This annual report reviews the oerations of the International Finance Corporation (IFC) during fiscal year 2003. IFC's operating income for FY03 grew to $528 million, more than triple the figure for FY02 and one of the highest on record. Its committed portfolio grew by 11.5 percent to $16.8 billion. It was a year that emphasized coordination, and mutually reinforcing efforts among World Bank Group units, particularly in pursuing private sector development in client countries. The report stresses the need for support of IFC's priorities, including emerging, and frontier markets, technical assistance, and advisory services to help improve investment climates, and small and medium enterprises. Also underscored, is the significance of IFC's presence in difficult, country environments as a central component of its development mandate, while IFC's counter-cyclical role in the face of heightened investor uncertainty, and volatility of capital flows to developing countries, is recognized, as is the performance within the annual portfolio performance review, despite continued difficulty in the global economic environment. IFC's financial management is reviewed, and its leadership for protecting the Corporation's financial integrity, without compromising its development mandate, was commendable, though the need to maintain profitability, while increasing development impacts, is stressed. The report presents financial highlights, particularly outlining IFC's commitment to innovation, impact, and sustainability, and further identifies the period's operational, and regional outlook. The report also summarizes the financial and portfolio reviews, as well as technical assistance and advisory services during FY03. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.
Details
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Author
IFC E&S
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Document Date
2003/06/30
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Document Type
World Bank Annual Report
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Report Number
27028
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Volume No
3
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Total Volume(s)
3
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Country
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Region
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Disclosure Date
2003/10/21
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Disclosure Status
Disclosed
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Doc Name
Sustainability review
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Keywords
International Centre for Settlement of Investment Disputes;technical assistance and advisory service;Environmental and Social Risk Rating;SME Capacity Building;Environmental and Social Impact;greenhouse gas emission reduction;protection property right;Environmental and Social Monitor;small and medium enterprise;community development trust;local civil society organizations;multilateral investment guarantee agency;lack of access to markets;municipal finance market;Credit Risk Rating;corporate governance;multilateral development bank;wastewater treatment plant;investment climate issue;private sector activity;social issue;municipal water company;Water and Energy;Letter of Credit;Sustainable Economic Development;municipal bond offering;conversion to agriculture;direct financial support;foreign exchange risk;energy efficiency finance;natural resource depletion;private capital investment;local capital market;increase in population;liquid petroleum gas;partial credit guarantee;municipal water financing;export credit agencies;Private Sector Growth;source income;source of income;years of service;global development finance;land use mapping;private sector client;local environmental issues;private sector resource;corporate social responsibility;reducing environmental impact;private capital flow;Environmental Management Plan;supply of electricity;transmission and distribution;mother and child;improvement in governance;proper corporate governance;investment and services;measure of investment;foreign capital flow;wood as fuel;activities in conjunction;gap in information;sustainable private sector;financial service industry;local financial institution;business case;non-governmental organization;Advisory services;social policies;social policy;carbon emission;private company;environmental stewardship;financial intermediaries;labor practice;
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Citation
IFC E&S
International Finance Corporation (IFC) annual report 2003 : innovation, impact, sustainability - IFC's commitment (Vol. 3) : Sustainability review (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/408271468140379698/Sustainability-review