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International Finance Corporation (IFC) annual report 2003 : innovation, impact, sustainability - IFC's commitment (Vol. 3) : Sustainability review (English)

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.

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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