8,995 4.7 S 3,766 4.9 S 12,804 5.1 (3,7751) (5.4) Pound sterling 1,6111 3.8 (1,6111) (5.6) 475 5.1 - - (475) (5.8) Euro 3,087 6.7 (3,0(87) (6.7) - lonig Kong dollar 1.258 8.6 (1258) (8.6) - - - - lapanese ven 896 5.3 (896) (5.3) - - - - South African rand 528 12.8 (528) (12.8) - - Greek drachma 355 8.5 (355) (8.5) - - - Australian dollar 3(02 6.11 (31)2) (6.0) - - - Singapore dollar 176 4.5 (176) (4.5) Swiss fianc 162 5.3 (162) (3.2) 65 (1.8 - - (65) (6.01) ('anadian dollar 129 -- 1129) Philippinie peso 69 111.3 (69) (1(0.3) Polish new zloty 51 15.5 (51) (15.5) - Swedish kronor 47 1(0.6 (47) (111.6) - - - ('zech koruna 28 15.9 (28) (15.9) - Slovak koruna 27 11.8 127) (11.8) - Estonia kroon 7 1().() (7) 1 0(10) - Principal at face value $ 12,541 $ 272 $ (9) $ 12,804 I.ess: uiiamiortized discounts 461 Total market borrowings $ 12,080 June 30, 1998 Interest rate swaps Currency swaps notional principaL Market borrowings payable (receivable) payable (receivable) Net currency obLigation Weighted Weighted Notional Weighted Weighted Amount (US average Amount (US average amount (US average Amount (US average $ millions) cost (%) $ mitlions) cost (%) $ milLions) cost (%) $ miLLions) cost (%) US dollar $ 3,412 6.4 $ 8,187 5.3 S 3,223 5.5 $ 11,599 5.3 (3,2231) (6.5) Euro 2,878 5.4 (2,815) (5.4) - - 63 3.0 f long Koong dollar 1,0(16 9.6 (1.1)16) (9.6) - Japaicse yen 874 4.4 (874) (4.4) - - Greek drachma 754 12.8 (754) (12.8) - South African rand 592 15.4 (592) (15.4) - - Australiani dollar 489 7.10 (489) (7.1) - - - Pound stcrling 354 6.3 (354) (6.3) - - - (Canadian dollar 251 7.8 1291) (7.8) - - - (Czech koruLia 137 12.6 1371) (12.6) Swiss frinc 99 4.8 (991) (4.8) Polish new zlotv 72 2(0.3 (72) (2(0.3) Russian ruble 64 25.0 (64) (25.1)) Philippine peso 62 10.3 (62) (10.3) - Israel shekel 54 10.3 (54) (111.3) Swedish kronor 51 1(1.6 (51) (10.6) - Slovak koruna 34 11.8 341 11.8) Principal at face value $ 11,193 $ 469 $ - $ 11,662 L,ess: unamortized discounts 485 Total market borrowings $ 10,708 Effective January 1, 1999 eleven member states of the European Ulnion adopted the Euro as their common currency and the European Currency Unit was automatically redenominated into the Euro. 'The analysis set out above has been recast into Euros. Refer to footnote A, "Summary of significant accounting and related policies" for further explanation. The weighted average cost of the Corporation's borrowings outstanding from market sources after currency and interest rate swap trans- actions was 5.10% at June 30, 1999 (5.3%-June 30, 1998). The weighted average maturity of the Corporation's borrowings from market sources was 7.3 years at June 30, 1999 (6.7 years-June 30, 1998). The $272 million net payable from currency swaps at June 30, 1999 ($469 million payable-june 30, 1998), shown in the ahove table, CoII- sists of currency swap receivables of $8,869 million ($8,074 million-June 30. 1998) and currency swap pavables of 89,141 million 29 ($8,543 million-June 30, 1998) which are included in receivables from currency and interest rate swaps and payables for currency and interest rate swaps respectively, on the balance sheet. Borrowings outstanding from IBRD are summarized below: June 30, 1999 June 30, 1998 Principal Weighted Principal Weighted amount average amount average (US$ millions) cost (%) (US$ miLLions) cost (/o) US dollar $ 187 6.5 $ 198 6.6 Euro 96 7.2 171 7.1) Japanese yen 38 5.7 45 5.8 Swiss franc 27 5.7 37 5.7 Pound sterling 2 8.0 3 8.5 Total borrowings outstanding from IBRD $ 350 $ 454 Effective January 1, 1999 eleven member states of the European Unioni adopted the Euro as their common currency and the European Currency Unit was automatically redenominated into the Euro. The analysis set out above has been recast into Euros. Refer to footnote A, "Summary of significant accounting and related policies" for further explanation. The weighted average maturity of borrowings from IBRD was 11.7 years at June 30, 1999 (11.0 years-June 30, 1998). Undrawn balances on committed borrowings from IBRD at June 30, 1999, were $5 million ($12 million-June 30, 1998). Charges on bor- rowings for the year ended June 30, 1999 includes $28 million (S42 million-year ended June 30, 1998) in respect of IBRD borrowings. The principal amounts repayable on borrowings outstanding in all currencies, gross of any premiums or discounts, during the years end- ing June 30, 2000 through June 30, 2004 and thereafter are summarized below (USS millions): 2000 2001 2002 2003 2004 Thereafter Total Borrowings from market sources $ 1,354 $ 1,838 $ 2,088 $ 2,691 $ 1,606 $ 2,964 $12,541 Borrowings from IBRD 74 62 45 39 36 94 350 Totalborrowings, gross $ 1,428 $ 1,900 $ 2,133 $ 2,730 $ 1,642 $ 3,058 $12,891 After the effect of interest rate and currency swaps, the Corporation's borrowings generally reprice within one year. NOTE H-CAPITAL STOCK On May 4, 1992 the Board of Governors approved a resolution increasinig the authorized capital of the Corporation from $1,300 million to $2,300 million. The resolution allocated $964.9 million for subscriptions by member countries during the subscription period ending August 1, 1999. Members may elect to pay subscriptions in full or by installnients, the last of which is payable on August 1,1999. On December 10, 1992 the Board of Governors of the Corporation approved a resolution selectively increasing IF's authorized capital by $150 million to $2,450 million in order to provide sufficient shares for the full entitlement of the former Soviet Republics and to pro- vide adequate shares for additional requests for existing members. During the vear ended June 30, 1999 10,007 shares were subscribed bv member countries at a par value of $1,000 each (8,84(0- year ended June 30, 1998). A total of $13 million was paid in on account of subscriptions ($108 million-year ended June 30, 1998). NOTE I-INTEREST AND FINANCIAL FEES FROM LOAN AND EQUITY INVESTMENTS Interest and financial fees from loan and equityinv,estments forthe vears ended June 30, 1999 and 1998 comprise the following (US$ millions): 1999 1998 Interest income $ 570 $ 541 Commitment fees 9 1 0 Other financial fees 28 32 Total interest and financial fees $ 607 $ 583 11 S NOTE J-CONTRIBUTIONS TO SPECIAL PROGRAMS From timne to time, the Board of Directors approves recommendations under which the Corporation contributes to special programs, which presently are the Africa Project Development Facility (APDF), the South Pacific Project Facility (SPPF), the Foreign Investment Advisory Service (FIAS), the Enterprise Support Services for Africa (ESSA), and the Mekong Project Development Facility (MPDF). During the year ended June 30, 1999, the Corporation contributed $3.4 million to these facilities ($4.0 million-year ended June 30, 1998). NOTE K-DERIVATIVE FINANCIAL INSTRUMENTS AND CREDIT RISK Derivative financial instruments involve elements of credit and market risk in excess of the amounts recorded on the balance sheet. The 30 contractual or notional amounts of these instruments reflect the extent of the Corporation's involvement in such instruments. Credit risk represents the maximum potential accounting loss due to possible nonperformance by obligors and counterparties under the terms of the contract. Market risk represents the potential loss due to a decrease in the value of a derivative financial instrument caused primarily by changes in interest rates or currency exchange rates. The Corporation's exposure to credit loss in the event of nonperformance by coun- terparties for currency swaps and guarantees is represented by the contractual or notional amounts of these instruments. For interest rate swaps, covered forwards, futures and option contracts, commodity-indexed contracts, interest rate caps and guarantees on swaps, the contractual or notional amounts do not represent exposure to credit loss. The Corporation is highly selective in its choice of counterparties and does not consider nonperformance to represent a significant risk. For derivative financial instruments, the Corporation limits activity to a list of authorized dealers and counterparties. Credit limits have been established for each counterparty by type of instrument and maturity category and collateral agreements have been executed with counter- parties in order to further minimize the Corporation's exposure to credit risk. Under these agreements, the Corporation may accept collat- eral in the form of cash or other approved liquid securities from individual counterparties in order to mitigate its credit exposure. A summary of the aggregate contractual or notional amounts of derivative and other financial instruments is as follows (US$ millions): June 30, 1999 June 30, 1998 Currency swaps Borrowing-related $ 8,869 $ 8,074 Intermediary 72 91 Loan-related 436 357 Deposits and securities-related: For other than trading purposes 3,373 2,948 Total currency swaps $ 12,750 $ 11,470 Interest rate swaps Borrowing-related $ 4,315 $ 3,223 Intermediary 1,072 972 I.oan- related 299 199 1)eposits and securities-related: For other than trading purposes 2,333 1,378 Other 148 245 Total interest rate swaps $ 8,167 $ 6,017 Guarantees to clients Signed $ 256 $ 101 Issued and outstanding 105 58 Other derivative financial instruments Borrowinig-related: Guarantees on swaps $ 155 $ 136 Option contracts 15 39 Intermediary: Guarantees on swaps 21 21 Loan-related: Interest rate caps 7 7 Deposits and securities-related: For trading purposes- Covered forwards 24 28 For other than trading purposes- Covered forwards - 952 Other: Interest rate caps 170 234 Total other derivative financial instruments $ 392 $ 1,417 There was no cash settlement value for the call options or put warrants purchased at June 30, 1999 and June 30, 1998. The off-balance sheet credit exposure, which represents the maximum estimated replacement cost, at market rates, of derivative financial instruments in a gain position, is summarized as follows (US$ millions): June 30, 1999 June 30, 1998 Currency swaps $ 832 $ 996 Interest rate swaps 152 146 Other derivative financial instruments: Deposits and securities-related - For trading purposes 7 - For other than trading purposes - 52 Other 6 3 Total credit exposure $ 997 $ 1,197 The expected maturities of currency swaps, interest rate swaps and other derivative financial instruments during the years ending June 30, 2000 through June 30, 2004 and thereafter are summarized below (US$ millions): 2000 2001 2002 2003 2004 Thereafter Total Currency swaps Borrowing-related: Pay variable US dollars, receive fixed currency $ 1,276 $ 1,799 $ 1,347 S 1,414 $ 564 $ 2,469 S 8,869 Intermediary 15 14 13 12 7 11 72 Loan-related 40 72 104 67 42 111 436 Deposits and securities-related: Receive variable US dollars, pay fixed currency 1,110 707 1,022 344 176 14 3,373 Total currency swaps 2,441 2,592 2,486 1,837 789 2,605 12,750 Interest rate swaps Borrowing-related: Receive fixed US dollars, pay variable US dollars 79 40 741 1,513 1,279 663 4,315 Intermediary 69 163 143 132 85 480 1,072 Loan-related 85 19 29 31 26 109 299 Deposits and securities-related: Receive variable US dollars, pay fixed US dollars 304 424 739 676 150 40 2,333 Other 21 48 30 23 13 13 148 Total interest rate swaps 558 694 1,682 2,375 1,553 1,305 8,167 Other derivative financial instruments 73 164 36 38 18 63 392 Total derivative financial instruments $ 3,072 $ 3,450 $ 4,204 $ 4,250 $ 2,360 $ 3,973 $21,309 NOTE L-ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS Many of the Corporation's financial instruments lack a trading market, characterized as exchanges between willing buyers and sellers. Accordingly, subjective estimates and present value calculations of future cash flows were used to estimate the fair values. Determining future cash flows for fair value estimation is subjective and imprecise, and minor changes in assumptions or methodologies may materially affect the estimated values. The excess or deficit resulting from the difference between the carrying amounts and the fair values presented do not necessarily reflect the realizable values since the Corporation generally holds loans and other financial instruments to maturity with the aim of realizing their recorded values. The estimated fair values reflect the interest rate environments as of June 30, 1999 and June 30, 1998 but not the effects of interest rate fluctuations for any period preceding or following those dates. In different interest rate environments, fair value results can differ signifi- cantly, especially for certain fixed rate financial instruments. Reasonable comparability of fair values among financial institutions is not likely, because of the wide range of permitted valuation techniques and numerous estimates that must be made in the absence of sec- ondary market prices. This lack of objective pricing standards introduces a greater degree of subjectivity and volatility to these derived or estimated fair values. Therefore, while disclosure of estimated fair values of financial instruments is required, readers are cautioned in using this data for purposes of evaluating the financial condition of the Corporation. The fair values of the individual financial instru- ments do not represent the fair value of the Corporation taken as a whole. I'he imethodolo]gies used and kev assumptions maide to estimate fair values as of June 30, 1999 and 1998 are summarized below: Liquid assets-The estimated fair value of the time deposits and the trading and available for sale securities portfolios are based on : quoted market prices and the present value of estimated future cash flows using appropriate discount rates. Derivative financial instruments-Fair values for interest rate and currency swaps were derived by determining the present value of estimated futuLre cash flows using appropriate discount rates. Fair values for covered forwards were derived by using quoted market forward exchange rates. Fair values for commodity-indexed contracts and call options were based on pricing models. Fair value for put warrants was based on quoted market prices. 32 Loan investments and commitments-The Corporation, which extends loans to entities operating in the private sector in its developing member countries, generally has not sold its loans from the portfolio and there is no comparable secondary market. Fair values for fixed rate loans and loan commitments were determined using a discounted cash flow model based on a discount rate comprising the fixed rate loan spread plus the year end estimated cost of funds. Since rates on variable rate loans and loan commitments are generally reset on a quarterly or six monthly basis, the carrying value adjusted for credit risk was determined to be the best estimate of fair value. The Corporation also holds options to convert loans into equity of certain of its investee companies. Fair values of these conversion options are based on quoted market prices or other calculated values of the underlying equity investment. Equity investments-Fair values were determined using market prices where available, put option prices, book values or cost, certain of which were discounted based upon management's estimate of net realizable value. Where market prices were not available or alternate valuation techniques were not practical, cost was determined to be the best estimate of fair value. Management's estimate of fair value takes irito consideration the relative illiquiditv and volatility, as well as the overall business constraints, in the emerging markets in which the Corporation invests. Borrowings and commitments-Fair values were estimated using a discounted cash flow model based on rates representinig the Corporation's estimated year end cost to raise funds with similar terms and remaining maturities. Estimated fair values of the Corporation's financial instruments are summarized below (US$ millions): June 30, 1999 June 30, 1998 Carrying Carrying amount Fair vatue amount Fair vatue Financial assets D)ue from banks $ 54 S 54 S 113 $ 113 I'ime deposits 2,423 2,423 4,354 4,354 Securitics: Irading securities 670 670 434 434 Associated derivative financial instruments- D)erivative assets 24 24 28 28 l)erivative liabilities (24) (24) (28) (28) Net trading portfolio 670 670 434 434 Available for sale securities 8,024 8,024 5,835 5,835 Associated derivative financial instruments- D)erivative assets 3,358 3,358 3,889 3,889 D)erivative liabilities (3,382) (3,382) (3,7102) (3,702) Net available for sale portfolio 8,(00 8,0()() 6,022 6,022 Loan investments 7,733 8,186 6,874 7,0)70 Ecquity investments 2,306 2,716 2,102 2,450 Total investments 10,039 10,902 8,976 9,520 Reserve against losses (1,825) (1,825) (1,522) (1,522) Net loan and equity investmellts 8,214 9,077 7,454 7,998 Intermiiediary currency swaps receivable 72 79 91 91 Loan-rclated currency and interest rate swaps receivable 436 565 357 398 Financial liabilities Market and tBRt) borrowings outstanding $ 12,429 $ 13,386 S 11,162 $ 12,389 Associated derivative financial instruments: Receivables from currency and interest rate swaps (8,399) (9,344) (7,581) (8,677) Payables for currency and interest rate swaps 9,137 9,168 8,540 8,571 Net borrowings outstanding 13,167 13,210 12,121 12,283 Intermediary currency swaps payable 72 79 91 9( Loan-related currency and interest rate swaps payable 396 517 325 363 June 30, 1999 June 30, 1998 ContractualV ContractuaL/ notional notional amount Fair value amount Fair vaLue Other financial instruments Loan commitments $ 2,062 $ 2,078 $ 2,022 $ 2,044 Borrowing commitments 5 5 12 12 Intermediary interest rate swaps, client 536 17 486 20 Intermediary interest rate swaps, counterparty 536 (9) 486 (13) Other interest rate swaps 148 1 245 - Interest rate caps 177 - 241 Guarantees on swaps 176 2 157 (5) NOTE M-CURRENCY POSITION The Corporation conducts its operations for its loans, deposits and securities and borrowings in multiple currencies. The Corporation's policy is to minimize the level of currency risk by closely matching the currency of its assets (other than equity investments and quasi- equity investments) and liabilities by using hedging instruments. The Corporation's equity investments in enterprises located in its developing member countries are typically made in the local currency of the country. As a matter of policy, the Corporation carries the currency risk of equity investments and quasi-equity investments and funds these investments from its capital and retained earnings. The following table summarizes the Corporation's exposure in major currencies at June 30, 1999 and 1998 (US$ millions): June 30, 1999 Japanese Other US do[lar Euro yen currencies Total Assets Liquid assets $ 7,729 $ 1,028 $ 1,948 $ 466 $ 11,171 Securities purchased under resale agreements 198 - - - 198 Loan investments disbursed and outstanding 7,051 549 59 74 7,733 Equity investments disbursed and outstanding - - - 2,306 2,306 Total investments 7,051 549 59 2,380 10,039 Reserve against losses (1,687) (121) (8) (9) (1,825) Net investments 5,364 428 51 2,371 8,214 Receivables from currency and interest rate swaps 3,976 3,069 898 4,323 12,266 Receivables from covered forwards 24 - - - 24 Receivables and other assets 1,222 182 25 154 1,583 Total assets $ 18,513 $ 4,707 $ 2,922 $ 7,314 $ 33,456 Liabilities Borrowings $ 3,979 $ 3,151 $ 935 $ 4,364 $ 12,429 Payables for currency and interest rate swaps 9,205 1,363 1,960 459 12,987 Payables for covered forwards - 22 - 2 24 Other liabilities 1,068 155 1 129 1,353 Securities sold under agreements to repurchase and payable for cash collateral received 1,319 - - - 1,319 Total liabilities $ 15,571 $ 4,691 $ 2,896 $ 4,954 $ 28,112 June 30, 1998 Japanese Other US dollar Euro yen currencies Total Assets Liquid assets $ 6,455 $ 2,149 $ 980 $ 1,153 $ 10,737 Securities purchased under resale agreements 10 - - - 10 Loan investments disbursed and outstanding 6,259 480 55 80 6,874 Equity investments disbursed and outstanding - - - 2,102 2,102 'total investments 6,259 480 55 2,182 8,976 Reserve against losses (1,372) (123) (9) (18) (1,522) Net investments 4,887 357 46 2,164 7,454 Receivables from currency and interest rate swaps 3,630 2,903 874 3,557 10,964 RZeceivables from covered forwards 962 - - 17 979 Receivables and other assets 1,104 169 54 150 1,477 Total assets $ 17,048 $ 5,578 $ 1,954 $ 7,041 $ 31,621 Liabilities Borrowings $ 3,591 $ 3,043 $ 920 $ 3,608 $ 11,162 I'ayables for currency and interest rate swaps 8,343 1,816 829 738 11,726 Payables for covered forwards (15) 507 145 315 952 Other liabilities 718 184 59 243 1,204 Securities sold under agreements to repurchase and payable for cash collateral received 1,492 - - - 1,492 Total liabilities $ 14,129 $ 5,550 $ 1,953 $ 4,904 $ 26,536 Effective January 1, 1999 eleven member states of the European Union adopted the Euro as their common currency and the European Currency Unit was automatically redenominated into the Euro. The analysis set out above has been recast into Euros. Refer to footnote A, "Sunmmary of significant accounting and related policies" for further explanation. NOTE N-SEGMENT REPORTING An analysis of the Corporation's major components of income and expense by business segment for the years ended June 30, 1999 and 1998 is given below (US$ millions): 1999 1998 Client Treasury Client Treasury services services Total services services Total Interest income $ 606 $ 532 $ 1,138 $ 583 $ 550 $ 1,133 Service fees 33 - 33 66 - 66 Income from equity investments 265 - 265 314 - 314 Charges on borrowings (295) (375) (670) (297) (354) (651) Provision for losses on investments (333) - (333) (481) - (481) Administrative expenses (247) (3) (250) (210) (3) (213) Other noninterest income and expense 66 - 66 78 - 78 Net income $ 95 $ 154 $ 249 $ 53 $ 193 $ 246 NOTE O-STAFF RETIREMENT PLAN The World Bank Group has a defined benefit Staff Retirement Plan (SRP) that covers substantially all of the Corporation's staff. The SRP also covers substantially all the staff of IBRD and MIGA. The following table summarizes the benefit costs associated with the SRP allocated to the Corporation, included in income from Staff Retirement Plan, for the years ended June 30, 1999 and 1998 (US$ millions): 1999 1998 Benefit cost Service cost $ (29) $ (26) 35 Interest cost (50) (51) Expected return on plan assets 115 96 Amortization of prior service costs (1) (1) Amortization of unrecognized net gain/loss 27 23 Amortization of transition asset 2 2 Net periodic pension income $ 64 $ 43 The following table summarizes the benefit obligations, plan assets and funded status associated with the SRP for the World Bank Group at June 30,1999 and 1998 (US$ millions): June 30, 1999 June 30, 1998 Benefit obligation Beginning of year $ 5,890 $ 5,516 Service cost 217 213 Interest cost 378 406 Employee contributions 61 58 Benefits paid (231) (206) Actuarial (gain)/loss 168 (97) End of year 6,483 5,890 Fair value of plan assets Beginning of year 9,608 8,613 Employee contributions 61 58 Actual return on assets 788 1,142 Benefits paid (231) (205) End of year 10,226 9,608 Funded status Plan assets in excess of benefit obligation 3,743 3,718 Unrecognized net gain from past experience different from that assumed and from changes in assumptions (2.713) (3,158) Unrecognized prior service cost 50 58 Remaining unrecognized net transition asset (52) (65) End of year $ 1,028 $ 553 Of the $1,028 million prepaid SRP cost at June 30, 1999 ($553 million-June 30, 1998), $133 million is attributable to the Corporation ($69 million-June 30, 1998) and is included in receivables and other assets. The underlying actuarial assumptions used are based on financial market interest rates, past experience and management's best estimate of future benefit changes and economic conditions. Changes in these assumptions will impact future benefit costs and obligations. The weighted average assumptions used in determining expense and benefit obligations are as follows (%): June 30, 1999 June 30, 1998 Discount rate 7.25 6.50 Expected return on plan assets 9.00 9.00 Rate of compensation increase 5.25-11.75 4.50-11.00 The effect of projected compensation levels was calculated based on a scale that provides for a decreasing rate of salary increase depending on age, beginning with 11.75% (11.00%-June 30, 1998) at age 20 and decreasing to 5.25% (4.50%-June 30,1998) at age 64. NOTE P-OTHER POSTRETIREMENT BENEFITS V Other postretirement benefits are also provided for eligible active and retired WNorld Bank Group staff, including those of the Corporation, through a Retired Staff Benefits Plan (RSBP) and a Post Employment Benefits Plan (PBEP). During the year ended June 30, 1998 the Wlorld Bank Group reviewed the status of the RSBP and PBEP accounts and determined that the assets and liabilities did not qualify for off-balance sheet accounting. At June 30, 1998 the assets and liabilities were recorded on IBRD's balance sheet. The Corporation included a receivable from IBRD of 572.0 million in receivables and other assets relating to its share of these postretirement benefits net assets, representing a prepaid postretirement benefits cost, resulting in income to the Corporation for 36 the year ended June 30, 1998 of $45.7 million. Of this amount, $15.9 million related to the cumulative effect of prior periods on retained earnings at June 30, 1997 and has been included in effect of accounting change in the income statement. During the first quarter of fiscal year 1999, the postretirement benefits plans were modified so that some of the assets designated for other postretirement benefits met the requirements for plan assets prescribed under SFAS No. 106, Employers Accounting for Postretirement Benefits Other than Pensions. Accordingly, those plan assets and liabilities were removed from IBRD's balance sheet, and the Corporation's receivable from IBRD was reduced accordingly. At June 30, 1999 the receivable from IBRD included in receivables and other assets was $17.7 million. Expense from the decrease in the Corporation's share of plan net assets, included in increase (decrease) in share of net assets held for postretirement benefits, wgas $0.1 million for the year ended June 30, 1999. NOTE O-SERVICE AND SUPPORT PAYMENTS The Corporation obtains certain administrative and overhead services from IBRD in those areas where common services can be efficiently provided by IBRD. This includes shared costs of the Boards of Governors and Directors, and other services such as communications, inter- nal auditing, administrative support, supplies and insurance. Payments for these services are made by the Corporation to IBRD based on negotiated fees, chargebacks, and allocated charges where chargeback is not feasible. Expenses allocated to the Corporation for the year ended June 30, 1999 were $16.5 million ($14.4 million-year ended June 30, 1998). NOTE R-TRUST FUNDS 'The Corporation uses the services of IBRD to administer funds on behalf of donors which are restricted for specific uses which include technical assistance, feasibility studies and project preparation, global and regional programs and research and training programs. These funds are placed in trust and are not included in the Corporation's assets. The responsibilities of the Corporation are to arrange for ser- vices generally not otherwise provided by it including full project implementation and procurement of goods and services. The distribu- tion of Trust Fund assets by executing agent is as follows (US$ millions): June 30, 1999 June 30, 1998 Total fiduciary Number of Total fiduciary Number of assets active funds assets active funds Executed by the Corporation S 82 365 $ 65 285 Executed by the recipient 7 5 7 4 Total $ 89 370 $ 72 289 37 Investment Portfolio Statement of Cumulative Gross Commitments (by country) Investment Portfolio Summary 1999 Investment Portfolio Cumulative Commitnients CumuLative Commitments Contry, region Number of (US$ thousands) Country, region Number of (US$ thousands) or other are; enterprises IFC Syndications Total or other area enterprises IFC Syndications Total- Afghanistan 1 322 0 322 G,hana 32 210,196 212,000( 422,196 Albania 2 92Y,7() 0 29,7/0( (,reece7 26,006 41,107 67,113 Algeria 3 13,0()(0( 13,000 ( ,reinada I 6,(000( 6,00() Angola 2 2,110 0 2.110 (;uatemala I11 156,375 98,()()0 254,375 Argentin2a 152 2,356,412 2,171,086 4,527,498 Guinea 8 31,676 31,676 Australia 2 9715 0 975 (;uinea 13issau 3 6.X888 0 6,888 Azerbaijan 1) 115,095 100,00() 215,095 ,uvana 2 3,00 0 3,000 Bangladesh 1( 63,894 45,584 109,478 Haiti 1 1,50()( 1,5()( 13arbados 3 8,625 0 8,62; Honduras 7 63,332 79,4()1 142,733 Belarus 1 2,250 () 2,250 f lungary 24 3()9,626 71,42) 381,046 Belize 3 21,500 11,000 32,500 B3eni 6 1,912 0 1,912 India 12() 1,714,287' 463,5()7 2,177,795 Bolivia 16 153,282 36,00() 189,282 Iindotiesia 66 1,()29,456 1,167,623 2,197,()78 Bosnia andillerzegovina 12 66,()61 7,366 73,427 Iran, lslami;icRepublic of 7 34,343 8,193 42,536 13otswana 3 1,876 0 1,876 Israel 1 10,50()( 10,50() L3razil 121 2,564,477 2-194,232 4,758,709 Italv 1 960 () 960 Bulgaria 6 72,000 9,500 8 L,500 BLurkina Faso 5 2,641 0 2,641 Jamaica 13 67,907 48,926 116,833 Burundi 1 5,878 0 5,878 Gordan 17 156,423 72,250) 226,673 C.ameroonl 18 1 77,1 79 374,000 551,179 Kazakhstan 7 145,569 117,917 263,485 CapenVerdc 2 1,9670 0 1,960 Kenya 49 232,134 35,667 267,801 (lhile 35 748,898 398,733 1,147,631 Korea, Republic of 42 475,101 134,738 609,839 Ahina 36 412,048 409,313 821,362 Krgy Republic 40,450 ) 4,450 Aeolombia 50 468,202 294,574 762,777 ongo, lemocratic l2ao People's )emocratic 3 1,917 0 6,917 Republk of 8 49,249 0 49,249 Republic A'ongo, Rbpa blic of 6 115,168 25,00(0 142,168 uatvia 4 49,104 49,1()4 Costa Rica 12 88,581 14,709 103,29, ebanon 23 259,254 196,43(0 455,684 ('roatia 6 102,276 63,091 165,368 I.esotho 2 454 0 454 ayprbs 5 14,307 097 14,904 H6iberia 2 9,203 (1 9,2,73 .zech RepuLblic 1 361,987 241,448 603,435 Lithuuania 4 45,644 (1 45,644 Bote d'lvoire 36 205,424 74,485 279,9(9 IMacedonia, foria1er ( 62,286 25,05(17 87,286 Bominica a a 1 1 760 701 Yugoslavi Republic of l)ominican ReCpublic 11 97,999 74,100 172,099 Nladagascar 1( 46,291 () 46,291 M\alawvi 12 34,948 () 34,948 Ecuador 14 108,860 24,236 133,896 I\salavsia 1 54,909 5,389 60,298 agypt, ArabRepublicof 35 5641,152 171,954 673,106 Maldives 1 6,00 ( 6,0(0 El Salvador 8 63,454 38,50(0 101,954 Mali 12 87,719 40)0(( 127,719 Eritrea 1 940 26940 1 auritania 7 34,276 9,598 43,833 Estonia 7 52,078 52,078 oauritia s 17 1 3,423 98 378,(5522 Ethiopia 4 21,848 1,719 23,568 5,7exico 9K k 2,()5,932 1,676,498 3,682,340 a d6olc6ova 4 23,857 25,6670 48,857 Fihi 7 26,663 2,500 29,163 K ,olugoli c o 1,750 1 1,750 Fhiila 3d 4 1,233 1,915 3,148 Morocco 25 318,613 2(6,232 524,845 C maozan4bi85 14 146,993 74 146,993 (Rpaboi 4 105,249 110,00( 2145,249 Cpambia,r'uhe 8 6,174 0 6,174 NaL ibia 2 12,520 0 12,500 Ceoreia 6 24,105 0 24,105 Nepal 5 68,661 36,009 104,661 O ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~aeona omr7 6,8 5011 8,8 Statement of Cumulative Gross Commitments at June 30, 1999 39 Cumulative Commitments Cumulative Commitments Country, region Number of (US$ thousands) Country, region Number of (US$ thousands) or other area enterprises IFC Syndications Total or other area enterprises IFC Syndications Total Nicaragua 6 17,043 929 17,971 Yemen, Republic of 7 38,352 1,099 39,451 Niger 1 2,267 0 2,267 Nigeria 35 195,655 99,017 294,672 Zambia 22 101,775 24,044 125,820 Zimbabwe 48 279,094 99,0(0 378,094 Oman 3 27,381 57,000 84,381 REGIONAL INVESTMENTS Pacific Islands 1 3,600 0 3,600 Africa 9 54,176 1,940 56,116 Pakistan 76 985,326 555,409 1,540,734 Asia 1() 377,265 0 377,265 Panama 6 100,100 35,000 135,100 Europe 18 168,391 25,000 193,391 Papua New Guinea 2 13,300 0 13,300 Latin America 22 227,768 25,000 252,768 Paraguay 4 15,008 0 15,008 Other* 28 266,291 102,884 369,175 Peru 26 233,507 170,621 404,128 WVorldwide Investments 16 331,322 183,000 514,322 Philippines 59 788,112 507.879 1,295,991 Total 2,264 26,720,783 17,907,055 44,627,838 Poland 40 351,524 118,606 470,130 Portugal 8 51,887 11,000 62,887 Romania 13 129,578 174,042 303,619 Russian Federation 27 381,341 60,000 441,341 Rwanda 2 2,307 0 2,307 St. Lucia 2 9,940 0 9,940 Samoa 3 974 0 974 Senegal 16 74,578 12,213 86,790 Seychelles 6 29,519 2,500 32,019 Sierra Leone 3 25,186 0 25,186 Slovak Republic 4 62,844 0 62,844 Slovenia 11 226,653 54,026 280,680 Somalia 2 1,351 0 1,351 South Africa 20 113,197 15,000 128,197 Spain 5 19,048 1,685 20,733 Sri Lanka 16 59,178 23,672 82,850 Sudan 6 26,511 6,489 32,999 Swaziland 8 38,882 0 38,882 Tajikistan 2 14,843 0 14,843 Tanzania 31 70,663 13,386 84,049 Thailand 51 962,249 1,701,374 2,663,623 Togo 5 12,424 0 12,424 Trinidad and Tobago 6 70,759 205,000 275,759 Tunisia 19 87,741 2,324 90,065 Turkev 98 1,506,235 1,120,785 2,627,020 Note: Cumulative commitments are composed of disbursed and undisursed balances. The undisbursed portion is revaLued at current Uganda 31 68,535 1,588 70,123 exchange rates, while the disbursed portion represents the cost of commitment at the time of disbursement. Excludes risk management Ukraine 3 12,279 0 12,279 and guarantee facilities. Uruguay 9 69,920 20,000 89,920 Uzbekistan 8 27,930 16,250 44,180 * Of this amount, $9.8 million represents investments made at a time when the authorities on Taiwan represented China in International Finance Corporation. The balance represents investments in the Vanuatu 1 5,478 0 5,478 Federal Republic of Yugoslavia (Serbia and Montenegro), which has Venezuela 29 553,006 611,410 1,164,416 not yet completed requirements for membership in IFC, and in West Vietnam 14 160,287 183,375 343,662 Bank and Gaza. 40 June 30, 1999 June 30, 1998 Equity TotaL Loans Equity Total loans Loans (at cost) and equity Loans (at cost) and equity IFC Portfolio Total 9,795 3,122 12,917 8,896 2,552 11,447 Undisbursed balances 2,062 815 2,877 2,022 450 2,472 Disbursed balanices 7,733 2,307 1(0,039 6,874 2,1(02 8,976 Loans and equity held by IFC for Participants Total 8,321 - 8,32] 9,159 - 9,159 Llldisbursed balances 8(07 - 80)7 1,573 - 1,573 t)isbursed balances 7,514 7-514 7,587 7,587 IFC portfolio and loans and equity held for participants Iotal 18,116 3,122 21,238 18,(055 2,55 2 (),607 Undisburscd balanlces 2,870 815 3,685 3,594 45() 4,)44 D)isbursed balaances 15,246 2,307 17,553 14,460 2,102 16,562 Note: TotaLs may differ from the sum of individual figures because of rounding. g',~~~~~~~~~~~~~~~, Sub-Saharan Africa (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity ANGOLA Equador, Empreendimentos Hotels and 'lourism 97 1.5 - 1.5 - 1.5 I-loteleiros e Turisticos Ltda. Fabrica de Bleach Corasol Manufacturing 99 0.6 _ 0.6 - 0.6 Limitada 2.1 2.1 BENIN BankofAfrica Benin (BOAB3) Financial Services 93, 94,95 0.3 - - 0.3 0.3 Equipbail S.A. Financial Services 9; 0.5 - 0.1 0.1 0.2 Societe Beninoise de P&he Food and Agribusiness 92 0.3 - - + + Union Beninoise d'Assurances- Financial Services 96 ().1 - - 0.1 0.1 Vie (UBA VIE) 0.1 0.5 0.6 B OTS WAN A ULC (Proprietary) Limited Financial Services 90, 93 0.8 - - ().8 0.8 (1.8 ().8 BURKINA FASO Ecobank-Burkinia Financial Services 98 0.3 - - 0.3 0.3 Fasomine Ntining and 99 1.5 - 1.0 0.5 1.5 Extraction of Metals and Other Ores Societe G,6nerale de Banques au Financial Services 98 0.4 - 0.4 0.4 Burkina 1.0 1.1 2.1 CAM EROON Alucam-Compagnie Mining and 79 7.9 - - 1.9 (1.9 Camerounaise de l'Aluininium Extraction of Pechinev-Ugin Nletals and Other Ores (Complexe Avicole MXVOG(-BETSI Food and Agribusiness 96 (1.3 0.3 - 0.3 Cotonniere Industrielle du Textiles 86 6.5 4.2 - 4.2 Cameroun (CICANI) Nouvelle 'aninerie du Cameroon Manlufacturing 97 0.9 - 0.7 - (.7 Pecten Cameroon Company Nlining and Extraction 92,96,97,98 131.0 355.8 57.3 - 57.3 of Fuel Mlinerals Societe de Production, de Food and Agribusiness 94, 97 1.5 - 0.3 - (1.3 Collecte, de Transformation et de Conditionnement de L.egumes United Transport Cameroon (U'lC) Infrastructure 94, 97 2.1 _ 0.4 - 0.4 63.2 0.9 64.2 ¾ 0 Sub-Saharan Africa (as of June 30, 1999) 42 Original commitments1 Investments held for IFC2 Fiscal years (miltions of U.S. dollars) (millions of U.S. doltars) commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity CAPE VERDE Empreendirnentos Turisticos Hotels and Tourism 95 1.0 - 0.6 - 0.6 ILimitada (;roxwela (.abo Verde, l.imitada Manufacturing 94 1.0 - 0.3 - 0.3 0.8 0.8 CONGO, DEMOCRATIC REPUBLIC OF (,rands HG6tels du Zaire, S.Z.A.R.L. Hotels and Tourism 85 15.0 - 2.0 - 2.0 Societe'T'cxtile de Kisangani, S.Z.A.R.L.. Textiles 85 8.9 - 5.1 - 5.1 Utexafrica, S.P.R.L. and Usines Textiles 88 13.5 - 7.3 - 7.3 'lextiles Cotonni&es de Kinsha 14.3 14.3 CONGO, REPUBLIC OF Congolaise des Bois Impregnes, S.A. 1'imber, Pulp, 87 2.1 - 1.9 - 1.9 and Paper Energy Africa Haute Mer Mining and Extraction 96 54.8 25.0 8.6 - 8.6 limited of Fuel Minerals 10.5 10.5 COTE D'I'VOIRE Bank of Africa (Cote d'lvoire) Financial Services 99 0.2 - - 0.2 0.2 Banque Atlantique-C6te d'lvoire Financial Services 94, 98, 99 9.5 4.2 6.1 - 6.1 Bereby-Finances S.A. Food and Agribusiness 96 3.0 - - 3.0 3.0 (Cinergy, SA Infrastructure 99 40.5 30.3 40.5 - 40.5 Compagnie Ivoiriennede Infrastructure 95 19.1 - 10.6 1.0 11.6 Production d'Electricite S.A. I)rop Ivoire Food and Agribusiness 99 1.2 - 1.2 - 1.2 Etablissernents It. (Confreville, S.A. Textiles 77, 87 12.0 - - 0.4 0.4 FT(;-Filature et I'issage Textiles 96 - - 0.9 - 0.9 (,onfreville Industrial Promotion Services Financial Services 88 0.8 - - (1.8 0.8 (Cote d Ivoire) Multi-Produits (SOI)IRO) Food and Agribusiness 94 0.4 - 0.1 - 0.1 Multi-Produits S.A. Industrial and 97 0.4 - - 0.4 0.4 Consumer Services Ocean Energy; Inc. Mining and Extraction 93, 95, 97, 98 48.7 - - 48.7 48.7 of Fuel Minerals Omnium Chimique et Cosmetique Food and Agribusiness 87, 94, 97 9.2 - 2.4 2.4 4.7 (COS.M0 IVOIRE) Pechazur,S.A.R.L. Food and Agribusiness 90,93 1.1 - + - + P6tro Ivoire S.A. Industrial and 96 1.1 - 0.5 - 0.5 Consumer Services Societe des Industries Alimentaires Food and Agribusiness 88, 90 4.9 - 1.6 0.4 2.0 et laiti&ees (SIAL.IM) I'exicodi S.A. 'textiles 96 - - 0.6 - 0.6 Iropical Rubber l'imber, Pulp, and Paper 99 3.2 - 3.2 - 3.2 Union Africaine-lARI) Financial Services 97 0.3 - - 0.3 0.3 67.7 57.7 125.4 Sub-Saharan Africa (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (miltions of U.S. dollars) (millions of U.S. doltars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity ERITREA Tesinma Share Company NMotor Vehicles and 98 0.9 - 0.7 0.2 0.9 Components (including iM lotorcycles) 0.7 0.2 0.9 GAMBIA, THE Kombo Beach Hotel Limited Hiotels and Tourism 84, 90 2.8 - 4.8 + 4.8 L.yefish Company Limited Food and Agribusiness 95 0.4 - 0.4 - 0.4 Ndebaan Medi-Services Company Social Services 94 0.2 - 0.2 - 0.2 Limited (Health Care, Education) Radville Cold Stores Limited Food and Agribusiness 94 0.8 - 0.1 - 0.1 5.4 5.4 GHANA Afariwaa Farms and Livestock Food and Agribusiness 94 11.4 - 0.2 - 0.2 Products Limited Alugan Company L.imited Mlining and Extraction of 9( 0.3 - 0.1 - 0.1 XMetals and Other Ores Billiton Bogosu Gold Limited Mlining and Extraction 88,90,91,95 21.2 29.0 11.4 1.7 13.1 of Metals and Other Ores CAI NMerchant Bank Limited Financial Services 90, 91, 93 8.9 - - 0.9 0.9 Combined Farmers Limited Food and Agribusiness 93 (0.4 - 0.3 - 0.3 Dupaul WVood Treatment (Ghana) limber, Pulp, and Paper 95 1.0 - 0.4 - 0.4 Limited Ecobank Ghana Limited Financial Services 93, 97 7.0 - 4.7 - 4.7 Ghana Aluminium Products Mining and Extraction 92 0.4 - - 0.4 0.4 I.imited of Metals and Other Ores Ghana Cement NVorks limited Cement and 94 3.0) - 0.8 - 0.8 Construction Materials Ghana Household Utilities Manufacturing 94 0.6 - 0.1 - 0.1 Manufacturing Company Limited Ghana Leasing Company Limited Financial Services 93, 94 5.8 - 1.0 1.5 2.5 Ghanaian Australian Goldfields M,ining and Extraction 90,92,96,97 27.2 18.5 12.6 2.5 15.2 Limited of Mletals and Other Ores Hotel Investments (Ghana) Hotels and bouristm 91,92 4.2 - 1.4 - 1.4 Limited Network Computer Systems (NCS) Infrastructure 98 0.7 - 0.7 - 0.7 Packrite Cartons and Packaging T'imber, Pulp, and Paper 92 0.6 0.1 - ()1. Industries ltd. Pako Bay Seafoods Limited Food and Agribusiness 97 - - 0.1 0.1 Plantation Resources Limited (PRL) Food and Agribusiness 98 0.5 - 0.1 - 0.1 Primewood Products Limited Timber, Pulp, and Paper 93 1.2 - (1.9 - 0.9 Professional Technical MNotor Vehicles and 98 0.3 - 0.3 - 0.3 Services Limited Components (including Motorcycles ) Shangri-la Hotel Hotels and Tourism 95 0.4 _ 1.1 - 1.1 Tacks Farms l1imited Food and Agribusiness 97 (0.4 - 0.4 - 0.4 Wahome Steel Limited Mining and Extraction 9(1, 93 5.2 _ (.9 0.4 1.3 of Metals and Other Ores 37.2 7.6 44.8 Sub-Saharan Africa (as of June 30, 1999) Original commitments' Investments held for IFC2 44 Fiscal years (millions of U.S. dolLars) (millions of U.S. dollars) in which commitments Total TotaL Equity TotaL loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity GUINEA Agro Investment Company S.A. Food and Agribusiness 98 0.2 - 0.2 - 0.2 Ciments le Cuinee Cement and 94 1.5 - (1.5 (.5 Construction Materials Societ Aurifere de (Cuin6e Mining and Extraction 88 8.3 - 4.6 4.6 of Metals and Other Ores Societe Cooperative Alex Socatrag Motor Vehicles and 99 1.3 - 1.2 1.2 Components (including Motorcvcles) Socidte Guin&nne d'Hdtellcrie Hotels and 'ourism 95,99 4.5 - 3.1 (0.6 3.7 et d'lnvestissements 9.5 0.6 1).1 GUINEA- BISSAU Agribissau, S.A.R.L. Food and 95 0.8 - 0.7 0.1 ().8 Agribusiness 0.7 (1.1 0.8 KENYA AAR Health Services Limited Social Services 98 0.5 - 0(.5 0.5 (Health Care, Education) Allpack Industries l.imited limber, Pulp, and Paper 92, 93 0.4 - (1.4 0.4 Bawan Roses l.imited Food and Agribusiness 95 (.5 - 0.3 (1.3 Capital Fish Kenya limited Food and Agribusiness 95 0.6 - (0.3 - 0.3 Ceres Estates limited Food and Agribusiness 97 0.9 (.9 - (). (:FC Bank limited Financial Services 97 1(.( - 10(.0 - 1().0 l)eras Limited Manufacturing 99 1.0 1 .(0 - 1.0 1)evelopment Bank of Kenya Financial Services 8(0, 84, 98 16.4 - 10.(1 1.3 11.3 Limited I)iamond'Trust of Kenya l.imited Financial Services 82 (.8 - ((.8 0.8 East Africa Reinsuranice Financial Services 94, 99 1.2 - 1.2 1.2 Company Limited Equatorial Beach Properties Hotels and Tourism 86 3.7 - 3.8 - 3.8 L.imited Equitea E(Z Company ltd. Food and Agribusiness 98 0.4 - (0.3 (.1 0.4 Frigoken ltd. Food and Agribusiness 9() 0.1 - (.1 (). I Future Hlotels L.imited Hotels and 'Iourism 93 (.5 - (1.3 - 0.3 Grain Bulk Handlers l.imited Infrastructure 98 1().() - 1(0.0 1 0.() Industrial Promotion Services Financial Services 82 0.5 - 0.5 (1.5 (Kenya) L.imited Industrial Promotion Services Financial Services 87 0.6 0.6 (1.6 (Kenya) Limited * International Hotels (Kenya) Hotels and 'lourism 95 6.0 4.3 4.3 Limited K-Rep Bank l.imited Financial Services 97 1.() - - 1.0 1.0 Kenya Commercial Bank Financial Services 99 3(0.0 - 30.0 - 3(0.0 Kihingo Roses Limited Food and Agribusiness 95 0.5 - (1.4 - 0.4 Landmark Hotel Limited Hotels and 'Tourism 96 ().5 - 0.4 - 0.4 Leather Industries of Kenva Manufacturing 84, 92 1.9 - - (1.6 0.6 L.imited Locland Limited Food and Agribusiness 98 0.6 - (.6 - 0.6 Sub-Saharan Africa (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity The Magadi Soda Company Chemicals and 96 9.0 - 6.6 -6.6 Limited Petrochemicals Makini School Limited Social Services 97 0.5 - 0.5 - 0.5 (Health Care, Education) Malaa Industries Limited Food and Agribusiness 91 0.7 - - 0.2 0.2 Mosi Limited Food and Agribusiness 94 0.3 - 0.1 - 0.1 Multiple Haulers Limited Infrastructure 99 1.0 - 1.0 - 1.0 Novaskins Tannery Ltd. Manufacturing 91 0.1 - - 0.1 0.1 Panafrican Paper Mills (E.A.) Ltd. Timber, Pulp, and Paper 70, 74, 77, 68.5 4.0 25.2 4.5 29.7 79, 81, 88, 90, 94, 96 Premier Foods Industries Ltd. Food and Agribusiness 89 0.1 - - 0.1 0.1 Redhill Flowers (Kenya) Food and Agribusiness 97 0.3 - 0.3 - 0.3 Limited Rift Valley Textiles Limited Textiles 76 9.6 1.3 0.5 - 0.5 TPS Holdings Limited Hotels and Tourism 72 1.6 0.8 - + + Transenergy (Kenya) Limited Infrastructure 99 1.0 - 1.0 - 1.0 Vegpro Kenya Limited Food and Agribusiness 95 0.9 - 0.2 - 0.2 108.0 12.1 120.1 LIBERIA Liberian Bank for Development Financial Services FY66, 77, 84 0.7 _ - 0.1 0.1 and Investment 0.1 0.1 MADAGASCAR Aquaculture de la Mahajamba Food and Agribusiness 92,93, 96 6.4 - 3.5 0.6 4.1 (AQUALMA) BNI-Credit Lyonnais Financial Services 92 2.6 - - 2.6 2.6 Madagascar, S.A. Financiered'InvestissementARO Financial Services 90,91 0.5 - - 0.5 0.5 Grands Hdtels de Madagascar Hotels and Tourism 98 1.1 - 1.0 - 1.0 La Cotonni&e d'Antsirabe Textiles 86, 90 10.7 - 0.1 - 0.1 (COTONA) S.A. Les Pecheries de Nossi Be, S.A. Food and Agribusiness 84, 90 6.3 - 0.7 0.2 0.9 Societe d'Exploitation Hotels and Tourism 95 0.4 - 0.3 - 0.3 H6teliere et Touristique Societ 'Textile de Mahajunga S.A. Textiles 77, 87 15.0 - 1.7 - 1.7 7.2 3.9 11.1 MALAWI Ivy League Developments Ltd. Hotels and Tourism 98 0.3 - 0.3 - 0.3 T/A Ufulu Gardens The Leasing and Finance Financial Services 86, 90 0.2 - - 0.2 0.2 Company of Malawi Limited Maravi Flowers Ltd. Food and Agribusiness 97 0.6 - 0.5 - 0.5 Mwaiwathu Private Hospital Ltd. Social Services 97 0.8 - - 0.8 0.8 (Health Care, Education) Stockbrokers Malawi Limited Financial Services 95 0.1 - - 0.1 0.1 0.8 1.1 1.9 Sub-Saharan Africa (as of June 30, 1999) 46\n Original commitments' Investments held for IFC' FiscaL years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity MALI Grand Ho6tel de Bamako Hotels and Tourism 94 1.0 - 0.5 - 0.5 Grand lHltel 11 I lotels and Tourism 98 1.7 - 1.6 - 1.6 Groupement des Grands Garages Motor Vehicles and 97 0.7 - 0.6 - 0.6 de Barnako Components (including Motorcycles) Randgold Resources Ltd. Mining and Extraction 92, 99 2.0 - - 17.2 17.2 of Metals and Other Ores Socite des Mines de Svama S.A. Mining and Extraction 94, 97 39.5 15.0 19.0 0.5 19.5 of Metals and Other Ores Societe d'Exploitation des Mining and Extraction 95 39.8 25.0 21.0 4.8 25.8 Mines d'Or de Sadiola S.A. of Metals and Other Ores 42.8 22.5 65.3 MAURITANIA Banque Mauritanienne pour le Financial Services 98 14.0 - 14.0 - 14.0 Commerce International (BMCI) Codipal S.A. Food and Agribusiness 97 0.5 - 0.5 - 0.5 G6nerale de Banque de Financial Services 98 4.2 - 4.0 0.2 4.2 Mauritanie pour l'Investissement et le Commerce Mayo Fish S.A. Food and Agribusiness 97 0.3 - 0.2 - 0.2 Societe pour le 'Iraitement et Food and Agribusiness 98 0.7 - 0.7 - 0.7 I'Exportation du Poisson 19.4 0.2 19.6 MAURITIUS Consolidated Steel l.imited Mining and Extraction 92 0.7 - - 0.2 0.2 of Metals and Other Ores Mauritius Fund Limited Financial Services 93 5.0 - - 5.0 5.0 Mauritius Venture Capital Fund Financial Services 96 1.4 - - 1.4 1.4 Limited Socota 'Textile Mills Limited Textiles 87 6.0 - 2.5 - 2.5 Textile Industries Limited Textiles 90 3.1 - 0.5 - 0.5 3.0 6.6 9.6 MOZAM BIQUE Banco Internacional de Financial Services 98 5.0 - - 5.0 5.0 Mocambique, Investimentos-SARL BIM-Investimento Financial Services 99 0.3 - - 0.3 0.3 Bonar Fisheries Holdings LDA Food and Agribusiness 96 0.3 - 0.3 - 0.3 Cahora Bassa Fisheries LDA(CBF) Food and Agribusiness 96 0.2 - 0.2 - 0.2 Companhia Agro Pecuaria de Food and Agribusiness 97 2.0 - 2.0 - 2.0 Mlocambique, Lda Companhia de Pescas da Food and Agribusiness 98 1.0 - 1.0 - 1.0 Zambezia (CPZ) Complexo Turistico Oasis de Hotels and Tourism 98 0.7 - 0.7 - 0.7 Xai-Xai Limitada Hoteis Polana Limitada Hotels and Tourism 93 3.5 - 1.6 - 1.6 lndustrias de Caju Mocita SARL Food and Agribusiness 97 3.0 - 2.6 - 2.6 Joao Jamal & Filhos Limitada Manufacturing 99 0.2 - 0.2 - 0.2 Mozal S.A.R.L. Manufacturing 98 120.0 - 120.0 - 120.0 Rodoviaria da Beira Limitida Infrastructure 99 0.2 - 0.2 - 0.2 128.8 5.3 134.1 Sub-Saharan Africa (as of June 30, 1999) Original commitments1 Investments held for IFC2 Fiscal years (millions of U.S. dollars) (millions of U.S. doLlars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity NAMIBIA Life Office of Namibia Limited Financial Services 98 1.0 _ - 1.0 1.0 Pescanova Holdings of Namibia Food and Agribusiness 95, 97, 98 11.5 - 8.7 - 8.7 Limited 8.7 1.0 9.7 NIGERIA Abuja International Diagnostic Social Services 97 2.5 - 1.8 0.8 2.5 Center (Health Care, Education) Andchristie Company Limited Infrastructure 97 0.2 - 0.2 - 0.2 Ansbby Nigeria Limited Chemicals and 99 0.1 - 0.1 - 0.1 Petrochemicals Arewa Textiles PLC Textiles 64, 67, 92 6.6 0.7 - 0.6 0.6 Bailey Bridges (Nigeria) Infrastructure 96, 99 0.8 - 0.7 - 0.7 Limited Canplas Limited Motor Vehicles and 93 0.6 - 0.3 0.2 0.5 Components (including Motorcycles) Courdeau Catering Nigeria Industrial and 97 0.7 - 0.5 - 0.5 Limited Consumer Services F. Ekesons Brothers Nigeria Infrastructure 97 0.4 - 0.3 - 0.3 Limited Eterna Industries Limited Chemicals and 95 0.9 - 0.9 - 0.9 Petrochemicals Farbest Industries Nigeria Limited Food and Agribusiness 94 0.2 - 0.2 - 0.2 First Securities Discount House Financial Services 93 0.9 - - 0.9 0.9 Ikeja Hotel PLC Hotels and Tourism 81,85, 88 12.3 - - 1.5 1.5 Mid-East Nigeria Limited Manufacturing 96 0.1 - 0.1 - 0.1 Minaj Printers Limited Manufacturing 98 0.5 - 0.5 - 0.5 'I'he Moorhouse Company Limited Hotels and Tourism 98 1.4 - 1.4 - 1.4 Radmed Diagnostic Center Social Services 98 0.3 - 0.3 - 0.3 Limited (Health Care, Education) Stark Industries Limited Timber, Pulp, and Paper 91 0.3 - + - + Tourist Company of Nigeria Hotels and Tourism 94 17.5 - 15.0 2.5 17.5 Limited Trans-Nation Wide Plc. Industrial and 99 0.1 - 0.1 - 0.1 Consumer Services Vinfesen Industries Nigeria Limited Manufacturing 96 1.1 - 1.1 - 1.1 23.4 6.3 29.7 SENEGAL Banque de l'Habitat du Financial Services 80 0.5 - - 0.5 0.5 Snegal, S.A. GTi Dakar Infrastructure 98 15.2 11.5 13.3 1.5 14.9 Industries Chimiques du Fertilizers and 82,88 15.1 - 1.2 - 1.2 Senegal, S.A. Agricultural Chemicals Nouvelles Brasseries Africaines (NBA) Food and Agribusiness 97 1.9 - 1.9 - 1.9 Senegal Tanneries S.A. Manufacturing 98 0.4 - 0.3 - 0.3 Societe d'Exploitation des Food and Agribusiness 96,97, 99 1.3 - 0.7 0.4 1.2 Ressources Thonieres (SERT) Soci&e Financiere d'Equipement Financial Services 94, 96, 97 0.3 - - 0.3 0.3 17.6 2.8 20.3 Sub-Saharan Africa (as of June 30, 1999) 48 Original commitments' Investments held for IFC Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity SEYCHELLES Acajoux Hotel Limited Hotels and Tourism 95 1.0 _ 0.8 - 0.8 Beau Vallon Properties Ltd. Hotels and Tourism 96 3.3 - 2.7 - 2.7 P-R'D lIimited-The Paradise Hotel Hotels and 'Iourism 93 3.8 2.5 1.3 - 1.3 Sea lHarvest (Pty) L.imited Food and Agribusiness 97 1.0 - 0.8 - 0.8 Seychelles International Mercantile Financial Services 99 10.0 - 10.0 - 10.0 Banking Corporation l.imited 15.5 15.5 SIERRA LEONE Sierra Rutile Limited Mining and Extraction 92 10.5 - 2.5 - 2.5 of Metals and Other Ores 2.5 2.5 SOUTH AFRICA African Life Assurance Company Financial Services 95, 96, 99 21.1 - - 18.4 18.4 Limited Carosa Farm (Proprietary) Food and Agribusiness 97 0.5 - 0.3 0.1 0.4 L.imited Credit and Savings Help Bank Financial Services 97, 99 12.5 - 12.0 - 12.0 Lerste River Medical Center Social Services 98 1.0 - - 1.0 1.0 (Health Care, Education) Energy Africa Limited Mining and Extraction 92 - - - 38.0 38.0 of Fuel Minerals Erand Hotel Hotels and Tourism 98 1.3 - 0.8 0.4 1.2 Foxtrot M\eat Processors Food and Agribusiness 99 0.8 - 0.8 - 0.8 (Propriety) Limited (rccn Charcoal (Pty) Ltd. Mining and Extraction 98 1.0 - 0.9 0.1 1.0 of Fuel Minerals lesedi Private Hospital Social Services 98 0.2 - 0.2 - 0.2 (Health Care, Education) New South Africa Pizza Industrial and 99 0.7 - 0.7 - 0.7 Investment Company ltd. Consumer Services Roodepoort Hotel Limited Hotels and Tourism 99 0.4 - 0.4 - 0.4 Sordale (Proprietary) L.imited Food and Agribusiness 98 0.4 - 0.4 - 0.4 t/a Flydrotec South Africa Capital Growth Financial Services 96 20.0 - - 6.8 6.8 Fund South Africa Franchise Equity Financial Services 95 2.1 - - 2.1 2.1 Fund Limited South Africa Private Equity Fund Financial Services 99 35.0 - - 35.0 35.0 Wip Motors (Proprietary) Industrial and 96 0.3 - - 0.3 0.3 L.imited Consumer Services 16.6 102.1 118.7 SWAZILAND Natex Swaziland .imited Textiles 85, 88, 93 12.6 - 6.6 3.7 10.3 Spintex Holdings Swaziland 'Textiles 90 3.7 - - 3.7 3.7 Swazi Paper Mills T.imited Timber, Pulp, and Paper 95 5.0 - 2.9 - 2.9 Swaziland Industrial Financial Services 87,93 3.3 - 0.7 1.0 1.7 I)evelopment Company L.imited The Royal Swaziland Sugar Food and Agribusiness 78, 86 10.0 - - 0.5 0.5 Corporation l,imited 10.2 9.0 19.2 Sub-Saharan Africa (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity TANZANIA Abercrombie & Kent Tanzania Hotels and Tourism 96 0.5 - 0.1 - 0.1 Limited Aqua Ginners Tanzania Ltd. Food and Agribusiness 97 0.8 - 0.7 - 0.7 Blue Bay Company Limited Hotels and Tourism 99 1.5 - 1.5 - 1.5 Continental Flowers Limited Food and Agribusiness 97 0.4 - 0.3 - 0.3 Datel Tanzania Limited Infrastructure 97 2.8 - 2.3 0.5 2.8 Drop of Zanzibar Limited Food and Agribusiness 98 0.4 - 0.4 - 0.4 Eurafrican Bank (Tanzania) Financial Services 96 0.7 - - 0.7 0.7 Limited Horticulture Farms Limited Food and Agribusiness 97 0.8 - 0.7 - 0.7 International House Property Industrial and 97 2.3 - 1.5 0.6 2.1 Limited Consumer Services Jubilee Insurance Company of Financial Services 98 0.3 - - 0.3 0.3 Tanzania Maji Masafi Limited Food and Agribusiness 98 1.0 - 1.0 - 1.0 MIC Tanzania Ltd. Infrastructure 96 1.0 - 0.4 - 0.4 Milcafe Limited Food and Agribusiness 97 0.3 - 0.2 - 0.2 Moshi Leather Industries Manufacturing 95 0.3 - - 0.3 0.3 Limited Mufindi Tea Company Limited Food and Agribusiness 91 1.7 - 0.4 - 0.4 Nomad Safaris (Tanzania) Hotels and Tourism 94 0.1 - 0.1 - 0.1 Limited Pallsons Consumer Industries Food and Agribusiness 97, 99 1.0 - 0.8 - 0.8 Limited Raffia Bags Tanzania Limited Manufacturing 95 0.5 - 0.3 - 0.3 Tanganyika Bus Service Company Infrastructure 94, 96 0.8 - 0.3 - 0.3 Limited Tanganyika Sisal Spinning Food and Agribusiness 90 1.2 - 0.9 - 0.9 Company Limited Tanzania Breeders and Food and Agribusiness 95 1.0 - 0.7 - 0.7 Feedmills Limited Tanzania Breweries Limited Food and Agribusiness 95 6.0 - - 6.0 6.0 Tourism Promotion Services Hlotels and Tourism 94 8.9 - 8.0 0.9 8.9 (Tanzania) Limited Tourism Promotion Services Hotels and Tourism 95,99 1.4 - 1.1 0.2 1.3 (Zanzibar) Limited ULC (Tanzania) Limited Financial Services 97 4.0 - 1.9 0.9 2.8 Zainab Grain Millers Limited Food and Agribusiness 96 1.0 - 0.8 - 0.8 24.4 10.4 34.8 TOGO Togotex International S.A. Textiles 90 1.7 - - 1.7 1.7 1.7 1.7 UGANDA Agro Management (Uganda) Chemicals and 96 1.0 - 0.6 0.4 1.0 Limited Petrochemicals Celtel Limited (formerly Infrastructure 95 5.6 - 2.9 0.6 3.6 Clovergem Celtel Ltd) Clovergem Fish and Foods Food and Agribusiness 93 1.0 - 0.8 - 0.8 Limited Sub-Saharan Africa (as of June 30, 1999) 50 Original commitments' Investments held for IFCI Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Conirad Plaza limited Industrial and 97 1.5 - 1.4 - 1.4 Consumer Services I)evelopnment Finance Company of Financial Services 85, 93 1.0 - - 1.0 1.0 Uganida Limited East African Glass WVorks Manufacturing 96 6.5 - 6.5 - 6.5 (1995) L.imited Executive Investments l.td. Industrial and 98 1.0 - 1.0 - 1.0 Consumer Services (Gomba Fishing Industries l.td. Food and Agribusiness 99 1.4 - 1.4 - 1.4 Jubilee Insuranice Company Financial Services 93 0.1 - - 0.1 0.1 Uganda l.imited Kampala Flower Growers Limited Food and Agribusiness 98 0.5 - 0.5 - 0.5 Kasese Cobalt Company Limited Mining and Extraction 98 19.6 - 16.0 3.6 19.6 of Metals and Other Ores Kiwa Industries Limited Cement and 98 0.3 - 0.3 - 0.3 Construction Materials Metro Hotel l.imited Hotels and Tourism 97 0.4 - 0.4 - 0.4 Mosa Court Apartments Limited Industrial and 98 0.8 - 0.8 - 0.8 Consumer Services Nile Rosts Ltd. Food and Agribusiness 93 0.3 - 0.2 - 0.2 Polypack Limited Manufacturing 95 1.0 - 0.3 - 0.3 Rainbow International School Social Services 95 0.8 - 0.8 - 0.8 Kampala l1imited (Health Care, Education) Rwenzori Properties Limited Industrial and 94 1.0 - 0.5 0.2 0.7 Consumer Services Skav Electronics Mfg (U) Manufacturing 99 0.2 - 0.2 - 0.2 I.imited Skyblue Apart-tHotel Hotels and Tourism 94 0.5 - 0.5 - 0.5 Sugar Corporation of Uganda Food and Agribusiness 84 10.4 - 6.0 - 6.0 Limited 'I'ilda (Uganda) I.imited Food and Agribusiness 99 2.4 - 2.4 - 2.4 Uganda Leasing Company Limited Financial Services 95, 97 2.3 - 1.5 0.3 1.9 White Nile Dairies (U) Limited Food and Agribusiness 99 0.3 - 0.3 - 0.3 45.4 6.2 51.6 ZAM BIA Amaka Cotton Ginneries Limited Food and Agribusiness 99 1.3 - 1.3 - 1.3 Big Five Car Hire Zambia Infrastructure 94 0.6 - 0.5 - 0.5 Limited [rilltech Engineering Limited Mining and Extraction 99 0.1 - 0.2 0.1 0.3 of Metals and Other Ores Fiinance Bank Zambia limited Finiancial Services 97 5.0 - 4.3 - 4.3 Intermarket D)iscount House Financial Services 97 0.5 - - 0.5 0.5 (Zambia) Limited JY Estates Limited Food and Agribusiness 98 0.9 - 0.9 - 0.9 Kafue 'lextile of Zambia Textiles 80, 85 10.5 - 5.7 - 5.7 I.imited Kaila l.odge l.imited Hotels and 'Tourism 95 0.2 - 0.1 - 0.1 National Insurance Company Financial Services 99 0.3 - - 0.3 0.3 (Zambia) Limited Pentire Inivestniriits l.imited Hotels and Tourism 98 0.7 - 0.7 - 0.7 Sub-Saharan Africa (as of June 30, 1999) Original commitments' Investments held for IFC5 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Zambia Bata Shoe Company Manufacturing 72, 73 1.1 1.1 - 0.2 0.2 Limited Zamcell Zambia Ltd. Infrastructure 99 5.1 - 4.5 0.6 5.1 18.2 1.8 20.0 ZIMBABWE A & K Zimbabwe (Private) Hotels and Tourism 95 0.5 - 0.1 - 0.1 Limited Agflora (PVT) Limited Food and Agribusiness 97 0.2 - 0.2 - 0.2 Belvedere Hospital (PVT) Social Services 99 0.2 - - 0.2 0.2 Limited (Health Care, Education) Bitumen Construction Services Industrial and 95 1.1 - 0.4 - 0.4 (Pvt) Ltd. Consumer Services Chimwala Farm (Pvt) Limited Food and Agribusiness 95 0.4 - 0.1 _ 0.1 Chiparawe (Private) Limited Food and Agribusiness 94 0.8 - 0.4 - 0.4 Commercial Bank of Zimbabwe Financial Services 98 27.0 - 20.0 7.0 27.0 Limited First Merchant Bank of Financial Services 91, 98 30.6 15.0 14.6 - 14.6 Zimbabwe Limited FMB Holdings Limited Financial Services 91, 92, 95 3.5 - - 3.5 3.5 Hy-Vel Holdings (Pvt) Ltd. Food and Agribusiness 99 1.3 - 1.3 - 1.3 Interfresh (Private) Limited Food and Agribusiness 94, 96 3.9 - 1.2 0.7 1.9 Isfar (Pvt) Limited Textiles 97 0.1 - 0.1 - 0.1 Itachi Plastics (Pvt) Limited Manufacturing 96 0.4 - 0.3 0.1 0.3 Lowveld Leather (PVT) Limited Manufacturing 97 0.5 - 0.3 0.2 0.5 Mat-tools and Forging Manufacturing 90 0.7 - 0.4 0.3 0.7 (Private) Limited Meikles Consolidated Holdings Hotels and Tourism 92 8.3 - 1.7 - 1.7 (Private) Limited National Merchant Bank of Financial Services 94 5.5 - - 0.2 0.2 Zimbabwe Ltd. Petrozim Line (Pvt.) Ltd. Infrastructure 92 15.5 14.9 2.1 - 2.1 Shagelok Chemicals (PVT) Chemicals and 97 1.0 - 0.9 0.2 1.0 Limited Petrochemicals Stone Holdings (Pty) Ltd. Mining and Extraction 96 1.5 - 1.5 - 1.5 of Metals and Other Ores Trinidad Industries (Private) Manufacturing 97 1.4 - 0.7 0.6 1.3 Limited Venture Capital Company of Financial Services 91 0.6 - - 0.6 0.6 Zimbabwe, Ltd. Victoria Falls Safari Lodge Hotels and Tourism 94 2.8 - 1.4 0.4 1.8 Hotel (Private) Ltd. Wankie Colliery Company Mining and Extraction 81,93 22.0 10.8 3.0 - 3.0 Limited of Fuel Minerals The Zambezi Fund Mauritius Financial Services 97 2.5 - - 2.5 2.5 (Private) Limited Zambezi Safari Lodges Hotels and Tourism 96 1.3 - 1 .) - 1.0 (Private) Limited 51.8 16.4 68.2 Sub-Saharan Africa (as of June 30, 1999) \ 52 Original commitments1 Investments held for IFC2 52 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity REGIONAL African Management Social Services 89 1.4 - - 1.4 1.4 Services Company (Health Care, Education) The Africa Emerging Markets Fund Financial Services 94 7.5 - - 7.5 7.5 AIG C,lobal Investment Company Financial Services 99 0.1 - - 0.1 0.1 (East Alrica) Limited AIG-East Africa Mutual Fund Financial Services 99 7.5 - - 7.5 7.5 Ecobank l'ransnational Financial Services 99 7.5 - 3.8 3.8 7.5 Incorporated Framlington Asset Management Financial Services 99 + - - + + West Africa SA Societe de Promotion et de Financial Services 99 20.0 - 20.0 - 20.0 Participation pour la Cooperation Economique SA. WVest Africa (Growth Fund Financial Services 97 6.3 - - 6.3 6.3 23.8 19.0 42.8 Total for Sub-Saharan Africa 781.3 305.6 1,086.8 Asia and the Pacific (as of June 30, 1999) Original commitments' Investments held for IFC' Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity BANGLADESH Delta BRAC Housing Finance Financial Services 98 (0.7 - - 0.7 0.7 Corporation Ltd. Dynamic 'Textile Industries l1imited 'Textiles 92 2.5 2.0 1.9 - 1.9 Industrial Development Leasing Financial Services 85, 96 3.2 - - 0.1 0.1 Company of Bangladesh Limited Industrial Promotion and Financial Services 82,99 11.1 _ 10.0 1.1 11.1 Development Company of Bangladesh Limited Khulna Power Company Limited InfrastructIre 99 22.5 29.4 22.5 - 22.5 34.4 1.9 36.3 CHINA Beijing Hormel Foods Company Food and Agribusiness 97 5.5 5.5 4.6 0.5 5.1 Limited Caltex Ocean Gas & Energy Oil Rcfining 99 21.01 45.0 21.0 - 21.0 L-imited Chengdu Huarong Chemical Chemicals and 99 3.2 - - 3.2 3.2 Company l.imited Petrochemicals Chengxin International Credit Financial Services 99 0.4 - - 0.4 0.4 Ratings Limited China Dynamic Growth Fund l..P. Financial Services 94 12.4 - - 12.4 12.4 China Walden Management Financial Services 94 + - - + + L.imited China Walden Venture Financial Services 94 7.5 - - 6.0 6.0 Investments Limited CIG Port Holdings l.imited Infrastructure 99 1.5 - - 1.5 1.5 Dalian Float Glass Company Manufacturing 95 32.9 30.5 20.5 2.4 22.9 Limited DuPont Suzhou Polyester Co. Ltd. Textiles 96 29.1 52.0 21.8 4.1 26.0 Hiansom Investment Limited Infrastructure 99 16.1 - - 16.1 16.1 lingyang Cement Co. Ltd. Cement and 97 40.0 1(0.0 40.1) - 40.0 (Construction Materials Leshan Zhen ling Leather Textiles 99 2.0 - - 2.( 2.0 Product Company Limited Nanjing Kumho Tire Co. Ltd. Motor Vehicles and 96 19.8 45.5 15.0 3.8 18.8 Components (including Motorcycles) Newbridge Investment Partners, l..P. Financial Services 95 10.0 - 7.2 7.2 Ningbo 'raihang Agricultural Food and Agribusiness 98 2.0 - - 2.0 2.0 Products Co. L.td. Orient Finance (Company Financial Services 97 10.0 20.0 13.3 - 13.3 Pacific Ports Company Limited Infrastructure 92 - - - 3.6 3.6 Plantation Timber Products 'I'imber, Pulp, and Paper 99 12.6 25.4 12.6 - 12.6 (Hubei) Limited Plantation Timber Products Timber, Pulp, and Paper 96, 98 15.2 2().11 11.2 1.0 12.2 (Leshan) t.imited Scana Leshan Mlachinery Co., L.td. Mlining and Extraction 99 7.4 - 6.1 1.4 7.4 of Metals and Other Ores Shanighai Hormed Foods Co. l.td.** Food and Agribusiness 98 - _ 2.8 - 2.8 Shenzhen China Bicycles Manutifacturing 88, 92, 94 20.9 - 8.5 3.4 11.9 Company (Holdings) L.imited Asia and the Pacific (as of June 30, 1999) Originat commitments' Investments held for IF2 54 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Shenzhen Tai-Yang PCCP Company Cement and 93 5.0 - 3.8 1.0 4.7 Limited Construction Materials Suzhou Huasu Plastics Co., Ltd. Chemicals and 97 24.5 22.2 22.0 2.5 24.5 Petrochemicals 'I'ianjin Kumho Tire Co. I.td. Motor Vehicles and 97 11.2 33.0 11.2 - 11.2 Components (including Motorcycles) W'eihai Weidongri Comprehensive Food and Agribusiness 96 4.5 5.2 3.8 - 3.8 Foodstuff Co., Ltd. W uhan Iiternational Container Infrastructure 99 5.0 5.0 5.0 - 5.0 Transshipment Company Limited Yantai Mitsubishi Cement Cement and 93 30.7 - 13.5 2.0 15.5 (:ompany Limited Construction Materials 236.7 76.4 313.1 FIJI HLilIview Limited Hotels and 'ourism 99 3.9 _ 3.9 - 3.9 Solander (Pacific) Ltd. Food and Agribusiness 97 0.3 - 0.2 - 0.2 4.1 4.1 INDIA I'he Ahbnedabad Electricity Infrastructure 89 20.8 - 9.2 - 9.2 Company Limited [he Arvind Mills Limited 'lextiles 92, 93 20.9 - - 17.1 17.1 Asian Electronics Ltd. (AEL) Manufacttiring 98 5.5 - - 5.5 5.5 Bihar Sponge Iron l.td. Mining and Extraction 85, 91 15.9 - 12.0 0.7 12.7 of Metals and Other Ores CEATF Financial Services ltd. Financial Services 97 20.0 - 20.0 - 20(.0 Centurion Bank Limited Financial Services 95 3.9 - - 3.9 3.9 CESC Limited Infrastructure 91, 93 54.7 67.( 39.1 - 39.1 Chowgule Steamships Itd. Infrastructure 95 19.2 26.4 12.6 4.6 17.2 Citv Mills (IPrivate) Ltd. 'I'extiles 87 0.7 - 0.5 - 0.5 Creditcapital Asset Management Financial Services 94 0.3 - - (1.3 (1.3 Company Limited o)lEF Cement Limited Cement and 94 19.4 17.0 7.7 4.9 12.6 Construction Materials 1)uncan Glleneagles Hospitals Social Services 98 7.0 - 7.0 - 7.0 I.imited (Health Care, Education) Eurolight Electricals Pvt. Ltd. Manufacturing 98 + - - + + Export-Import Bank of India Financial Services 95 25.0 - 18.2 - 18.2 (,E Capital 'Iransportation Financial Services 95 20.0 - 8.8 5.( 13.8 Financial Services Ltd. CKN Invel 'T ransmissions Motor Vehicles and 88, 95 1.4 - - 1.4 1.4 Limited Components (including Motorcycles) Global 'rust Bank limited Financial Services 94, 98 13.2 - 10.0 3.2 13.2 The Great Eastern Shipping Infrastructure 87, 93, 94 28.9 11.3 - 11.8 1. .8 Company l.imited Gujarat Ambuja Cements Ltd. Cement and 94 25.8 - - 8.2 8.2 Construction Materials Gujarat State Fertilizers & Chemicals and 89, 92 37.4 - 2.1 - 2.1 Chemicals l.imited Petrochemicals (;VK Industries Ltd. Infrastructure 92, 96 37.5 38.8 26.7 7.5 34.1 Asia and the Pacific (as of June 30, 1999) Original commitments' Investments held for IFCI Fiscal years (miLlions of U.S. dollars) (millions of U.S. dollars) in whichX commitments Total Total Equity Total loans Country, region or other area, and obLigor Sector were made IFC syndications Loans (at cost) and equity Henkel SPIC India Ltd. NManufacturing 91, 95 1.9 - _ 1.9 1.9 Herdillia Oxides and Chemicals and 91 0.3 - - 0.3 0.3 Electronics Limited Petrochemicals Hindustan Motors Limited Motor Vehicles and 87 15.3 - 2.8 - 2.8 Components (including Motorcycles) Housing Development Finance Financial Services 78,87,91,93 47.8 60.0 40.0 2.3 42.3 Corporation Limited IFGL Refractories Limited Mining and Extraction 92, 94 1.1 - - 0.3 0.3 of Metals and Other Ores IL&FS Venture Corporation Financial Services 93,95 1.0 - - 1.0 1.0 Limited The India Auto Ancillary Fund Financial Services 92 6.5 - - 6.5 6.5 The India Direct Fund, L.P. Financial Services 96 7.5 - - 7.5 7.5 India Equipment Leasing Ltd. Financial Services 86, 93, 94, 95 3.8 - 0.4 - 0.4 India Lease Development Financial Services 86, 91, 95 4.6 - 0.4 0.9 1.3 Limited Indo Rama Synthetics Ltd. Textiles 92, 94, 96 56.8 - 18.8 12.0 30.7 Indus Investments Mauritius Financial Services 96 + - - + + Limited Indus Venture Capital Fund I Financial Services 92 1.0 - - 1.0 1.0 Indus Venture Investments Financial Services 96 5.0 - - 5.0 5.0 Limited Indus Venture Management Financial Services 92 + - - + + Limited Information Technology Fund Financial Services 94 0.6 - - 0.6 0.6 Infrastructure Development Financial Services 98 15.5 - - 15.5 15.5 Finance Company Limited Infrastructure Leasing & Financial Services 91,93,95,99 48.0 - 18.8 8.0 26.8 Financial Services Limited Ispat Industries Limited Mining and Extraction 92, 95, 97 62.9 - 30.4 15.4 45.8 of Metals and Other Ores ITW Signode India Limited Nlining and Extraction 82, 86, 87, 4.5 - - 1.5 1.5 of Metals and Other Ores 91,93, 96 J.M. Share & Stock Brokers Financial Services 90, 95 2.4 - - 1.2 1.2 Limited Mahindra & Mahindra Ltd. Motor Vehicles and 81, 90,93 28.8 - 0.2 6.5 6.7 Components (including Motorcycles) Mahindra Ugine Steel Company Ltd. Mining and Extraction 64, 75, 79,90 14.2 0.1 - 1.1 1.1 of Metals and Other Ores Moser Baer India Limited Manufacturing 96, 99 33.2 - 19.7 10.1 29.8 N B Footwear Ltd. Manufacturing 87 0.5 - 0.2 - 0.2 Nicco Uco Financial Services Ltd. Financial Services 93,96,97,98 8.5 5.0 6.1 0.5 6.6 NSL Limited Mining and Extraction 82 1.4 - - 0.1 0.1 of Metals and Other Ores Owens-Corning (India) Ltd. Manufacturing 97 25.0 - 25.0 - 25.() Prism Cement Limited Cement and 95 20.0 15.0 14.1 5.0 19.1 Construction Materials Rain Calcining Limited Oil Refining 96 24.7 - 19.3 5.5 24.7 RPG Communications Holdings Ltd Infrastructure 96, 98 11.2 _ - 11.2 11.2 Asia and the Pacific (as of June 30, 1999) 56 Original commitments' Investments held for IFmC Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) _ ~~~~~~~~~~~~~~~~~~~~~~~in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity SKF Bearings India Limited Manufacturing 92 11.5 - 2.9 - 2.9 South Asian Regional Apex Fund Financial Services 96 6.1 - - 6.1 6.1 SREI International Finance Limited Financial Services 98 18.0 - 15.0 3.0 18.0 Steucrung Anlage Pvt. Ltd. Manufacturing 98 0.1 - - 0.1 0.1 Switching Technologies Gunther Ltd. M^lanufacturing 87 1.0 - 0.3 - 0.3 Tan India lIimited Chemicals and 87 0.5 - + - + Petrochemicals 'lata Electric Companies Infrastructure 90, 91,94 130.6 - 24.4 24.4 'I'he Tata Iron and Steel Mining and Extraction 81, 86, 89, 98.4 16.7 1.5 15.4 16.9 Company limited of Metals and Other Ores 93, 94 'lata Telecom Ltd. Manufacturing 89, 90, 92 0.6 - - 0.1 0.1 'Taurus 'I'he Starshare Financial Services 94 7.2 - - 7.2 7.2 TCW/ICICI India Private Equity Financial Services 98 10.0 - - 10.0 1().0 Fund, L..L.C. T'echnology L)evelopment and Financial Services 91 2.1 - - 1.2 1.2 Information Company of India Limited Titan Industries Limited Manufacturing 87, 89, 90, 93 20.9 - 0.3 1.0 1.4 l'riveni Engineering & Mining and Extraction 91, 93 1.1 - - 1.1 1.1 Industries Ltd. of Fuel Minerals 20th Century Finance Financial Services 93, 97 23.0 8.0 11.7 0.8 12.5 Corporation l.td. UC(AL Fuel Systems Limited Motor Vehicles and 9( 0.6 - - 0.6 0.6 Components (including Motorcycles) United Riceland Limited Food and Agribusiness 96 10.0 - 10.0 - 10.( Varun Shipping Company Limited Infrastructure 91, 96 22.4 6.0 - 1.3 1.3 Walden-N!\ikko Holdings, l.DC Financial Services 98 + - - + + Walden-)Nikko India Ventures Financial Services 98 5.0 - - 5.0 5.0 Company, LDC Zurich India Quantum Growth Financial Services 94 2.4 - - 2.4 2.4 Fund 436.0 250.3 686.3 INDONESIA PT. ABS Finance Indonesia Financial Services 95 1.3 - - 1.3 1.3 (formerly PT lCitimas Capital) PT. AdeS Alfindo PutrasetiaTbk. Food andAgribusiness 98 13.8 19.7 10.3 3.5 13.8 P.T. Agro Muko Food and Agribusiness 91 12.7 - 1.3 2.2 3.5 PT. Alunsindo Light Metal Industry Maniufacturing 97 15.0 20.0 18.2 - 18.2 P.'. Argo Pantes Tbk. Textiles 91 43.0 53.0 9.4 13.0 22.4 P T. Asia Wisata Promosindo Hotels and Tourism 94 - - 2.0 - 2.0 P T. Astra Graphia Industrial and 97 2.5 - - 2.0 2.0 Consumer Services PT. Astra International, 'bk. Motor Vehicles and 90,91,94 33.3 - - 12.2 12.2 Components (including Motorcycles) P T. Astra Otoparts ''bk. Motor Vehicles and 97 - 1.1 1.1 Components (including Motorcvcles) P.T. Asuransi Jiwa Dharniala Financial Services 88 0.3 _ - 0.3 0.3 Manulife Asia and the Pacific (as of June 30, 1999) Original commitments1 Investments held for IFC5 Fiscal years (millions of U.S. dolLars) (millions of U.S. dollars) in which commitments Total Total Equity TotaL loans Country, region or other area, and obtigor Sector were made IFC syndications Loans (at cost) and equity P.T. Bakrie Pipe Industries NManufacturing 95 29.5 - 26.6 - 26.6 P.T. Bank NISP Financial Services 98 10.0 - 10.0 - 10.0 P.I. BBI Dharmala Finance Financial Services 93,96 20.0 35.0 15.1 - 15.1 P.T. Berlian Laju Tanker tbk Infrastructure 98 42.0 68.0 22.0 20.0 42.0 P.T. Bunas Finance IndonesiaTbk. Financial Services 95 10.0 6.0 5.5 - 5.5 P.T. Dharmala Agrifood Food and Agribusiness 96 20.0 10.0 20.0 - 20.0 PT. Grahawvita Santika Hotels and Tourism 96 - - 5.0 - 5.0 P.T. Hotel Santika Nusaiaya Flotels and Tourism 96 11.8 - 3.8 - 3.8 P.T. Indonesia Asahi Chemical 'extiles 92 5.8 - - 1.8 1.8 Industry PT. Indorama Synthetics Textiles 92, 90, 91, 99.2 67.5 55.3 12.2 67.5 95, 99 P.'l. Kalimantan Sanggar Pusaka Food and Agribusiness 97 35.0 6.0 20.0 15.0 35.0 (KSP) and Subsidiaries P.T. Karabha Unggul Industrial and 97 - - - 10.4 10.4 Consumer Services PT. KDLC BancBali Finance Financial Services 94 16.1 - 2.7 1.1 3.8 P.T. KIA Keramik Mas Cement and 92, 94, 96 31.0 63.5 17.2 9.1 26.3 C.onstruction Materials P.T. KIA Serpih Mas Cement and 95 21.4 55.0 15.0 6.3 21.4 Construction Materials P.T. Megaplast Jayacitra Manufacturing 99 14.0 - 11.5 2.5 14.0 P.T. Nusantara Tropical Fruit Food and Agribusiness 93 8.6 6.7 3.2 - 3.2 P.T. Pama Ventura Indonesia Financial Services 94 0.7 - - 0.7 0.7 P.T. Panin Overseas Finance Tbk. Financial Services 96 7.9 8.0 5.1 1.9 7.1 PT. Pramindo Ikat Nusantara Infrastructure 97 58.2 70.0 50.0 8.2 58.2 P.T. Rimba Partikel Indonesia Timber, Pulp, and Paper 92 10.5 10.0 5.4 0.6 6.0 P.T. Samudera Indonesia Infrastructure 93 17.0 3.0 0.8 5.0 5.8 P.T. Saripuri Permai Hotel Hotels and Tourism 94 8.0 24.0 5.8 - 5.8 P.T. Saseka Gelora Finance Financial Services 82, 85,94 1.9 - - 0.4 0.4 PTr. Sayap Mas Utama Nlanufacturing 98 10.0 20.0 10.0 - 10.0 P.T. Semen Andalas Indonesia Cement and 80, 88 33.5 28.5 7.5 10.0 17.5 Construction Materials P.T. South Pacific Viscose Textiles 93, 96 45.0 60.0 30.5 - 30.5 PT. Swadharma Kerry Satva Hotels and Tourism 92 35.0 51.0 17.1 - 17.1 P.T. Wings Surya Manufacturing 98 8.7 21.3 8.7 - 8.7 Prudential Asia Indonesia Trust Financial Services 94 6.8 - - 4.8 4.8 SEAVI Indonesia Aruba AVA. Financial Services 93 1.5 - - 1.4 1.4 415.0 147.2 562.2 KOREA, REPUBLIC OF Dae Chang Industrial Co. Itd. Manufacturinig 99 22.4 9.8 15.3 7.1 22.4 Good Morning Securities Co., Ltd. Financial Services 99 20.3 - 20.3 - 20.3 Halim & Co., Ltd. Food and Agribusiness 99 20.0 - 14.0 6.0 20.0 Hana Bank Financial Services 71, 74, 76, 93.5 80.0 50.0 16.6 66.6 79, 80, 82, 85, 89,91, 94, 97, 98, 99 lljin Industries Co., Ltd. Manufacturing 99 15.0 - 9.0 6.0 15.0 Asia and the Pacific i (as of June 30, 1999) Original commitments' Investments heLd for IFC2 58 Fiscal years (milLions of U.S. doLlars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Kookmnin Bank Financial Services 68, 74, 76, 65.3 8.9 25.0 15.1 40.1 77, 78, 80, 90, 94, 98 Korea Asset Capital Matnagement Financial Services 99 0.6 - - 0.6 0.6 (Co., Ltd. Korea I)evelopment l.easing Financial Services 77,79,87,90 6.8 10.0 - 1.2 1.2 Corporation Sam Kwang Chemical Company l.td. Chemicals and 85 0.1 - 0.1 0.1 Petrochemicals SEI-Asset Korea (Asset Korea Financial Services 99 7.4 - - 7.4 7.4 Capital Management Co., Ltd., the "Company") Seoshin Electronics Company Ltd. Manufacturing 85 0.3 - - 0.3 0.3 Shinmoorim Paper Mfg. Co., Ltd. T'imber, Pulp, and Paper 99 40.0 8.0 25.0 15.0 4(0.0 158.6 75.4 234.0 LAO PEOPLE'S DEMOCRATIC REPUBLIC Belmont Hotel Investments Hotels and Tourism 98 1.0 - 1.0 - 1.0 (Laos) L,imited Burapha Agro-Forestry Co. L.td. 'I'imber, Pulp, and Paper 99 0.8 - 0.8 - 0.8 Eindeavour Embroidery Co. Ltd. Textiles 99 0.1 - 0.1 - 0.1 1.9 1.9 MALAYSIA Malaysian Ventures (Two) Sdn Bhd. Financial Services 92 1.0 - - 0.6 0.6 Malaysian Ventures Management Financial Services 92 + - + + Incorporated Sdn. Bhd. II SEAVI Project-Malaysian Financial Services 85 0.8 - - + + Ventures Berhad Twenty-First Century Chemicals and 90 5.2 3.4 3.7 - 3.7 Oleochemicals Sdn. Bhd. Petrochemicals 3.7 0.6 4.3 MALDIVES Villa Shipping and 'l'rading Hotels and Tourism 96 6.0 - 4.8 - 4.8 Company Pte. l.td. 4.8 4.8 MONGOLIA (,&Mv Industrial L.td. Textiles 97 1.3 - 1.1 0.2 1.3 1.1 0.2 1.3 NEPAL Bhote Koshi Power Company Infrastructure 98 24.0 36.0 21.0 3.0 24.0 Private l.imited Himal Power Limited Infrastructure 96 31.8 - 31.8 - 31.8 jomsom Mountain Resort (Pvt.) L.td. Hotels and Tourism 98 4.0 - 4.0 - 4.0 Soaltee Hotel l.imited Hotels and Tourism 75, 93 3.9 - - 0.4 0.4 56.8 3.4 60.2 PACIFIC ISLANDS Kula Fund l.imited Financial Services 98 3.6 - - 3.6 3.6 3.6 3.6 Asia and the Pacific (as of June 30, 1999) Original commitments' Investments held for IFC2 FiscaL years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity TotaL loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity PAPUA NEW GUINEA PIIF Masurina Ltd Food and Agribusiness 97 0.3 - 0.1 - 0.1 0.1 0.1 PHILIPPINES All Asia Capital Growth Financial Services 96 4.0 - - 4.0 4.0 Ventures BVI-1, Ltd. All Asia Capital Managers, Inc. Financial Services 96 + - - + + All Asia Capital Trust Financial Services 80, 83, 89, 32.3 5.0 20.4 2.7 23.1 Corporation 90, 95 Asian Ventures Ltd. Financial Services 96 + - - + + Avantex Mill Corporation 'Textiles 91 13.2 - 5.6 2.0 7.6 Bacnotan Cement Corporation Cement and 93 23.6 - 3.5 5.6 9.1 Construction Materials Far East Bank and Trust Co. Financial Services 92,98,99 85.0 5(.0 70.0 15.0 85.0 General Milling Corporation Food and Agribusiness 79,90 5.7 - - 1.7 1.7 Hambrecht & Philippine Venture-111 Financial Services 99 7.5 - - 7.5 7.5 Hambrecht & Quist Philippine Financial Services 89 2.3 - - 1.2 1.2 Ventures Hambrecht & Quist Philippine Financial Services 94 2.5 - - 2.5 2.5 Ventures-11 Hopewell Power (Philippines) Infrastructure 93 70.0 11.0 48.0 10.0 58.0 Corporation Manila Electric Company Infrastructure 67, 89 34.3 3.0 6.6 - 6.6 Maria Cristina Chemical Mining and Extraction 74,79 2.2 - - 0.4 0.4 Industries, Inc. of Metals and Other Ores Marsman-Drysdale Agribusiness Food and Agribusiness 99 15.0 10.( 15.0 - 15.0 Holdings, Inc. Northern Mindanao Power Infrastructure 92,93 16.8 21.0 - 4.3 4.3 Corporation Pangasinan Electric Infrastructure 96 47.5 196.0 30.0 17.5 47.5 Corporation Philippine Long Distance Infrastructure 70, 87, 88, 86.6 37.4 8.7 - 8.7 Telephone Company 90 Pilipinas Shell Petroleum Oil Refining 93 38.8 65.9 10.6 - 10.6 Corporation Pryce Gases Incorporated Industrial and 99 13.0 5.0 13.0 - 13.0 Consumer Services Thomson Ratings Philippines Financial Services 99 + - - + + United Pulp and Paper Company, Inc. Timber, Pulp, and Paper 99 30.0 - 30.0 - 30.0 Walden AB Ayala Management Financial Services 95 0.1 - - 0.1 0.1 Co., Inc. WValden AB Ayala Ventures Co., Inc. Financial Services 95 3.8 - - 3.8 3.8 261.4 78.4 339.8 SAMOA Le Ufi Sa Village Hotels and Tourism 96 0.2 - - 0.2 0.2 MedCen Samoa Ltd. Social Services 98 0.5 - 0.5 - 0.5 (Health Care, Education) Wilex Cocoa and Coconut Food and Agribusiness 97 0.3 - 0.3 - 0.3 Products Limited 0.8 0.2 0.9 Asia and the Pacific (as of June 30, 1999) 60 Original commitments' Investments held for IFC2 FiscaL years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity SRI LANKA Aitken Spence & C(o., Ltd. Hotels and Tourism 99 2.7 2.7 2.7 Asia Power (Private) Limited Infrastructure 97 12.3 10.0 1.0 2.3 12.3 CKN Fund Managenment (Pvt.) Ltd. Financial Services 92 0.1 _ - 0.1 (0.1 Lanka Orix L.easing Company Financial Services 92, 80, 84, 4.1 _ 3.0 0.3 3.3 Limited 85, 97 Mercan,tile Leasing Limited Financial Services 99 1.8 1.8 - 1.8 Nations Trust Bank Fiinancial Services 99 1.1 - 1.1 1.1 Packages Lanka (Private) 'I'imber, Pulp, and Paper 97 1.1 _ _ 1.1 1.1 Limited Pyramid Unit Trust Finiancial Services 92 0.3 0 - ().3 (1.3 Taj lanka Hotels Limited Hotels and Tourism 81 8.4 10.2 - 0.6 0.6 Union Assurance L.imited Financial Services 88, 95 1.0 - - 1.( 1.( 14.8 9.4 24.2 THAILAND Advance Agro Plantation 'I'imber, Pulp, and Paper 94 10.0 - 10.( - 10.( Company Limited Ayudhya Development Leasing Fiinancial Services 92,93,96,98 12.4 - 10.( 2.4 12.4 Co. l:d. Bangkok Mass 'Iransit System Infrastructure 97, 99 99.7 - 89.8 9.8 99.7 Public Company Limited Bumrungrad Medical Center Social Services 94 27.2 35.0 25.0 2.2 27.2 Company Limited (Health Care, Education) Central Plaza Hotel Companiy Hotels and Tourism 93 13.9 - - 13.9 13.9 Limited Central Sukhontha Company Hotels and Tourism 93 7.0) 1.4 - 1.4 Limited Chao Khun Agro Products Food and Agribusiness 94 0.4 - - 0.4 0.4 Company limited [)hana Siam Finance and Securities Finianlcial Services 94 30.0 - 2(0.4 - 2(1.4 Public Company Limited Finance One Public Company Financial Services 95 30(.( 147.9 30.0 - 30.0 Limited HMC Polymers Company l.imited Chemicals and 88, 96 18.9 11.0 (0.4 3.9 4.3 Petrochemicals KrungTlthai IBj Leasing Company Financial Services 92 (1.4 - - (1.4 0.4 t.imited lIadprao General Hospital Social Services 90 0.3 _ - 0.3 0.3 Company Ltd. (Health Care, Education) National Finance and Securities Finianicial Services 96 3(0.0 19().() 22.5 - 22.5 Public Company Limited Peroxythai Limited Chemicals and 89 10.7 - 4.0 - 4.0 Petrochemicals Saha Farnms Company Ltd. Food and Agribusiness 96 44.9 25.0 35.0 9.9 44.9 The Samui Beach Company Hotels and 'Tourism 93 8.0 - 2.1 - 2.1 SEAVI Project Financial Services 85, 91 1.5 _ - 1.5 1.5 Seavi Thailand Venture Financial Services 91 + _ - + + Management Ltd. Shin Ho Paper (T'hailand) Timber, Pulp, and Paper 92, 95 29.5 34.0 8.3 7.5 15.8 Company Limited Siam Asahi 'rechnoglass Co. Ltd. Manufacturing 9() 7.7 - - 7.7 7.7 Asia and the Pacific (as of June 30, 1999) Original commitments' Investments heLd for IFC' 61 Fiscal years (miLlions of U.S. dollars) (miLlions of U.S. dollars) | ~~~~~~~~~~in which commitments TotaL Total Equity Total Loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Siam City Cement Co. Ltd. Cement and 79, 81, 85, 59.4 152.0 30.0 - 30.0 Construction Materials 87, 92 Star Petroleum Refining Oil Refining 94 100.0 350.0 86.6 - 86.6 Company, Limited Thai Baroda Industries Limited Textiles 93 0.8 - - 0.8 0.8 Thai Petrochemical Industry Chemicals and 97 96.7 383.3 96.7 - 96.7 Public Company Limited Petrochemicals Top Easy Company Ltd. Manufacturing 90 0.2 - - 0.2 0.2 Tuntex Petrochemicals (Thailand) Chemicals and 94 24.9 137.5 11.3 4.9 16.2 Public Company Limited Petrochemicals United Palm Oil Industry Food and Agribusiness 95 - - - 1.1 1.1 Public Company Limited Vinythai Public Company Chemicals and 95 41.1 63.9 33.1 - 33.1 Limited Petrochemicals 516.6 67.0 583.6 VANUATU South West Pacific Investments Hotels and Tourism 96 5.5 - 4.1 - 4.1 Limited 4.1 4.1 VIETNAM Baria Fertilizer and Agricultural Infrastructure 95 3.0 2.0 2.3 - 2.3 Forestry Products Import-Export Services Company Hanoi Sofitel Metropole Hotel Hotels and Tourism 94 8.5 17.5 7.2 - 7.2 Morning Star Cement Limited Cement and 96 30.0 66.6 30.0 - 30.0 Construction Materials Nghi Son Cement Corporation Cement and 99 30.0 26.5 30.0 - 30.0 Construction Materials San Miguel Haiphong Glass Manufacturing 97 10.0 4.5 10.0 - 10.0 Company Societt d'Economie Mixte Hotel Hotels and Tourism 97 13.1 18.0 13.1 - 13.1 Pointe des Blagueurs Sucrerie de Bourbon-Tay Ninh Food and Agribusiness 97 22.0 20.0 22.0 - 22.0 Limited Vietnam Foremost Dairy Company Food and Agribusiness 97 8.0 6.5 5.6 - 5.6 Limited Vietnam International Leasing Financial Services 97 0.8 - - 0.8 0.8 Company Limited Vimaflour Company Limited Food and Agribusiness 97 8.0 3.0 8.0 - 8.0 Vina Kyoei Steel Limited Mining and Extraction 96 15.0 - 13.9 - 13.9 of Metals and Other Ores Vinh Phat Company Limited Textiles 99 0.3 - 0.3 - 0.3 (the "Company") 142.3 0.8 143.0 OTHER (TAIWAN, CHINA)3 Asia Cement Corporation Cement and 70 4.0 0.2 - + + Construction Materials + + Asia and the Pacific (as of June 30, 1999) 0 0 62 original commitments' Investments held for IFCo 62 FiscaL years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity REGIONAL 'I'he Asian Infrastructure Fund Financial Services 95 50.0 - - 48.3 48.3 Asia Opportunity Fund L.P. Financial Services 99 100.0 - - 100.0 100.0 Asian Cc-Investment Equity Financial Services 99 50.0 - - 50.0 50.0 Facility (ACEF) Asian l)ebt Facility Financial Services 99 100.0 - 100.0 - 100.0 Asian Int'rastructure Fund Financial Services 95, 98 0.1 - - 0.1 0.1 Management Company Ltd. Asian Mezzanine Infrastructure Financial Services 97 60.0 - 50.0 10.0 60.0 Fund Asian Mezzanine Infrastructure Financial Services 97 0.1 - - 0.1 0.1 Fund Management Company Chase Asia Equity Advisors, L.D.C. Financial Services 99 0.1 - - 0.1 0.1 Chase Asia Equity Financial Services 99 + - - + + Partners, L.P. Jardine Fleming Asia Select Limited Financial Services 90 11.4 - - 0.6 0.6 SEAVI Project-South Asia Financial Services 85 1.0 - - + + South East Asia Venture Financial Services 94 10.0 - - 8.8 8.8 Investment Company Ill South East Asia Venture Financial Services 85 0.1 - - 0.1 0.1 Investment Management ltd. 150.0 218.0 368.0 Total for Assa and the Pacific 2,443.2 932.8 3,376.0 Central Asia, the Middle East, and North Africa (as of June 30, 1999) Original commitments' Investments held for IFC 63 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity ALGERIA Arab Banking Corporation Algeria Financial Services 98 2.0 - - 2.0 2.0 Helios S.P.A. Chemicals and 93 10.0 - 4.7 - 4.7 Petrochemicals Societe Generale d'Algerie Financial Services 99 1.0 - - 1.0 1.0 4.7 3.0 7.7 EGYPT, ARAB REPUBLIC OF Abu Soma Development Company Hotels and Tourism 94, 97, 99 1.5 - - 1.5 1.5 Alexandria Carbon Black Oil Refining 93, 97,99 22.5 - 16.0 3.0 19.0 Company, S.A.E. Alexandria National Iron & Mining and Extraction 84, 91, 93, 102.7 50.0 72.9 22.7 95.6 Steel Company S.A.E. of Metals and Other Ores 94,96, 99 Apache Corporation Mining and Extraction 96 20.0 - - 9.3 9.3 of Fuel Minerals Club Ras Soma Hotel Company Hotels and Tourism 94 7.5 3.5 4.5 2.4 6.9 Commercial International Bank Financial Services 94 15.6 - - 15.6 15.6 S.A.E. of Egypt The Egypt Trust Financial Services 97 5.0 - - 5.0 5.0 Egyptian Cement Company S.A.E. Cement and 99 35.0 - 35.0 - 35.0 Construction Materials Meleiha Oil Development and Mining and Extraction 87, 88, 93 41.7 - - 30.8 30.8 Exploration Project of Fuel Minerals Messer Gases Dikheila Company, Chemicals and 97 5.5 - 4.0 1.5 5.5 S.A.E. Petrochemicals Misr Compressor Manufacturing Manufacturing 92 13.5 - 9.7 3.8 13.5 Company (MCMC), S.A.E. Orascom Projects and Touristic Hotels and Tourism 97, 99 25.8 - 20.0 4.8 24.8 Development S.A.E. Orix Leasing Egypt Financial Services 97 0.9 - - 0.9 0.9 Unipak Nile Limited Timber, Pulp, and Paper 98 5.0 - 5.0 - 5.0 167.1 101.3 268.4 JORDAN Al Keena Hygienic Paper Mill Timber, Pulp, and Paper 95 8.0 - 5.7 - 5.7 Co. Ltd. Business Tourism Company Hotels and Tourism 98 5.0 - 4.0 1.0 5.1( Limited El-Zay Ready Wear Textiles 98 5.0 - 5.0 - 5.0 Manufacturing Co. Hikma Investment Company Ltd. Chemicals and 87,91,93,95 9.9 - 2.6 2.7 5.3 Petrochemicals Indo-Jordan Chemicals Company Fertilizers and 95 30.0 - 28.0 - 28.0 Limited Agricultural Chemicals Jordan Inter-Continental Hotel Hotels and Tourism 98 10.0 - 10.( - 10.0 Project Jordan Investment Trust Plc Financial Services 98 1.4 - - 1.4 1.4 Jordan Mobile Telephone Infrastructure 96 18.0 20.0 15.0 - 15.0 Services Company Limited Modern Agricultural Investment Food and Agribusiness 99 1.0 - - 1.0 1.0 Company Modern Aluminum Industries Manufacturing 96 4.5 _ 3.5 - 3.5 Company Limited Central Asia, the Middle East, and North Africa (as of June 30, 1999) 64 ~~~~~~~~~~~~~~~~~~~~~ ~ ~~~~~~~Original commitments' Investments heLd for IFC' Fiscal years (millions of U.S. doLlars) (mitions of U.S. dolIars) in which commitments TotaL Total Equity TotaL loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Pella Investment Company Infrastructure 92 - _ - 1.5 1.5 Limited Zara Investment (Holding) Hotels and Tourism 97 18.0 - 15.0 3.0 18.0 Company Limited 88.8 10.6 99.4 KAZAKHSTAN ABN-AMRO Bank (Kazakhstan) Financial Services 94, 96, 98 5.3 1.0 - 4.6 4.6 Limited Joint Stock Company Ispat Mining and Extraction 98, 99 76.7 87.9 76.7 - 76.7 Karmet of Metals and Other Ores Kazakhstan Constsruction Cement and 99 1.1 - 0.9 0.3 1.1 Company CISC Construction Materials Kazgerniunai Mining and Extraction 98 36.7 - 33.9 0.7 34.6 of Fuel Minerals Kazkommertsbank Financial Services 97 10.0 20.0 9.0 1.0 10.0 120.5 6.5 127.0 KYRGYZ REPUBLIC Demirbank Kyrgyzstan Financial Services 97 0.5 - - 0.5 0.5 Kumtor Gold Company Mining and Extraction 95 40.0 - 35.0 - 35.0 of Metals and Other Ores 35.0 0.5 35.5 LEBANON Agricultural Development Co. S.A.L. Food and Agribusiness 98 5.0 - 5.0 - 5.0 Bank of Beirut and the Arab Financial Services 93,97 11.0 10.0 4.4 - 4.4 Countries, S.A.L. Bank of Beirut S.A.L. Financial Services 98 12.5 - 12.5 - 12.5 Banque Audi S.A.L. Financial Services 93, 97, 98 16.0 3.0 9.8 - 9.8 Banque l.ibanaise pour le Financial Services 94 5.9 2.9 2.3 - 2.3 (Commerce S.A.L. Banque Libano-Francaise S.A.L. Financial Services 94, 97 16.0 21.0 8.8 - 8.8 Banque Saradar S.A.L. Financial Services 98, 99 20.0 - 9.4 10.0 19.4 Byblos Bank S.A.L. Financial Services 93, 97 16.0 18.0 10.4 - 10.4 Cimenterie Nationale Cement and 95 20.0 30.0 14.2 - 14.2 (Construction Materials Fransabank S.A.. Financial Services 93, 94, 97 16.5 15.4 6.5 - 6.5 FTML. S.A.L. Infrastructure 98 30.0 45.0 27.5 - 27.5 Idarat Investment Corporation, S.AL. Hotels and Tourism 99 11.5 - 10.0 1.5 11.5 Lebanese l.easing Company Financial Services 95,99 10.2 10.8 5.5 0.7 6.3 Societe 1Il6tdiere "De Vinci" S.A.L. Hotels and Tourism 99 3.0 - 3.0 - 3.0 Societe tenerale Libano- Financial Services 94, 97 13.5 17.5 9.7 - 9.7 Europuenne de Banque S.A.L. Transorient Bank S.A.L. Financial Services 98 12.5 - 12.4 - 12.4 Uniceramic S.A.L. Cement and 93 4.0 2.0 0.4 0.8 1.2 Construction Materials 151.6 13.0 164.6 MOROCCO Attijari Factoring Maroc Financial Services 96 0.5 - - 0.5 0.5 (Credit lmmobilier et Hotelier Financial Services 87,90 67.5 78.4 17.3 - 17.3 Mediafinance S.A. Financial Services 94,96 1.2 - - 1.2 1.2 Settat Filature (SETAFIL) Textiles 88,93 4.7 - 2.9 1.2 4.1 Central Asia, the MiddLe East, and North Africa (as of June 30, 1999) Original commitments' Investments heLd for IFC5 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Settavex S.A. Textiles 99 14.4 - 4.8 9.0 13.8 Socite ENNASRde Pche Food and Agribusiness 91 2.5 - 0.9 - 0.9 25.9 11.8 37.7 OMAN Oman ORIX Leasing Company SAOG Financial Services 93, 99 6.4 - 3.1 1.4 4.5 United Power Corporation Infrastructure 95 19.0 57.0 11.9 4.0 15.9 15.0 5.4 20.4 PAKISTAN AES Lalpir Limited Infrastructure 95 49.5 - 38.9 9.5 48.4 AES Pak Gen (Private) Company Infrastructure 96 29.5 50.0 19.0 9.5 28.5 Atlas Investment Bank Financial Services 96 5.0 - 4.4 - 4.4 Atlas Lease Limited Financial Services 94 10.0 2.2 5.4 0.4 5.8 Bank of Khyber Financial Services 96 2.0 - 1.5 - 1.5 Beaconhouse Public Schools Social Services 96 2.0 0.9 2.0 - 2.0 (Private) Limited (Health Care, Education) BRR International Modaraba Financial Services 92, 94, 96 15.8 3.8 15.0 0.8 15.8 BSJS-AIM Asset M,anagement Financial Services 95 0.3 - - 0.3 0.3 Company The BSJS Balanced Fund (BBF) Financial Services 96 0.5 - - 0.5 0.5 Central Depository Company of Financial Services 93 0.2 - - 0.2 0.2 Pakistan Limited Crescent Greenwood Ltd. Textiles 94,97 21.2 10.0 11.8 5.1 16.9 Crescent Industrial Chemicals Textiles 96 20.0 - 15.0 5.0 20.0 Limited Crescent Investment Bank Financial Services 96 16.0 5.0 14.5 - 14.5 D.G. Khan Cement Company Cement and 95, 96 30.5 40.0 25.0 5.5 30.5 Limited Construction Materials Engro Asahi Polymer and Chemicals and 98 14.3 - 14.3 - 14.3 Chemicals (Private) Limited Petrochemicals Engro Chemical Pakistan Fertilizers and 91, 95, 97 57.4 14.0 22.3 5.2 27.5 Limited Agricultural Chemicals Engro Paktank Terminal Limited Infrastructure 97 12.0 5.0 11.7 - 11.7 Equity International (Private) Financial Services 92 0.2 - - 0.2 0.2 I.imited Fauji Cement Ltd. Cement and 94 29.0 20.0 22.4 5.0 27.4 Construction Materials First Crescent Modaraba Financial Services 96 5.0 3.8 5.0 - 5.0 First International Investment Financial Services 90.92,96 4.6 - 2.5 1.5 4.0 Bank Limited First Leasing Corporation Financial Services 94, 97 5.7 - 2.3 1.7 3.9 Limited First UDL Modaraba Financial Services 96 10.0 7.5 10.0 - 10.0 Gul Ahmed Energy Limited Infrastructure 96 31.1 35.0 27.0 4.1 31.1 Hala Spinning Limited Textiles 89 3.9 - 3.6 - 3.6 Hoechst Pakistan Limited Chemicals and 94 0.2 - 0.2 Petrochemicals International Housing Finance Financial Services 92, 95 7.4 - 3.2 0.9 4.1 Limited Jahangir Siddiqui & Co. Financial Services 93, 96 1.1 - - 1.1 1.1 Limited Kohinoor Energy Limited Infrastructure 95 31.3 36.6 23.8 6.3 30.1 Central Asia, the Middle East, and North Africa (as of June 30, 1999) 66 ~~~~~~~~~~~~~~~~~~~~~ ~ ~~~~~~~~Original commitments' Investments held for JFC2 4:5 66 Fiscal years (millions of U.S. dollars) (miLlions of U.S. dollars) in which commitments Total TotaL Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Maple-Leaf Cement Factory Cement and 94, 95, 97 35.7 35.0 30.0 5.7 35.7 Limited Construction Materials Mari Gas Company Limited Mining and Extraction 86, 92 25.5 6.7 7.2 - 7.2 of Fuel Minerals Mohib 'extile Mills Limited Textiles 94 2.2 - - 1.0 1.0 Muslim Commercial Bank Limited Financial Services 93 7.5 - 3.8 - 3.8 National Development Leasing Financial Services 85, 94 12.9 3.3 6.3 1.3 7.6 Corporation Limited ORIX Investment Finance Financial Services 96 0.6 - - 0.6 0.6 Company Pakistan Limited Orix Leasing Pakistan Limited Financial Services 94 12.5 3.3 6.3 1.3 7.6 Packages Limited Timber, Pulp, and Paper 65, 81, 82, 44.8 20.1 15.9 3.5 19.4 87, 92, 94, 95 Pakistan Credit Rating Agency Financial Services 94 0.2 - - 0.2 0.2 Pakistan Industrial & Financial Services 94 5.0 - 3.1 - 3.1 Commercial Leasing Limited Pakistan Industrial Leasing Financial Services 91, 94, 95 15.5 2.2 6.2 1.0 7.2 Corporation Limited Pakistan Petroleum Limited Mining and Extraction 83, 85, 95 42.9 85.4 7.1 1.6 8.6 of Fuel Minerals Pakistan Services Limited Hotels and Tourism 93 15.0 - 8.0 3.0 11.0 Prudential Discount and Financial Services 91 0.4 - - 0.4 0.4 Guarantee House Limited Regent Knitwear Limited Textiles 94 9.2 2.8 7.1 - 7.1 Rupafab Limited Textiles 96 12.2 - 8.2 1.2 9.4 Rupafil Limited Textiles 93 17.0 - 4.5 0.3 4.8 Sarah Textiles Textiles 93, 96 7.7 - 4.7 1.7 6.4 Systems (Private) Limited Industrial and 98 2.0 - 2.0 + 2.0 Consumer Services Uch Power l.imited Infrastructure 96 40.0 75.0 40.0 - 40.0 The Unit Trust of Pakistan (UTP) Financial Services 98 1.5 - - 1.5 1.5 461.1 86.8 547.8 TAJIKISTAN Nelson Gold Corporation Mining and Extraction 98 3.0 - - 3.0 3.0 Limited of Metals and Other Ores Zeravshan Gold Company Mining and Extraction 97, 98 11.8 _ 9.6 1.2 10.8 of Metals and Other Ores 9.6 4.2 13.8 TUNISIA Aminex Plc Mining and Extraction 97 0.6 - - 0.6 0.6 of Fuel Minerals Banque Internationale Arabe de Financial Services 98 8.0 - - 2.3 2.3 Tunisie Ideal Sanitaire Cement and 93 1.0 - - 1.0 1.0 Construction Materials International Maghreb Merchant Financial Services 95 0.3 - - 0.3 0.3 Bank SA. Societe des Industries Textiles 88 2.1 - - 2.1 2.1 Textiles Reunis, SA. Central Asia, the Middle East, and North Africa (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (millions of U.S. doltars) (millions of U.S. dollars)67 in which commitments TotaL Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Societe Industrielle des Textiles 86, 92, 98 14.0 - 0.6 2.9 3.5 Textiles (SITEX) Socitte Monastirienne Textiles 91 5.6 - 2.2 - 2.2 Ruternationale des Textiles Socktes d'Etudes et de Hotels and Tourism 73, 75 3.2 - - 0.6 0.6 Developpement de Sousse-Nord Tuninvest Private Equity Fund Financial Services 98 4.7 - - 4.7 4.7 2.8 14.6 17.4 UZB EKISTAN ABN-AMRO Bank Uzbekistan Financial Services 96 1.0 _ - 1.0 1.0 Amantaytau Goldfields A.O. Mining and Extraction 96 0.9 - - 0.9 0.9 of NMetals and Other Ores Core Pharmsanoat Chemicals and 98 3.9 3.4 3.4 0.5 3.9 Petrochemicals Fayz Holding loint Stock Timber, Pulp, and Paper 98 2.4 - 1.9 0.5 2.4 Company of the Open Type IV"'Uzcasemash" .LLC Nlotor Vehicles and 98 9.4 4.0 6.8 2.6 9.4 Components (including Motorcycles) JV`"Uzcaseservice` LLC Industrial and 98 3.8 3.9 3.2 (1.6 3.8 Consumer Services Uzbekistan Leasing Company Ltd. Financial Services 96 0.6 - - 0.6 0.6 UzCase Agrolease Financial Services 98 6.0 5.0 5.0 1.0 6.0 20.3 7.7 27.9 WEST BANK AND GAZA Al-Ayyam Press, Printing, Manufacturing 99 1.8 - 1.8 - 1.8 Publishing And Distribution Company Ltd. Arab Bank PLC. Financial Services 97 - - 3.0 - 3.0 Arab Concrete Products Company Cement and 98 0.8 - (.8 - 0.8 Construction Materials Arab Palestine Investment Bank Financial Services 96 3.8 - - 3.8 3.8 Arab Palestinian Storage and Food aIid Agribusiness 99 0.2 - 0.2 - 0.2 Cooling Co. Ltd Commercial Bank of Palestine Financial Services 97 7.5 - 1.5 - 1.5 Jericho Motel Hotels and Tourism 99 1.2 - 1.2 - 1.2 Jordan National Bank Financial Services 97 - - 3.0 - 3.0 Nabahin Industry and Trading Motor V'ehicles and 98 0.5 - 0.5 - 0.5 Company Components (including Motorcycles) Palestine Industrial Estates Industrial and 98 9.0 7.0 8.0 1.0 9.0 Development and Management Consumer Services Company Palestine Mortgage Housing Mining and Extraction 99 4.0 - - 4.0 4.0 Corporation of Mtetals and Other Ores Palestine Tourism Investment Co. Hotels and Tourism 99 9.3 - 8.0 1.4 9.3 Peace Technology Fund Financial Services 99 11.9 - - 11.9 11.9 Peace Technology Management Ltd. Financial Services 98 0.2 - - 0.2 0.2 Central Asia, the Middle East, and North Africa (as of JLune 30, 1999) 0 68 Original commitments' Investments held for IFC2 Fiscal years (miltions of U.S. dollars) (millions of U.S. dollars) irn which commitments Total Totat Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Pharmacare Limited Chemicals and 98 0.5 0.4 - 0.4 Petrochemicals 28.4 22.3 50.6 YEMEN, REPUBLIC OF Aden C(ompany for Silos and Mills Food and Agribusiness 99 12.0 - 12.0 - 12.0 Radfan Ceramics and Porcelain Cement and 98 3.8 - 3.8 - 3.8 Manul'acturing Company Limited Construction Materials 15.8 15.8 REGIONAL Arab Insurance Group Financial Services 98 6.2 - - 6.0 6.0 IEmerging Middle East Fund Financial Services 95 7.2 - - 7.2 7.2 First ANZ International Financial Services 97 5.0 - - 5.0 5.0 Modaraba Limited Framlington Maghreb Fund Financial Services 95 6.1 - - 6.1 6.1 Framlington Maghreb, S.A. Financial Services 95 + - - + + Inter Arab Rating Company Financial Services 96 1.0 - 1.0 1.0 Middle Fast Capital Group Financial Services 96 3.0 - - 3.0 3.() 28.3 28.3 Total for Central Asia, the Middle East, and North Africa 1,146.4 315.9 1,462.4 Europe (as of June 30, 1999) Original commitments' Investments heLd for IFC2 69 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which L commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity ALBANIA Anglo Albania Petroleum Mining and 98 28.5 - - 28.5 28.5 Limited Extraction of Fuel Minerals Eurotech Cement, Shpk. Cement and 99 1.2 1 1.2 - 1.2 Construction Materials 1.2 28.5 29.7 AZERBAIJAN Amoco Caspian Sea Finance Mining and Extraction 99 32.8 32.8 32.8 - 32.8 Limited of Fuel Minerals Azerbaijan Bank Financial Services 99 1.0 - - 1.0 1.0 AzerDemiryolbank Financial Services 98 0.5 - 0.5 - 0.5 AzeriGazbank Financial Services 98 0.4 - 0.4 - 0.4 Baku Coca-Cola Bottlers Limited Food and Agribusiness 98 12.8 - 9.2 2.3 11.5 Early Oil Finance Company Mining and Extraction 99 15.4 15.4 15.4 - 15.4 of Fuel Minerals Lukoil Overseas Chirag Mining and Extraction 99 19.3 19.3 19.3 - 19.3 Finance Ltd. of Fuel Minerals Rabitabank Financial Services 98 0.4 - 0.4 - 0.4 Turkish Petroleum Early Oil Mining and Extraction 99 13.0 13.0 13.0 - 13.0 Finance Company Ltd. of Fuel Minerals Unocal Chirag Finance Ltd. Mining and Extraction 99 19.4 19.4 19.4 - 19.4 of Fuel Minerals 110.5 3.3 113.8 BELARUS ZAO Rautaruukki Belcolor Mining and Extraction 98 2.3 - - 2.3 2.3 of Metals and Other Ores 2.3 2.3 BOSNIA AND HERZEGOVINA Akova Impex, d.o.o. Food and Agribusiness 99 2.1 - 2.0 - 2.0 Bosnalijek, d.d. Sarajevo Chemicals and 99 2.4 - 2.4 - 2.4 Petrochemicals Horizonte Bosnia-Herzegovina Financial Services 98 1.9 - - 1.9 1.9 Enterprise Fund Konjuh Preduzece Z.A. Proizvodnju Financial Services 98 - - 2.4 - 2.4 i Promet Namjestaja D.D. se P.A.- Kopex-Sarajlic d.j.l. Srebrenik Industrial and 99 2.6 - 2.4 - 2.4 Consumer Services Lignosper ODP Timber, Pulp, and Paper 98 2.4 - 2.2 - 2.2 Lijanovici d.o.o. Food and Agribusiness 99 2.5 - 2.4 - 2.4 The Microenterprise Bank of Financial Services 98,99 0.8 - - 0.8 0.8 Bosnia and Herzegovina O.D. Drvno Industrijsko Financial Services 98 - - 1.7 - 1.7 Preduzece "Kozara"'' ODP Drvna Industrija Podgradci" Financial Services 98 - - 1.2 - 1.2 Sarajevska Pivara, D.D. Food and Agribusiness 98 4.0 - 3.8 - 3.8 Sour Energoinvest Manufacturing 85 15.2 - 8.3 - 8.3 Tvornica Cazin Kartona i Ambalaze Timber, Pulp, and Paper 77 10.8 7.4 3.5 - 3.5 Wood Sector Agency Credit Line Financial Services 98 13.4 - 8.0 - 8.0 40.3 2.7 43.0 Europe (as of June 30, 1999) 70 Original commitments' Investments held for IFC2 70 tFiscal years (millions of U.S. dollars) (millions of U.S. dollars) | ~~~~~~~~~~in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity BULGARIA Bulgarian American Credit Bank, AD Financial Services 99 5.0 - 5.0 - 5.0 Celhart Stambolijski A.D. Timber, Pulp, and Paper 99 15.4 - 13.9 1.5 15.4 Compagnie des Hotels de Luxe S.A. Hotels and Tourism 98 12.8 9.5 12.8 - 12.8 Devnya Cement A.D. Cement and 99 30.0 - 30.0 - 30.0 Construction Materials EuroMerchant Balkan Fund SICAV Financial Services 95 5.0 - - 5.0 5.0 fnterlease A.D. Financial Services 98 3.8 - 3.5 0.3 3.8 65.2 6.8 72.0 CROATIA Alpe Jadran Banka D.D. Financial Services 98 4.0 - 3.7 - 3.7 Belice LD.. Timber, Pulp, and Paper 73, 81, 98 51.1 51.2 13.3 6.0 19.3 'I'he Croatia Capital Partnership L.P. Financial Services 99 5.0 - - 5.0 5.0 Trscanska Stedionica-Bank D.D. Financial Services 98, 99 2.6 - - 2.6 2.6 Tvornica Cementa Koromacno D.D. Cement and 98 10.8 - 10.6 - 10.6 Construction Materials 27.6 13.6 41.2 CYPRUS Dome Investments Limited Hotels and Tourism 83 1.5 - - 0.3 0.3 Leptos Calypso Hotels Limited Hotels and Tourism 91 9.0 - 5.3 - 5.3 5.3 0.3 5.6 CZECH REPUBLIC Cekoslovenska Obchodni Banka a.s. Financial Services 99 75.5 - - 75.5 75.5 Cembrit Bohemia, a.s. Cement and 95 5.0 - 2.9 - 2.9 Construction Materials Cembrit Moravia, a.s. Cement and 95 5.6 - 3.2 - 3.2 Construction Materials Ceskomrnravsky Cement, a.s. Cement and 92 17.2 - - 17.6 17.6 Construction Materials lDuff & Phelps CZ, a.s. Financial Services 99 0.1 - - 0.1 0.1 Energy Center Kladno Infrastructure 97 58.3 24.2 55.6 - 55.6 Generating, s.r.o. (ECKG) Hayes l.emmerz Autokola, a.s. Motor Vehicles and 94 16.4 22.1 9.2 - 9.2 Components (including Motorcycles) Nova Hut, a.s. Mining and Extraction 97,98 85.0 159.6 82.4 - 82.4 of Metals and Other Ores Plzensky Prazdroj, a.s. Food and Agribusiness 96 38.5 19.2 29.4 - 29.4 Zivnostenska Banka Financial Services 92 6.4 - - 5.4 5.4 182.7 98.6 281.3 ESTONIA Aktsiaselts Eesti Uihispank Financial Services 97,99 23.2 - 21.9 - 21.9 Elcoteq T-allinn, AS. Manufacturing 97 7.7 - 5.4 - 5.4 Estonian Industrial l.easing Ltd. Financial Services 95, 97, 99 0.9 - - 0.9 0.9 Horizon Tselluloosi ja Paberi Ti'mber, Pulp, and Paper 98 6.0 - 4.5 1.5 6.0 Aktsiaselts Kunda-Nordic Cement Corporation Cement and 94 10.0 - 4.8 4.0 8.8 Construction Materials Toftan AS Timber, Pulp, and Paper 97 2.0 - 1.4 - 1.4 38.0 6.4 44.4 Europe (as of June 30, 1999) Original commitments' Investments held for IFC2 1 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity GEORGIA Georgia Microfinance Bank Financial Services 99 0.5 - - 0.5 0.5 Georgian Glass and Mineral Food and Agribusiness 97 2.8 - - 2.8 2.8 Water Company N.V. Ninotsminda Oil Company Mining and Extraction 99 6.0 - 6.0 - 6.0 of Fuel Minerals Saatksio Szagadoeba MINA Manufacturing 99 8.8 - 6.3 2.5 8.8 'I'BC Bank Financial Services 98 3.0 - 3.0 - 3.0 Tbilcombank Financial Services 99 3.0 - 3.0 - 3.0 18.3 5.8 24.1 HUNGARY Albadomu Malatatermclo es Food and Agribusiness 94 7.3 - 2.4 2.0 4.3 Kereskedelmi BT Axon Vagyonkezelo Organizacios Financial Services 99 1.0 - - 1.0 1.0 es Befektetesi Dexter Mold Making Company Manufacturing 90 3.7 - - 0.8 0.8 Limited Duff& Phelps Magyar Financial Services 99 0.1 - - 0.1 0.1 Hitelminositd Rt. Dunastyr Polystyrene Chemicals and 89 18.0 14.4 1.0 - 1.( Manufacturing Co. Ltd. Petrochemicals ERU Hungaria Sajtgyarto KFT Food and Agribusiness 97 2.5 2.0 2.4 - 2.4 Furoventures Hungary BA. Financial Services 92 2.5 - - 1.6 1.6 The First Hungary Fund Limited Financial Services 90 7.5 - - 3.8 3.8 Hungarian Telecommunications Infrastructure 94,96 44.5 50.0 - 22.4 22.4 Company Limited The Hungary Private Equity Financial Services 96 2.5 - - 2.1 2.1 Fund Limited Partnership Inter-Europa Bank Rt. Financial Services 96 10.0 5.0 9.0 - 9.0 Mirelite Budapest Frozen Food Food and Agribusiness 94 9.0 - 5.4 3.0 8.4 Company Inc. P Z. Rona Limited Financial Services 90 + - - + + Papa Regional Telephone Infrastructure 94 0.5 - - 0.5 0.5 Company Rt. Salgotarjan Glass Wool Limited Manufacturing 88, 89, 92 5.5 - - 2.0 2.0 20.2 39.3 59.4 LATVIA A/S Vereinsbank Riga Financial Services 97, 98 6.0 - - 6.0 6.0 Joint Stock Company Tolaram Fibers Textiles 99 20.0 - 15.0 5.0 20.0 Tilts Communications A/S Infrastructure 92, 95 19.1 - 5.4 13.7 19.1 Vika Wood l.td. Timber, Pulp, and Paper 97 4.0 - 3.2 - 3.2 23.6 24.7 48.3 LITHUANIA AB Ekranas Manufacturing 99 15.0 - 15.0 - 15.0 Liteksas Ir Calw A.B. Textiles 96 9.6 - 6.6 1.0 7.6 Superfos Fegda UAB'* Manufacturing 99 - - 1.7 - 1.7 Vilniaus Margarino Gamykla'* Food and Agribusiness 92 - 0.5 - 0.5 Vilniaus Bankas AB Financial Services 99 20.0 - 20.0 - 20.0 43.8 1.0 44.8 Europe (as of June 30, 1999) Original commitments' Investments held for IFC' 7, FiX X Rscai years (millions of U.S. dollars) (millions of U.S. doLLars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity MACEDONIA, FORMER YUGOSLAV REPUBLIC OF A.D. Makedonski Infrastructure 98 25.0 25.0 25.0 - 25.0 Telekomunikacii-Skopje Enterprise for Production, Manufacturing 98 3.8 - 3.8 - 3.8 Trade, and Services "Nikol- Fert" Export-Import, D.O.O. Makedonijaturist A.D. Hotels and Tourism 99 4.2 - 4.0 - 4.0 Masinornont Manufacturing 98 0.8 - 0.7 - 0.7 Stopanska Banka a.d. Skopje Financial Services 98 15.7 - 10.6 5.0 15.7 'leteks A.D. Textiles 98 1.5 - 1.4 - 1.4 45.6 5.0 50.6 MOLDOVA Incon JSC, Cupchin JSC, Food and Agribusiness 97 8.9 - 6.4 2.0 8.4 Ungheni JSC, Floresti JSC Voxtel S.A. Infrastructure 99 15.0 25.0 15.0 - 15.0 21.4 2.0 23.4 POLAND Baltic Malt Sp. z o.o. Food and Agribusiness 97 8.4 - 5.0 1.9 6.9 Bank Wlasnosci Pracowniczej (BWP) Financial Services 99 1.7 - - 1.7 1.7 Central Poland Fund, L.-.C. Financial Services 98 1.6 - - 1.6 1.6 Chemagev, l.imited Industrial and 92 3.9 7.6 0.3 - 0.3 Consumer Services Gaspol S.A. Infrastructure 96, 97 6.0 - - 6.0 6.0 Global Hotels Development Hotels and Tourism 99 3.6 - - 3.6 3.6 (Group l'oland S.A. GlobiSp.zo.o. Industrialand 95 10.0 - - 10.0 10.0 Consumer Services Huta LV. Sp. z o.o. Mining and Extraction 93 39.1 - 27.6 4.5 32.1 of Metals and Other Ores Intercell Spolka z o.o. Timber, Pulp, and Paper 95, 97, 98 11.5 - - 11.5 11.5 Nesky Inc. Motor Vehicles and 95 2.4 - 1.9 0.5 2.4 Components (including Motorcycles) Norgips (O)pole SP z o.o. Cement and 97 11.4 21.4 10.4 - 10.4 Construction Materials Partek Paroc Polska Sp. z o.o. Manufacturing 99 9.0 - 6.9 2.1 9.0 Peters A.(G./GMT-Poland S.A. Food and Agribusiness 94 6.6 - 5.6 1.0 6.6 Philips Lighting Poland S.A. Manufacturing 92 15.0 - 3.8 - 3.8 Pilkington Sandoglass SP. z o.o. Manufacturing 93 44.7 25.9 15.6 8.3 23.9 Piotr Ostrowski Partnership in Hotels and Tourism 90 + - + - + Wetlina Poland Investment Fund L.P. Financial Services 95 2.5 - - 2.2 2.2 Polsko-Amerykanski Bank Financial Services 97 15.0 - 15.0 - 15.0 Hipoteczny S.A. Yoplait Polska S.A. Food and Agribusiness 94 2.0 - 1.3 - 1.3 93.3 54.9 148.2 PORTUGAL Al Hikma Farmaceutica Chemicals and 91 2.0 - 0.8 - 0.8 (Portugal), Limitada Petrochemicals Banco Finantia S.A. Financial Services 88, 90,91,94 10.1 - 10.1 10.1 Europe (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (miltions of U.S. dollars) (millions of U.S. doltars) commitments Total Total Equity Total loans Country, region or other area, and obtigor Sector were made IFC syndications Loans (at cost) and equity Uniao Industrial Textil e Chemicals and 90 6.6 0.5 0.5 Quimica, S.A. Petrochemicals 1.2 1(.1 11.3 ROMANIA Alcatel Network Systems Infrastructure 92 2.6 - - + + Romania S.A. Banc Post S.A. Financial Services 99 10.0 - 10.0 - 10.() The Danube Fund Financial Services 97 2.0 - - 2.0 2.0 Demirbank (Romania) S.A. Financial Services 98 8.2 - 5.0 3.2 8.2 Dunapack Rambox Prodimpex S.R.L. Timber, Pulp, and Paper 99 4.1 - 1.8 2.0 3.8 Foreign & Colonial Romanian Financial Services 98 10.0 - - 10.0 10.0 Investment Company plc. Krupp Bilstein Compa S.A. Motor Vehicles and 98 2.8 2.8 2.7 - 2.7 Components (including Motorcycles) Krupp Compa Arcuri S.A. Motor Vehicles and 99 7.6 3.3 7.4 - 7.4 Components (including Motorcycles) Mobil Rom S.A. Infrastructure 98 50.0 160.0 50.0 - 50.0 Ro-Am Small Business Lenders Financial Services 98 5.0 - 5.0 + 5.0 Limited Romanian Efes Brewery S.A. Food and Agribusiness 98 17.4 8.0 16.6 - 16.6 Romlease S.A. Financial Services 95, 98 5.8 - 4.0 0.8 4.7 Societatci Comerciala de Financial Services 99 0.2 - - 0.2 0.2 Asegurare Reasigurare Eleno- Romana Garanta S.A. 102.5 18.2 120.7 RUSSIAN FEDERATION Alpha Cement Open Joint Stock Cement and 96, 98 15.6 - - 13.5 13.5 Company Construction Materials Aminex Plc Mining and Extraction 92,97 22.6 - 17.0 5.6 22.6 of Fuel Minerals AO Mosenergo Infrastructure 98 20.0 - 20.0 - 20.0 AOOT Borsky StekolnyZavod Manufacturing 98 15.0 - - 15,0 15.0 Depsona Z.A.O. Food and Agribusiness 96 8.3 - 5.3 1.5 6.8 First NIS Regional Fund Financial Services 95 15.0 - - 15.0 15.0 Framlington Russian Investment Fund Financial Services 94 8.0 - - 8.0 8.0 The National Registry Company Financial Services 95 1.5 - 1.5 1.5 Nizhniv Newsprint Holdings l'imber, Pulp, and Paper 95 41.0 45.0 26.5 11.0 37.5 Limited OAO DreVfo Food and Agribusiness 99 0.9 - - ().9 ().9 Pioneer First Russia, Inc. Financial Services 97 4.0 - - 4.0 4.0 PLM Beverage Can Manufacturing Manufacturing 98 25.0 15.0 25.0 - 25.0 ZAO PL.M Eastern Holding AB Manufacturing 98 5.5 - - 5.5 5.5 Polar Lights Company Mining and Extraction 94 60.0 - 15.8 - 15.8 of Fuel Minerals Ramenka 000 Industrial and 99 30.5 - 30.5 - 30.5 Consumer Services RTDC Holdings, Inc. Infrastructure 95 7.5 - - 7.5 7.5 Russian Technology Fund LP Financial Services 96 2.0 - - 2.0 2.0 Europe (as of Ju°ne 30, 1999) Original commitments' Investments held for IFC' Fiscal years (millions of U.S. dolLars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Sector Capital Fund Limited Financial Services 96 4.5 _ - 4.5 4.5 'loribank Financial Services 98 12.2 - - 12.2 12.2 United Export Import Financial Services 97 7.5 - 6.4 - 6.4 Bank V'asyugan Services Joint Mining and Extraction 95 9.0 - 1.5 - 1.5 Enterprise of Fuel Minerals 148.0 10)7.8 255.8 SLOVAK REPUBLIC Bank Austria Creditanstalt Financial Services 99 30.0 - 3(0.0 - 30.0 Slovakia, A.S. Eurotel Bratislava Infrastructure 99 28.3 - 26.0 - 26.0 Scametatra a.s. Manufacturing 98 2.4 - 2.1 - 2.1 West Import Chemicals and 99 2.2 - 2.2 - 2.2 Export Company v.o.s. Petrochemicals 60.3 60.3 SLOVENIA Slovenian Development Capital Financial Services 95 5.0 - - 5.0 5.0 FuLnd l.imited 5.0 5.0 TURKEY Adana (imento Sanavi TuirkA.. Cement and 99 15.0 10.0 15.0 - 15.0 Construction Materials Alternatilbank AI.$. Financial Services 99 15.0 15.0 15.0 - 15.0 Arcelik, A.5. Manufacturing 96 48.0 40.0 44.8 - 44.8 Assan Demir ve Sac Sanayii A$. Mining and Extraction 94,97 29.7 10.0 22.5 - 22.5 of Metals and Other Ores Aytac I)is 'l'icarct Yatirim Sanayi A.$. Food and Agribusiness 94 10.0 1().0 6.0 - 6.0 Bank Fkspres A.S. Financial Services 96 1().0 - 4.3 - 4.3 Borcelik Celik Sanayii 'I'icaret A.S. Mining and Extraction 92, 95, 96, 97 47.1 - 25.0) 12.1 37.1 of Metals and Other Ores Caveli Bakir Isletmeleri A$. Mining and Extractioni 93 30.0 45.0) 21.0 - 21.0 of Metals and Other Ores CBS Bova Kimva Sanavii ve Manufacturing 95,96 0.7 - - 3.7 3.7 Ticaret A.$. CBS Holding A.S. Manufacturing 94 15.5 - 4.0 - 4.0 (:BS Printas Baski Murekkepleri Manufacturing 96 - _ - 0.6 0.6 ve Gerecleri A.S. Cerrahogullari'I'.A.$. Infrastructure 94 8.8 - 1.0 - 1.() I)emir Finansal Kiralama A$. Financial Services 97,98 15.0 - 12.8 - 12.8 D)emirbank T.A.*. Finanicial Services 94,97 30.0 60.0 12.0 12.0 Edirne Givim Sanavi A$. 'Textiles 89 6.4 - 2.4 - 2.4 Eldor Elektronik Sanayi ve Manufacturing 93, 97 6.0 - 5.3 - 5.3 I'icaret A.S. Elginkan Holding A.$. Manufacturing 88,93,97 47.8 1.9 15.5 - 15.5 Entek Elektrik Uretimi Infrastructure 98 25.) 26.5 25.0 - 25.0 Otoproduktor Grubu A.$. Finans Finansal Kiralama Financial Services 97,98 11.0 - 9.7 - 9.7 Anonim Sirketi Garanti Finansal KiralamaA.S. Financial Services 95,98 12.0 - 7.0 - 7.0 Global Securities Inc. Fiinancial Services 94, 95, 96 2.8 - - 2.5 2.5 Europe (as of June 30, 1999) Original commitments' Investments held for IFCR Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obUigor Sector were made IFC syndications Loans (at cost) and equity Gumu,ssuyu Hali ve yer Kaplamalari Textiles 99 12.0 - 11.9 _ 11.9 Sanayi ve Ticaret A$. Hidrojen Peroksit Sanayi ve Chemicals and 99 12.0 - 12.0 - 12.0 Ticaret, A$. Petrochemicals IBAR/Duff & Phelps Credit Financial Services 97 0.1 - - 0.1 0.1 Rating Co. Indorama Iplik Sanayii ve Textiles 99 10.7 - 10.0 0.7 10.7 Ticaret A$. Ipek Kagit Sanayi ve Ticaret A$. Timber, Pulp, and Paper 98 31.9 18.0 31.4 - 31.4 Isvicre Hayat Sigorta A$. Financial Services 96, 98 0.5 - - 0.5 0.5 Kepez Elektrik T.A$. Infrastructure 91 20.2 - 14.2 - 14.2 Kiris Otelcilik ve Turizm A$. Hotels and Tourism 89,90 23.4 - 21.8 - 21.8 Koc Finansal KiralamaA$. Financial Services 97 15.0 - 12.9 - 12.9 KocbankA$. Financial Services 97 10.0 60.0 10.0 - 10.0 KorfezbankA$. Financial Services 92,97 23.0 51.4 13.5 - 13.5 Kula Mensucat Fabrikasi A$. Textiles 91 19.8 - 4.7 - 4.7 Medya Holding A$. Manufacturing 93, 96 28.6 - 8.9 - 8.9 Modern Karton Sanayii ve Timber, Pulp, and Paper 98 20.0 10.0 20.0 - 20.0 Ticaret AS,. NASCO Nasreddin Holding A.. Textiles 92 17.5 5.0 11.5 - 11.5 Osmanli Bankasi A$. Financial Services 98 20.0 80.0 20.0 - 20.0 OyakBankA$. Financial Services 98 15.0 25.0 13.3 - 13.3 Pasabahce-Schott Cam Sanayi ve Manufacturing 99 16.7 16.7 15.4 - 15.4 Ticaret A$. Pinar Entegre et ve Yem Sanayi A$. Food and Agribusiness 84, 94, 98 21.9 - 12.7 - 12.7 Pinar Sut Mamulleri Sanayii A$. Food and Agribusiness 94 7.5 - 1.9 - 1.9 Rant Finansal Kiralama A$. Financial Services 92, 98 4.8 - 3.5 - 3.5 Sakosa Sabanci-Kosa Textiles 99 24.4 23.9 24.4 - 24.4 Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A$. Silkar Turizm Yatirim ve Hotels and Tourism 86, 90 19.3 9.8 3.7 0.3 4.0 Isletmeleri A$. S6ktas Pamuk ve Tarim Textiles 98 13.0 - 12.1 - 12.1 Crunlerini Degerlendirme Ticaret ve Sanayi A$. TEB Finansal Kiralama A$. Financial Services 99 5.0 - 5.0 - 5.0 Tekfen Yatirim Ic Finansman Financial Services 96 5.0 - 2.1 - 2.1 Bankasi, A$. Toprak Finansal Kiralama A$. Financial Services 97 8.0 - 4.4 - 4.4 Trakya Cam Sanayii A$. Manufacturing 79, 83, 84, 66.7 31.4 - 5.8 5.8 89,91,96, 99 Turk Ekonomi Bankasi Financial Services 95, 99 27.5 37.5 15.0 - 15.0 Tuirkiye Garanti Bankasi A$. Financial Services 93, 98 40.0 175.0 20.0 - 20.0 Turkiye Sise ve Cam Manufacturing 93, 97 41.0 50.2 17.6 - 17.6 Fabrikalari A$. Turk Demir Dokurm Fabrikalari A$. Manufacturing 96 2.0 - 1.2 - 1.2 Uzel Makina Sanayi A$. Motor Vehicles and 99 20.0 15.0 20.0 - 20.0 Components (including Motorcycles) Viking Kagit ve Seluloz, A$. Timber, Pulp, and Paper 70, 71, 82, 15.2 - 11.7 - 11.7 83,98 Yalova Elyafve Iplik A$. Textiles 96 15.0 8.0 10.0 - 10.0 Europe (as of June 30, 1999) 76 Original commitments' Investments held for IFC2 Fiscat years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Yapi Kredi Finansal Kiralama A.(. Financial Services 97, 98 12.9 - 8.5 - 8.5 Yeditepe Bevnelmilel Otelcilik Hotels and Tourism 90, 94 29.6 27.5 16.8 + 16.8 Turizm ve Ticaret A.$. 670.9 26.1 696.8 UKRAINE First Ukrainian International Bank Financial Services 99 6.5 - - 6.5 6.5 Joint Stock Commercial Bank Financial Services 98 2.3 - - 2.3 2.3 Creditanstalt Ukraine Ukraine Fond Financial Services 94, 97 3.5 - - 3.5 3.5 12.3 12.3 YUGOSLAVIA (SERBIA AND MONTENEGRO), FEDERAL REPUBLIC OF Institut za Fizikalnu Medicinu Social Services 82,88 19.1 - 9.0 - 9.0 i Rehabilitaciju "Dr. Simo (Health Care, Education) Milosevic," Igalo Investiciona Banka T'itograd - Hotels and Tourism 80 21.0 - 2.0 - 2.0 Udruzena Banka Jugobanka - Udruzena Banka Financial Services 86 25.4 10.4 4.5 - 4.5 Beograd loan to Fight Banks for Small-Scale Financial Services 80 26.0 4.2 1.1 - 1.1 Enterprises Radoje Dakic Manufacturing 80 18.7 - 1.2 - 1.2 \'ojvodjanska Banka- Udruzena Financial Services 87,89 56.0 31.2 42.5 - 42.5 Banka 60.3 60.3 REGIONAL ABC Medicover Holdings B.V Social Services 99 7.0 - 7.0 - 7.0 (Health Care, Education) Advent Central and Eastern Financial Services 98 15.0 - - 15.0 15.0 Europe 11 Advent Central Europe Financial Services 95 + - - + + Management L.P. Advent Private Equity Fund- Financial Services 95 10.0 - - 7.8 7.8 Central Europe L.P Alliance ScanEast Fund, l-P. Financial Services 94 7.0 - - 6.7 6.7 Black Sea Fund L.P. Financial Services 99 10.0 - - 10.0 10.0 Central Europe Telecom Financial Services 94 10.0 - - 7.0 7.0 Investments, l.P. Czech and Slovak Private Financial Services 95 2.5 - - 2.5 2.5 Equity Fund l.. Intra-Regional Trade Financial Services 92, 96 0.9 - 0.9 - 0.9 Enhancement Facility The Investment Fund for Financial Services 97 15.0 - 12.3 - 12.3 Central and Eastern Europe * New Europe-East Investment Fund Financial Services 93 10.0 - - 2.5 2.5 Renaissance Capital Financial Services 94 5.0 - - 4.9 4.9 I'he Romania & Moldova Direct Financial Services 99 15.0 - - 15.0 15.0 Fund, LP 20.2 71.4 91.5 Total for Europe 1,800.1 546.0 2,346.0 Latin America and the Caribbean (as of June 30, 1999) Original commitments' Investments held for IFC| Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in whichl commitments Total Total Equity TotaL loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity ARGENTINA Aceitera Chabas S.A. Food and Agribusiness 95 - _ - 3.1 3.1 Aceitera General Deheza S.A. Food and Agribusiness 95 25.0 - 10.0 6.9 16.9 Acindar Industria Argentina de Mining and Extraction 60, 95,97, 119.4 65.7 93.8 16.4 110.2 Aceros, S.A. of Metals and Other Ores 99 Aguas Argentinas S.A. Infrastructure 95, 96 85.0 307.5 63.5 7.0 70.5 Algodonera Santa Fe S.A. Textiles 90 - - 0.1 - 0.1 Alpargatas S.A.I.C. Textiles 77, 84, 86, 81.3 157.5 29.2 7.4 36.6 88,94,97 American Plast, S.A. Manufacturing 99 10.0 - 10.0 - 10.0 Argentina Equity Investments I Financial Services 94 4.0 - - 4.0 4.0 Limited Asociaci6n Uni6n Tamberos Food and Agribusiness 99 12.0 - 12.0 - 12.0 Cooperativa Limitada (AUCTL) Banco de Credito Argentino S.A. Financial Services 91 10.0 - 0.3 - 0.3 Banco de Galicia y Buenos Financial Services 97, 99 60.0 200.0 60.0 - 60.0 Aires S.A. Banco del Suquia S.A. Financial Services 98,99 45.0 30.0 45.0 - 45.0 Banco Frances del Rio de la Financial Services 89,97 19.3 - 4.1 - 4.1 Plata S.A. Banco General de Negocios S.A. Financial Services 94, 99 48.0 - 48.0 - 48.0 Banco Roberts S.A. Financial Services 95 20.0 - 20.0 - 20.0 Banco Roberts S.A. Financial Services 86, 89, 91,98 34.9 - 10.0 - 10.0 Bansud S.A. Financial Services 97 4.9 - 4.1 - 4.1 Bolland & Cia, S.A. Hotels and Tourism 89,93 - - + - + Bunge y Born S.A. Food and Agribusiness 88, 93 63.0 57.5 1.6 - 1.6 CCBA S.A. (Brahma-Argentina) Food and Agribusiness 96 18.5 33.0 16.4 - 16.4 CerveceriayMalteriaQuilmesS.A. Food andAgribusiness 94 15.0 15.0 8.7 - 8.7 Ceramica Zan6n S.A.C.I. y M. Cement and 96 20.0 - 17.7 - 17.7 Construction Materials Compafnia Elaboradora de Food and Agribusiness 95 15.0 6.0 9.7 - 9.7 Productos Alimenticios S.A. Companiias Asociadas Petroleras S.A. Mining and Extraction 97 17.0 33.0 17.0 - 17.0 of Fuel Minerals Corporaci6n de Inversiones y Financial Services 90 0.1 - - 0.1 0.1 Privatizaci6n S.A. Correo Argentino S.A. Infrastructure 99 75.0 54.0 68.2 6.8 75.0 Empresa Distribuidora Norte Infrastructure 94,96 45.0 128.0 28.0 - 28.0 Sociedad An6nima S.A. Ferroexpreso Pampeano, S.A.C. Infrastructure 93 10.8 17.6 5.8 - 5.8 Ferrum S.A. Cement and 94 - - 0.2 - 0.2 Construction Materials Fondo Agricola de Inversi6n Financial Services 98 2.8 - - 2.8 2.8 Directa 2003 y Unifund S.A. Frigorifico Regional Food and Agribusiness 98 12.5 7.0 12.5 - 12.5 Industrias Alimenticias Reconquista (Friar) (S.A.) Frigorifico Rioplatense S.A.I.C.I.F. Food and Agribusiness 92 13.0 4.0 5.3 1.0 6.3 Frigorifico Toba, S.A. * Food and Agribusiness 90 - - + - + Fundaci6n Universidad de Social Services 99 7.0 - 7.0 - 7.0 Belgrano "Doctor Avelino Porto" (Health Care, Education) 4 Latin America and the Caribbean (as of June 30, 1999) 78 c Original commitments' Investments held for IFC2 78 f:Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity FV S.A. Manufacturing 99 16.0 - 16.0 - 16.0 Grunbaum, Rico y Daucourt Manufacturing 96 10.0 5.0 8.0 - 8.0 S.A.I.C. y F. Guipeba-Ceval S.A. Food and Agribusiness 97 20.0 20.0 20.0 - 20.0 Hiospital Privado Centro Medico Social Services 99 9.6 _ 9.6 - 9.6 de Cordoba S.A. (Health Care, Education) Interpack. S.A. T 'imber, Pulp, and Paper 93 - - 0.1 - 0.1 Juan Minetti S.A. Cement and 78,81,86,87 101.8 167.5 63.2 + 63.2 Construction Materials 93, 94, 96,99 Kleppe S.A. y El C(aldero S.A. Food and Agribusiness 95, 98 12.0 - 10.6 - 10.6 Malteria Pampa S.A. Food and Agribusiness 93,96 19.0 12.0 10.7 - 10.7 Merchant Bankers Asociados S.A. Financial Services 96 0.2 - - 0.2 0.2 MilkautS.A. FoodandAgribusiness 97 20.0 5.0 18.8 - 18.8 Molinos Rio de la Plata S.A. Food and Agribusiness 93, 94 2.3 - - 5.5 5.5 Nahuelsat S.A. Infrastructure 95 35.0 - 22.5 5.0 27.5 Nuevo Central Argentino S.A. Infrastructure 93 13.0 15.0 4.4 3.0 7.4 Oleaginosa Oeste, S.A. Food and Agribusiness 92 20.0 15.0 8.8 - 8.8 Pan American Energy LLC Mining and Extraction 93, 96 80.0 100.0 26.0 - 26.0 of Fuel Minerals Parafina del Plata, S.A. Chemicals and 89 - - 0.1 - 0.1 Petrochemicals Patagonia Fund, L.P. Financial Services 98 30.0 - - 30.0 30.0 Patagonia Mint S.A. Food and Agribusiness 98 6.0 5.0 6.0 - 6.0 Petroken Petroquimica Ensenada S.A. Chemicals and 90, 95 40.0 11.0 24.4 - 24.4 Petrochemicals Petrolera Argentina San Jorge S.A. Mining and Extraction 97, 99 31.4 - - 31.4 31.4 of Fuel Minerals Petrolera Argentina San Jorge S.A. Mining and Extraction 92, 93 42.0 35.0 - 27.0 27.0 of Fuel Minerals Refineria San Lorenzo S.A. Oil Refining 97 20.0 30.0 18.2 - 18.2 S.A. San Miguel A.G.1.C.I. y F Food and Agribusiness 99 12.0 - 12.0 - 12.0 Sancor Cooperativas Unidas Food and Agribusiness 95 40.0 30.0 35.0 - 35.0 L.imitada Sideco Americana S.A. Infrastructure 96 - - - 15.0 15.0 Socma Americana S.A. Infrastructure 95 40.0 60.0 14.6 - 14.6 'I'BR, S.A. - Manufacturing 91 - - + - + Terminal 6, S.A. Infrastructure 87, 90, 91, 33.0 19.5 17.2 - 17.2 96, 98 Terminales Portuarias Infrastructure 96 12.0 - 8.5 2.0 10.5 Argentinas S.A. 'I'he 'lower Fund, L.P. Financial Services 95 20.0 - - 15.7 15.7 The Tower Investment Financial Services 95 0.1 - - 0.1 0.1 Management Company Transportadora de Gas del Infrastructure 97 45.0 210.0 44.7 - 44.7 Norte S.A. T6 Industrial S.A. Food and Agribusiness 98 15.0 30.0 15.0 - 15.0 VicentinS.A.I.C. FoodandAgribusiness 97 25.0 10.0 23.1 - 23.1 Willnior S.A. Food and Agribusiness 90 - - 0.1 - 0.1 Yacylec S.A. Infrastructure 94 20.0 45.0 6.6 5.0 11.6 1,052.4 195.5 1,247.9 Latin America and the Caribbean (as of June 30, 1999) Original commitments' Investments held for IFC2 Fiscal years (millions of U.S. dollars) (miltions of U.S. doLtars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity BARBADOS Almond Resorts, Inc. Hotels and Tourism 95 7.1 1.1 1.1 Caribbean Financial Services Financial Services 84 0.3 _ - 0.3 0.3 Corporation 1.4 1.4 BELIZE Belize Electric Company Limited Infrastructure 93 15.0 - 6.5 - 6.5 Nova Companies (Belize) Ltd. Food and Agribusiness 98 5.5 - 5.5 - 5.5 and Ambergris Aquaculture [.td. 12.0 12.0 BOLIVIA Banco lndustrial,S.A. Financial Services 76, 88, 91, 30.3 5.5 11.0 4.7 15.7 92,95, 98 Banco Mercantil S.A. Financial Services 96 10.0 - 10.0 - 10.0 Caja Los Andes S.A. Financial Services 99 2.0 - 2.0 - 2.0 Central Aguirre Portuaria S.A. Infrastructure 92 2.5 - 0.6 0.3 0.9 Companlia Boliviana de Gas Chemicals and 93 2.3 1.] 1.1 Natural C(omprimido S.A. Petrochemicals Compaflia Minera del Sur, S.A. Mining and Extraction 92, 90, 94, 30.6 5.0 11.4 - 11.4 of Metals and Other Ores 96 Empresa Minera Inti Raymi, S.A. Mining and Extraction 92 40.0 - 7.5 - 7.5 of Mletals and Other Ores Minera S.A. Mining and Extraction 92 - _ - 3.4 3.4 of Metals and Other Ores Pluspetrol Mining and Extraction 91 9.9 - - 5.9 5.9 of Fuel Minerals Telefonica Celular de Bolivia Infrastructure 97 15.0 2(0.0 15.0 - 15.0 S.A. ("ITelecel S.A.") 58.6 14.4 72.9 BRAZIL Bacell Servicos e Industria Limitada Timber, Pulp, and Paper 94 24.7 36.0 11.0 10.7 21.7 Bahia Sul Celulose, S.A. Timber, Pulp, and Paper 90, 91, 93 61.1) 60.0 7.1 21.1) 28.1 Bahia Sul Celulose, S.A. 'rTimber, Pulp, and Paper 94 - - 3.8 - 3.8 Banco Bradesco, S.A. Financial Services 97 40.0 54.4 40.0 - 40.0 Banco Bradesco, S.A. Financial Services 92 60.0 - 26.0 - 26.0 Bompreco S.A. Supermercados Industrial and 98 30.0 - 30.0 - 3(0.0 do Nordeste Consumer Services Brasilpar Comercio e Financial Services 81 1.2 - - + + Participacoes S.A. Bulk Services Corporation Food and Agribusiness 98 14.0 7.5 14.0 - 14.0 Cambuhy M.C. Industrial Ltda. Food and Agribusiness 95 30.0 - 16.9 - 16.9 Ceramica Portobello S.A. Cement and 95 22.0 - 12.1 5.0 17.1 Construction Materials Ceval Alimentos S.A. Food and Agribusiness 93, 96 90.0 130.0 - 20.0 20.0 Chapeco Companhia Industrial Food and Agribusiness 94,96 31.9 5.0 25.0 - 25.0 de Alimentos C(ompanhia Central Brasileira Textiles 93 10.0 - 0.6 - 0.6 de Acabamentos 'lexteis Companhia Cervejaria Brahma Food and Agribusiness 95 35.0 123.0 25.0 - 25.0 Latin America and the Caribbean >~w t (as of June 30, 1999) 80 Original commitments1 Investments held for IFCE _0 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total Loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Companhia de Tecidos Norte de Textiles 97, 98 25.0 20.0 15.0 4.0 19.( Minas (Coteminas) S.A. Companhia Petroquimica do Sul S.A. Chemicals and 98 40.0 180.0 37.5 - 37.5 Petrochemicals Concessionaria da Rodovia Infrastructure 98 35.0 79.5 35.0 - 35.0 Presidente Dutra S.A. CRP- Caderi Capital de Risco S.A. Financial Services 95 2.0 - - 1.9 1.9 Dende do Para S/A - DENPASA- Food and Agribusiness 80, 94 5.3 - _ 1.1 1.1 Agricultura, fndfsstria e Comercio de Olea l)ixie Toga S.A. Manufacturing 98 15.0 - - 15.0 15.0 Duratex S.A. TI'imber, Pulp, and Paper 88, 97 29.4 78.0 22.0 - 22.0 Empesca S.A. Construcoes Food and Agribusiness 98 15.0 - 15.0 - 15.0 Navais, Pesca e Exportacao Empresa de Desenvolvimento de Mining and Extraction 73, 78, 83 9.3 54.0 - 4.3 4.3 Recursos Minerais (COI)DMIN) S.A. of Metals and Other Ores Engepol Engenharia de Manufacturing 91 3.5 - (.9 - (.9 Polimtteros Eucatex do Sul S.A. Timber, Pulp, and Paper 95 - - 7.5 - 7.5 Fcrtilizaantes Fosfatado S.A. Fertilizers and 99 20.0 45.0 20.0 - 20.1) Agricultural Chemicals Fras-le, S.A. Motor Vehicles and 99 20.0 - 10.0 10.( 20.0 Components (including Motorcvcles) (,avea Hotelaria e Tlurismo S.A. Hotels and Tourism 94 16.8 7.5 14.9 - 14.9 Globo Cabo Holding S.A. Infrastructure 95, 97, 98 63.0 118.0 32.1 28.(0 60.1 GiP Capital Partners, I. Financial Services 94 20.0 - - 14.0 14.0 Hering Textile*- Textiles 95 - _ 7.5 - 7.5 Icatu EFquity Partners, L. P Financial Services 98 30.0 - - 30.0 30.0 Industrias Arteb S.A. Motor Vehicles and 98 27.0 20.0 20.0 7.0 27.0 Components (including Motorcvc1es) Industrias Romi S.A.- Manufacturing 93 - - 1.2 ().4 1.6 Ipiranga Petroquimica S.A. Chemicals and 80, 87, 98 61.3 178.0 40.0 6.3 46.3 Petrochemicals 1. Macedo Alimentos S.A. Food and Agribusiness 93 24.0 10.0 14.5 - 14.5 L.atasdeAluminioS.A. Manufacturing 95 21.0 5.0 13.) - 13.0 Lightel S.A. le 'Tecnologia da Infrastructure 97 43.2 - 25.0 18.2 43.2 lnforrnayao I.oias Americanas S.A. Industrial and 96 33.0 20.0 29.0 - 29.0 Consumer Services Mallory I.imitada Manufacturing 96 12.0) - 7.3 - 7.3 Mineracoes Brasileiras Mining and Extractioni 92,88,93 55.0 27.0 17.0 - 17.0 Reunidas S.A. of Metals and Other Ores Oxiteno Nordeste S.A. Chemicals and 75, 96 39.6 - 22.5 - 22.5 Industria c Comercio Petrochenmicals Para Pigmentos S.A. Mining and Extraction 95 39.0 35.0 30.0 9.0 39.0 of Metals and Other Ores Perdigao S.A. and Perdigao Food and Agribusiness 88, 96 57.9 20.0 28.4 10.0 38.4 Agroindustrial S.A. Petroflex Induistria e Comercio S.A. * Manufacturing 96 - - 7.5 - 7.5 Latin America and the Caribbean (as of June 30, 1999) OriginaL commitments1 Investments held for IFC2 Fiscal years (millions of U.S. doLlars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity PISA-Papel de Imprensa S.A. Timber, Pulp, and Paper 83,85, 88 55.9 31.7 - 3.9 3.9 Politeno Induistria e Com6rcio S.A. Chemicals and 89,96 42.6 - 13.2 - 13.2 Petrochemicals Randon S.A. Implementos e Motor Vehicles and 99 10.0 - 10.0 - 10.0 Sistemas Automotivos Components (including Motorcycles) Rhodia-Ster S.A. Chemicals and 92 25.9 - 5.7 6.0 11.7 Petrochemicals Rhodiaco Induistrias Quimicas Ltda. Chemicals and 96 30.0 30.0 20.0 - 20.0 Petrochemicals Ripasa S.A. Celulose e Papel Timber, Pulp, and Paper 91 25.0 - 2.9 5.0 7.9 S.A. Industria e Comercio Food and Agribusiness 94,96 7.9 - 6.9 7.9 14.7 Chapeco Sadia Concordia S.A. Induistria Food and Agribusiness 94, 95,97 80.0 222.0 54.0 10.0 64.0 e Comercio Samarco Mineracao S.A. Mining and Extraction 97 18.0 16.0 16.2 - 16.2 of Metals and Other Ores Sao Paulo Alpargatas S.A. Manufacturing 87, 97 60.0 - 30.0 - 30.0 Saraiva S.A. Livreiros Editores Industrial and 98 18.0 - 15.0 3.0 18.0 Consumer Services SOCOCO S.A. Agroindustrias Food and Agribusiness 83 5.5 - - 2.5 2.5 da Amazonia Sucorrico S.A. Food and Agribusiness 97 15.0 - 15.0 - 15.0 'lecon Rio Grande S.A. Infrastructure 99 13.0 18.0 13.0 - 13.0 Trikem S.A. Chemicals and 92,95 12.9 - - 12.9 12.9 Petrochemicals Tubos e Conexoes Tigre Ltda. (Tigre) Manufacturing 97 30.0 23.5 28.1 - 28.1 Usina Hidreletrica Guilman - Infrastructure 98 30.0 91.0 29.5 - 29.5 Amorim Votorantim Celulose e Papel S.A. Timber, Pulp, and Paper 93 24.0 15.0 11.7 - 11.7 Vulcabras do Nordeste S.A. Manufacturing 99 20.0 - 20.0 - 20.0 Wembley S.A. Textiles 92 - - - 10.0 10.0 975.4 277.1 1,252.4 CHILE Agrisouth (Chile) S.A. Food and Agribusiness 98 10.0 5.0 10.0 - 10.0 Bosques y Maderas S.A. (BOMASA) Timber, Pulp, and Paper 92,94 10.3 6.0 1.7 4.8 6.5 CB Transporte e Infrastructure 99 2.0 - 2.0 - 2.0 lnfraestructura S.A. CB Transportes S.A. Infrastructure 92,99 9.9 - - 15.9 15.9 Celulosa del Pacifico, S.A. Timber, Pulp, and Paper 90, 93, 94 55.5 33.0 6.1 - 6.1 Compafhia de Telecomunicaciones Infrastructure 91,92, 94 99.1 113.0 31.1 - 31.1 de Chile S.A. Empresa Electrica Pangue S.A. Infrastructure 94 64.8 88.0 - 2.8 2.8 Ferrocarril del Pacifico S.A. Infrastructure 97 20.5 6.0 14.5 - 14.5 Fibranova S.A. Timber, Pulp, and Paper 92,93 17.5 - 2.0 - 2.0 Hidroelectrica Aconcagua S.A. Infrastructure 92, 93 14.4 6.0 - 6.5 6.5 Leasing Andino S.A. Financial Services 91, 94 20.0 20.0 8.8 - 8.8 Minera Escondida Limitada Mining and Extraction 89,91, 99 75.1 - 13.8 7.5 21.3 of Metals and Other Ores Moneda Asset Management S.A. Financial Services 94, 96, 97 0.5 - - 0.5 0.5 B Latin America and the Caribbean (as of June 30, 1999) OriginaL commitments' Investments held for IFCt 82 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Nature's Farm Products (Chile) S.A.- Food and Agribusiness 91 - - 1.2 - 1.2 Pionero Fondo de Inversi6n Financial Services 94 10.0 - - 10.0 1().0 Mobiliaria Proa Fondo de Inversion de Financial Services 96 8.4 - - 8.4 8.4 Desarrollo de Empresas Reynolds Chile S.A. Manufacturing 96 11.0 - 3.3 2.5 5.8 94.4 58.8 153.2 COLOMBIA Compania Colombiana de Tejidos Textiles FY63, 91 22.9 1.7 6.3 - 6.3 Compania Suramericana de Financial Services 99 5.1 - - 5.1 5.1 Arrendamiento Operativo S.A. Corporaci6n Financiera del Valle Financial Services FY69, 85, 88, 51.1 60.0 - 7.4 7.4 93, 95 Corporaci6n Financiera Financial Services 94,95 6.4 - - 1.4 1.4 Santander S.A. Corporaci6n Nacional y Financial Services 96 38.9 - 13.1 - 13.1 Suramericana S.A. Industria Colombiana de Llantas S.A. Motor Vehicles and 95, 97 19.5 - 11.0 - 11.0 Components (including Motorcycles) L.easing Bolivar, S.A. Compafiia Financial Services 81,85,87,90 15.4 6.3 4.0 - 4.0 de Financiamiento Comercial 91, 92, 95 Leasing Suramericana Compania Financial Services 98 30.0 - 30.0 - 30.0 de Financiamiento Comercial S.A. Oleoducto de Colombia S.A. Mining and Extraction 91, 92 55.0 75.0 2.9 - 2.9 of Fuel Minerals Productora de Derivados de la Chemicals and 87 7.2 - - 0.6 0.6 Sal, S.A. (PRODESAL) Petrochemicals Promigas S.A. E.S.P. Infrastructure 77, 89, 93, 38.3 69.5 12.2 1.1 13.3 94, 97 Provectos de Infraestructura S.A. Infrastructure 97 15.) - 9.6 5.() 14.6 89.1 20.7 109.8 COSTA RICA Banco Interfin S.A. Financial Services 93 5.0 - 2.5 - 2.5 Consorcio Hospitalario Social Services 99 1.2 - - 1.2 1.2 Internacional, S.A. (Health Care, Education) Corporaci6n Banex, S.A. y Financial Services 91 5.8 - 1.4 - 1.4 Banex Internacional, S.A. Corporaci6n Supermercados Industrial and 99 40.0 - 30.0 10.( 40.0 Unidos Consumer Services Hidroelectrica Aguas Zarcas S.A. Infrastructure 94 4.0 6.1 2.9 - 2.9 Hotel Camino Real, S.A. Hotels and Tourism 93 7.0 - 6.1 - 6.1 'I'icofrutS.A. FoodandAgribusiness 96,99 14.0 5.0 13.0 - 13.0 55.8 1 1.2 67.0 DOMINICAN REPUBLIC Cranberry Doininicana S.A. y Hotels and Tourism 93 6.8 - 3.1 - 3.1 Tlantimar S.A. I)esarrollos 'Turisticos del Hotels and Tourism 92, 94 10.0 - 3.6 - 3.6 Caribe, S.A. Inversora Internacional Hotels and Tourism 99 14.() 21.7 14.0 - 14.0 Hotelera, S.A. Latin America and the Caribbean (as of June 30, 1999) Original commitments' Investments held for IFC2 83 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Smith/Enron Cogeneration Infrastructure 95,96 32.3 50.0 27.6 - 27.6 Limited Partnership 48.4 48.4 ECUADOR Agrocapital, S.A. Food and Agribusiness 97 3.5 - 3.5 - 3.5 Banco Cofiec Financial Services 69, 73, 77, 3.0 - - 0.3 0.3 81,82, 88 Concesionaria DHM, S.A. Infrastructure 99 12.8 15.0 11.5 1.3 12.8 Favorita Fruit Company, Ltd. Food and Agribusiness 99 15.0 - 10.0 5.0 15.0 La Universal S.A. Food and Agribusiness 99 13.2 3.0 8.2 5.0 13.2 Rey Banano del Pacifico C.A. Food and Agribusiness 94 10.0 5.0 6.2 - 6.2 39.4 11.6 51.0 EL SALVADOR AFP Previsi6n, S.A. Financial Services 99 1.2 - - 1.2 1.2 Banco Cuscatlan, S.A. Financial Services 99 25.0 - 25.0 - 25.0 Baterias de El Salvador, S.A. Manufacturing 99 2.0 - 2.0 - 2.0 Cemento de El Salvador S.A. Cement and 97 22.1 24.0 20.0 1.8 21.8 (CESSA) Construction Materials SEF Implementos Agricolas Manufacturing 98, 99 2.2 - 2.0 0.2 2.2 Centroamericanos, S.A. Telemovil El Salvador, S.A. Infrastructure 94, 96 9.9 14.5 8.3 0.2 8.5 57.3 3.4 60.8 GUATEMALA Fabrigas S.A. Infrastructure 95 7.0 - 4.8 - 4.8 Operadora de Tiendas, S.A. Industrial and 99 20.0 - 20.0 - 20.0 (La Fragua S.A.) Consumer Services Orzunil Infrastructure 98 14.3 15.0 13.2 1.2 14.3 Pantaleon S.A. Food and Agribusiness 97 20.0 - 16.3 - 16.3 Puerto Quetzal Power Corporation Infrastructure 93, 96 20.0 51.0 7.8 - 7.8 Siderulrgica de Guatemala, S.A. Mining and Extraction 98 18.0 14.0 16.9 - 16.9 of Metals and Other Ores Vidriera Guatemalteca, S.A. Manufacturing 93 11.0 - 6.2 - 6.2 85.0 1.2 86.2 GUYANA IDS Holdings Limited Manufacturing 99 1.0 - 1.0 - 1.0 1.0 1.0 HONDURAS Corporacion Cressida, S.A. de CV. Manufacturing 97, 98 25.0 37.0 25.0 - 25.0 Electricidad de Cortes, S. de Infrastructure 95, 98 16.6 36.3 11.4 2.6 14.0 R.L. de CV. Grupo Granjas Marinas S.A. de Food and Agribusiness 87, 99 6.6 - 6.0 - 6.0 C'V., Granjas Marinas San Bernardo S.A. de C.V, Sea Farms I Multiplaza de Tegucigalpa S.A. Hotels and Tourism 99 10.0 _ 10.0 - 10.0 52.4 2.6 55.0 Latin America and the Caribbean (as of June 30, 1999) 84 FiscaL years Original commitments' Investments held for IFC2 84 FiRscaL years (miLlions of U.S. dollars) (milLions of U.S. doLlars) in which commitments Total Total Equity Total Loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity JAMAICA Caribbean Cement Company Cement and 93 8.0 - 3.5 - 3.5 Limited Construction Materials Jamaica Energy Partners Infrastructure 97 23.9 48.0 18.7 1.9 20.7 22.2 1.9 24.2 MEXICO AES Mcrida 111, S. de R.L. de Infrastructure 98 30.0 74.0 30.0 30.0 CAV (Energy Project) Agropecuaria Sanfandila S.A. de C.V. Food and Agribusiness 99 10.0 5.0 10.0 - 10.0 Alimenlos Naturales Sabroza, Food and Agribusiness 94 - - 3.0 - 3.0 S.A. de CV. Apasco, S.A. de C.V Cement and 88, 91, 92, 176.4 120.0 18.6 - 18.6 Construction Materials 93, 96 Banco Bilbao Vizcava-Mexico, S.A. Financial Services 97 110.0 - 110.0 - 110.0 Banco Nacional de Mexico, S.N.C. Financial Services 92, 90, 98 160.0 94.7 108.8 - 108.8 Baring Mexico Private Equity Financial Services 95, 99 11.8 - - 11.8 11.8 Fund, L.P. Baring Private Equity Partners Financial Services 95, 96 0.2 - - 0.2 0.2 (Mexico), S.A. Celulosa v D)erivados, S.A. de C.V. Textiles 93 11.0 26.0 4.4 - 4.4 Comercializadora La Junta S.A. Infrastructire 98 6.0) 7.5 6.0 - 6.0 de CA. (Compafia Tratadora de Aguas Infrastructure 95 7.5 - 6.7 - 6.7 Negras de Puerto Vallarta, S.A. d C (.V Consorcio International Social Services 99 4.8 - - 4.8 4.8 Hospital, S.A. de CV (Health Care, Education) Fomento Econ6mico Mexicano, Food and Agribusiness 89,92 107.6 - - 9.4 9.4 S.A. dc C.V. Fondo (Chiapas, S.A. de CA.V Financial Services 98 5.0 - - 5.0 5.0 Sociedad de Inversi6n de Capitales Forja de Monterrey, S.A. de C.V. Motor Vehicles and 99 16.0 1 3.0 13.0 3.0 16.0 Components (including Motorcycles) General Hipotecaria, S.A. de C.V. Financial Services 98, 99 3.7 - - 3.7 3.7 Grupo Calidra, S.A. de CV. Manufacturing 98 18.0 1().( 12.0 6.0 18.0 Grupo Condumex, S.A. de CV. Manufacturing 90, 92 44.5 18.0 4.7 - 4.7 Grupo Financiero BBV-Probursa, Financial Services 92,96,97,98 10.4 - 0.2 10.2 10.4 S.A. de C(. Grupo Idesa, S.A. de CV. Chemicals and 94 23.0 42.5 8.8 8.0 16.8 Petrochemicals Grupo Industrial Ayvi S.A. de C.V Food and Agribusiness 99 10.0 - 10.0 - 10.0 Grupo Industrial Bimbo, S.A. Food and Agribusiness 92, 96 65.0 175.0 34.3 - 34.3 de C'. Grupo Irsa, S.A. de C.V. (GIRSA) Chemicals and 97 40.0 115.0 40.0 - 40.0 Petrochemicals Grupo Minsa, S.A. de CV. Food and Agribusiness 97 30.0 30.0 20.0 10.0 30.0 Grupo Operador de Terminales Infrastructure 94 1.8 2.6 1.2 - 1.2 Maritimas S.A. de C.V Latin America and the Caribbean (as of June 30, 1999) Original commitments' Investments held for IEt2 85 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total Loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Grupo Posadas, S.A. de C.V. Hotels and Tourism 92, 93, 95,96 48.7 58.5 28.8 5.0 33.8 Heller Financial (Mexico), Financial Services 94, 96, 98 2.8 - - 2.8 2.8 S.A. de CV. Internacional de Ceramica, Cement and 94 21.0 17.5 16.0 - 16.0 S.A. de CV. Construction Materials Masterpak, S.A. de C(. Timber, Pulp, and Paper 93 12.0 28.0 4.8 - 4.8 Medicus, S.A. de C.V Social Services 99 7.0 - 7.0 - 7.0 (Health Care, Education) Metalsa, S.A. Motor Vehicles and 92,84,88,94 33.4 35.0 6.0 - 6.0 Components (including Motorcycles) Mexplus Puertos S.A. de C.V. Infrastructure 93, 95, 99 4.5 - - 4.5 4.5 Petrocel, S.A. de C.V Chemicals and 91 32.0 - 3.8 - 3.8 Petrochemicals Sigma Alimentos, S.A. de C.V. Food and 88, 95, 96 48.0 32.0 - 5.0 5.0 Agribusiness Tenedora Nemak S.A. de C.V. Motor Vehicles and 96 30.0 35.0 6.0 - 6.0 Components ( including Motorcycles) Terminal de Cruceros Punta Infrastructure 98 5.0 7.0 4.0 1.0 5.0 Langosta, Cozumel, S.A. de C(.V Terminal Maritima de Altamira Infrastructure 97 5.1 10.4 4.9 - 4.9 S.A. de C.V. Toluca Toll Road Infrastructure 92 13.8 - 7.6 - 7.6 Vitro Flotado, S.A. de C.V Manufacturing 91 25.0 101.0 8.3 - 8.3 Vitro, S.A. Manufacturing 91, 92 18.2 - - 10.2 10.2 ZN Mexico Capital Growth Fund Ltd. Financial Services 99 25.0 - - 25.0 25.0 538.7 125.5 664.3 NICARAGUA Casa Mantica S.A. and Industrial and 99 4.5 - 4.5 - 4.5 Inmuebles Diano Marina, S.A. Consumer Services Distribuidora Cesar Guerrero S.A. Industrial and 99 1.0 - 1.0 - 1.0 Consumer Services Frutales del San Juan, S.A. Food and Agribusiness 99 3.0 - 2.0 1.0 3.0 7.5 1.0 8.5 PANAMA Banco General S.A. Financial Services 98 15.0 - 15.0 - 15.0 Manzanillo International Infrastructure 95 25.0 35.0 20.0 - 20.0) Terminal Panama, S.A. 35.0 35.0 PERU AFP Horizonte S.A. Financial Services 94, 96 1.1 _ - 0.2 0.2 Agro-Guayabito S.A. Food and Agribusiness 99 8.0 - 7.0 1.0 8.0 Agro Industrial Paramonga S.A. Food and Agribusiness 98 22.0 23.0 22.0 - 22.0 Banco de Credito del Peru Financial Services 95 15.0 - 3.1 - 5.1 Banco Internacional del Peru Financial Services 98 20.0 100.0 20.0 - 20.0 Compafnia de Minas Mining and Extraction 79, 83,90,93 8.4 - - 1.7 1.7 Buenaventura, S.A. of Metals and Other Ores Latino Leasing, S.A. Financial Services 98 12.5 - 10.0 2.5 12.5 t §i.Latin America and the Caribbean (as of June 30, 1999) 86 Original commmitments' Investments held for IFC2 FiscaL years (millions of U.S. dollars) (miLlions of U.S. dollars) in which commitments Total Total Equity Total Loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Minera Quellaveco S.A. Mining and Extraction 93, 96 11.5 - - 11.5 11.5 of Metals and Other Ores Minera Yanacocha S.A. Mining and Extraction 93, 95 22.7 19.( 2.4 0.3 2.7 of Metals and Other Ores 'I'hc Peru Privatization FLnd Financial Services 95 20.0 - - 20.0 20.0 I imitad PPF Cayman l.td. Financial Services 95 + _ - + + S.A. Mi'nera Regina Mining and Extraction 85 3.0 - 1.8 - 1.8 of Nletals and Other Ores Wiese Leasing S.A. Financial Services 82, 92, 96 19.5 25.0 7.3 1.4 8.7 75.6 38.7 114.3 TRINIDAD AND TOBAGO Caribbean Ispat Limited Mining and Extraction 96 27.4 55.0 24.0 - 24.0 of Metals and Other Ores Home NMortgage Bank Finanicial Services 87 0.4 - - 0.4 0.4 24.0 0.4 24.4 URUGUAY AzucitrLs S.A. Food and Agribusiness 85,93 13.9 - 2.1 3.4 5.6 Consorcio Aeropuertos Infrastructure 96 8.0 1(.0 7.2 - 7.2 Internacionales S.A. (irania M'loro, S.A. Food and Agribusiness 92 3.8 - 1.8 0.8 2.5 Migranja S.A. Food and Agribusiness 90 5.3 - 3.3 2.0 5.3 Surinvest International Financial Services 80, 89, 97 15.9 10.() 4.9 1.8 6.7 Limited (SRL) 19.3 8.0 27.3 VENEZUELA Compania An6nima Fabrica de 'I'imber, Pulp, and Paper 94 - - 0.9 - 0.9 Papel Mlaracay - CompaniaAn6nima Nacional Infrastructure 96 43.4 131.6 25.0 - 25.0 'eletfonos de NVenezuela Complejo SiderOrgico de Mining and Extraction 97,98 45.0 121.0 35.0 10.0 45.0 Guayana, C.A. (Cornsigua) of Metals and Other Ores Corporacifn Industrial Chemicals and 91,92 21.1 - - 11.() 11.0 Montana, C.A., S.A. Petrochemicals Eka Chemicals de Venezuela C.A. Chemicals and 91 14.3 18.0 4.6 - 4.6 Petrochemicals (Grupo Zulianio, S.A. C.A. Chemicals and 92, 94 14.1 - - 14.1 14.1 Petrochemicals Mavesa, S.A. Food and Agribusiness 92 9.0 - - 9.0 9.0 Metanol de Oriente, Metor, S.A. Chemicals and 93 37.9 93.3 18.1 6.8 24.9 Petrochemicals Miniera loma de Niquel, C.A. Mining and Extraction 98 74.5 50.0 68.1 6.4 74.5 of Metals and Other Ores Productora de Alcoholes Chemicals and 91 38.4 2.0 1().7 7.5 18.2 Hidratados, C.A. Petrochemicals Sidermrgica del 'l'urbio S.A. Mining and Extraction 94 - - 1.5 - 1.5 of Metals and Other Ores Latin America and the Caribbean (as of June 30, 1999) Original commitments' Investments held for IFC2 87 FiscaL years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity Sistema Electr6nico de Financial Services 96 0.5 - - 0.5 0.5 Transacciones C.A. (SET) Telecomunicaciones Movilnet, C.A. Infrastructure 98 35.0 60.0 35.0 - 35.0 198.9 65.3 264.1 REGIONAL BAC International Bank Financial Services 99 30.0 - 30.0 - 30.0 Eastern Caribbean Home Financial Services 97 0.4 - - 0.4 0.4 Mortgage Bank IFC Latin America Index Fund Financial Services 95 10.0 - - 0.5 0.5 Latin American Corporate Bond Financial Services 94 15.0 - - 15.0 15.0 Fund The Latin America Enterprise Financial Services 95 20.0 - - 20.0 20.0 Fund, L.P. The Latin America Enterprise Financial Services 98 24.0 - - 24.0 24.0 Fund 11, L.P. Medical Systems Finance Financial Services 98 17.0 25.0 15.0 2.0 17.0 Holding Limited (MH) Profund Internacional, S.A. Financial Services 96 3.0 - - 3.0 3.0 Scudder Latin American Financial Services 92, 93 25.0 - - 25.0 25.0 Power Fund I Scudder Latin American Financial Services 92,98 10.0 - - 9.7 9.7 Power Fund 11 Terra Capital Advisors Financial Services 99 5.0 - - 5.0 5.0 45.0 104.6 149.6 Total for Latin America and the Caribbean 3,587.5 943.2 4,530.7 Worldwide (as of June 30, 1999) 88 Original commitments' Investments held for IFC2 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars) in which commitments Total Total Equity Total loans Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity WORLD REGION Algemene Bank Nederland NV. * Financial Services 90 10.0 10.0 7.0 - 7.0 Banque Nationale de Paris * Financial Services 91 5.0 5.0 5.0 - 5.0 Cooperatieve Centrale Financial Services 97 50.0 50.0 44.9 - 44.9 Raiffeisen-Boereliteenbank BA. (Rabobank) Credit lyonnais (Multicountry Financial Services 91 15.0 15.0 11.1 - 11.1 I.oan Facility) Emerging Markets Fixed Income Financial Services 98 10.0 - - 10.0 10.0 Fund Emerging Markets Gold Fund Financial Services 95 + _ - + + Management Co. Emerging Markets Local Financial Services 97 10.0 - - 10.0 10.0 Currency f)ebt Fund Global Power Investment LI)C Financial Services 95 1.1 _ _ 1.1 1.1 Global Power Investments Financial Services 95 50.0 - - 50.0 50.0 Company L.P. IFC Latin America and Asia Financial Services 96 20.0 - - 9.8 9.8 Trust 1995-A Internationale Nederlanden Financial Services 90 15.0 18.0 8.9 - 8.9 Groep N.V M State Street Bank & Trust Financial Services 94 10.0 - - 9.0 9.0 Company IFC Emerging Markets Index Common Trust Fund Total for Worldwide 76.8 89.9 166.7 Total for International Finance Corporation 9,835.3 3,133.4 12,968.6 Total for international Finance Corporation (Net of Write-Off Adjustments)4 9,794.9 3,121.7 12,916.6 NOTES AND DEFINITIONS FOR INVESTMENT PORTFOLIO * IFC's fiscal year runs from JuLy 1 to June 30. * Investment amounts are given in US dollars, regardLess of the original currency/ies, based on the exchange rate in effect on June 30, 1999. * Commitments are Loans, syndicated loans, and equity and quasi-equity investments for which agreements were signed during FY99. * Investments heLd for IFC's account are loans, and equity and quasi-equity investments disbursed and outstanding, and undisbursed. * The operational investments are represented by loans and equity, as stated. In addition, in certain investments, the Corporation has the right to acquire shares and/or participate in the profits of the enterprise. * Totals may differ from the sum of individual figures because of rounding. * Financial intermediary through which IFC makes loans to, and equity investments in, various small-scale companies. ** Subproject under an agency line or a multicountry loan facility. The corresponding commitment is shown for the agent. + Less than $50,000. 1. Commitments include funds to be provided by IFC for its own account, funds to be provided by participants through the purchase of an interest in IFC's investment, and funds to be provided by other financial institutions in association with IFC, where IfC has rendered material assistance in mobilizing those funds. OriginaL commitments are composed of disbursed and undisbursed balances. The undisbursed portion is revalued at current exchange rate whiLe the disbursed portion represents the cost of the commitment at the time of disbursement. Loans heLd for the Corporation are revalued at the current exchange rates. Amounts shown are for commitments outstanding at June 30, 1999, net of canceLLations. 2. Includes undisbursed balance. 3. Represents investments made at a time when the authorities on Taiwan represented China in the Corporation (before May 15, 1980). 4. Of the total $28,667,924 in write-offs for FY99, write-off adjustments are $40,351,795 in loans and $11,683,972 in equity (at cost) for a total of $52,035,767. PROJECT MANAGER AND EDITOR DESIGN Sally Gelston Grafik Communications, Ltd., CHIEF OF PUBLICATIONS Alexandria, Virginia Dana Lane ILLUSTRATION James Steinberg PRIMARY IFC STAFF CONTRIBUTORS Paul Bravery, Sara York Kenny, Chetana Neerchal, PRINTING Winsome Palmer, Nicholas Pardoe, Nadir Rehman Cadmus Graphic SoLutions, Sandston, Virginia STAFF ASSISTANTS Erlinda McAllister, Mona Vyas PROOFING Stanley Thawley V 7 IFC A Member ofjtbe INTERNATIONAL FINANCE CORPORATION World Bank Group 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Telephone 202-473-7711 Facsimite 202-974-4384 www.ifc.org