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                         IFC ROAD MAP FY14-16
                    LEVERAGING THE PRIVATE SECTOR
      TO ERADICATE EXTREME POVERTY AND PURSUE SHARED PROSPERTIY

                                         CHAIR’S SUMMING UP ∗

                                  Meeting of the Committee of the Whole

                                              April 9, 2013


        Directors discussed the paper entitled IFC Road Map FY14-16 – Leveraging the Private
Sector to Eradicate Extreme Poverty and Pursue Shared Prosperity (IFC/SecM2013-0039).

        Directors endorsed IFC’s strategic focus areas, including the areas for increased
implementation emphasis for FY14-16, and welcomed the inclusion of gender and jobs as cross-
cutting themes. Moreover, they supported a scenario under which IFC would grow broadly in
response to increasing demand, and in particular increase its operations in fragile and conflict
situations and other challenging IDA countries, urging boldness on the part of IFC and the World
Bank Group to maximize its development impact. Directors requested more detail on the
implications of this scenario on cost drivers, efficiency savings, and risk management, which will
be considered as part of the FY14 Business Plan and Budget. While supporting these strategic
directions, they emphasized the critical importance of IFC’s continued financial sustainability,
and maintaining a balanced portfolio that addresses the needs of client countries. Additionally,
Directors welcomed the focus on access to finance and markets, as well as continued growth
across its business in response to demand, but urged greater attention to infrastructure, the energy
and extractive sectors, and gender.

        More broadly, Directors affirmed the critical role of the private sector in eradicating
poverty and boosting shared prosperity. In that regard, they welcomed the contributions of IFC’s
distinctive organizational culture and operational model to World Bank Group collaboration in
pursuit of integrated solutions to development challenges. They called on IFC to ensure its
market-based approach contributes to the World Bank Group’s unique combination of strengths
to support potentially transformational activities. In this context, Directors particularly urged
IFC and IDA to find innovative ways to mutually reinforce each other’s development efforts.




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    This summary is not an approved record.