IFC, a member of the World Bank Group, is the largest
global development institution focused on the private
sector indeveloping countries.
Established in 1956, IFC is owned by 184 member countries,
agroup that collectively determines our policies.
We have six decades of experience in the world’s most
challenging markets. With a global presence in about 100
countries, a network consisting of hundreds of financial
institutions, and about 2,000 private sector clients, IFC is
uniquely positioned to create markets and opportunities
where they are needed most.
We use our capital, expertise, and influence to help end
extreme poverty and boost shared prosperity.
ABOUT
IFC
CONTENTS
Letter from the IFC Board 2
Letter from Jim Yong Kim,
World Bank Group President 3
Letter from Philippe Le Hourou,
IFC CEO 6
Our Management Team 9
REDEFINING
DEVELOPMENT FINANCE 10
Mobilizing Private Solutions 24
Creating Markets 32
Promoting Sustainability 44
Ending Poverty 52
IFC YEAR IN REVIEW 62
IFC Operational Highlights 64
IFC Financial Highlights 65
World Bank Group Summary
Results 68
ABOUT US 72
Measuring Up 73
Our Expertise 76
Our People & Practices 84
Cover: To maximize finance for development, IFC follows
adecision-making sequence that prioritizes private sector
solutions. We call this approach the Cascade.
IFC ANNUAL REPORT 2018 | 1
During fiscal 2018, the Board was actively involved in
thediscussion with management on implementation
of the Forward Look vision for the World Bank Group.
An integral part of this discussion included a proposed
capital package that would allow the Bank Group to
deliver development results more effectively— and in
afinancially sustainable manner.
This transformative financial and policy package is
the largest injection of capital into the World Bank
and IFC to date, and it represents a major shift in
approaches to address today’s toughest development
challenges. Together with a commitment by Bank
Group management to implement necessary internal
reforms, the package of initiatives will help support
achievement of the 2030 development agenda, the
IDA18 vision, Maximizing Finance for Development, and
will help the Bank Group continue to lead on global
public goods and scale up its support in fragile and
conflict- affectedsituations.
The Board also engaged on the shareholding review to
rebalance shareholding among members, and agreed
to reduce extreme under- representation in order to
realize voice reform and more closely align voting power
between the institutions of the Bank Group. The Board
has also provided guidance and direction on initiatives
that enable the Bank Group to continue to improve
itsbusiness model— including through simpler and
moreagile processes, strengthened strategic frame-
works, market creation and increased development
impact through the IFC 3.0 strategy, efficiency measures
in compensation and other expenses, and frameworks
andmechanisms to ensure financial sustainability.
STANDING
(Left to Right)
Werner Gruber
Switzerland
Frank Heemskerk
The Netherlands
Turki Almutairi
Saudi Arabia (Alternate)
Andrei Lushin
Russian Federation
Yingming Yang
China
Jean- Claude Tchatchouang
Cameroon (Alternate)
Herv de Villeroch
France
Otaviano Canuto
Brazil
Kazuhiko Koguchi
Japan
Andin Hadiyanto
Indonesia
Erik Bethel
United States (Alternate)
Fernando Jimenez Latorre
Spain
Omar Bougara
Algeria
Aparna Subramani
India
SEATED
(Left to Right)
Melanie Robinson
United Kingdom
Christine Hogan
Canada
Máximo Torero
Peru
Jason Allford
Australia
Bongi Kunene
South Africa
Merza Hasan
Kuwait (Dean)
Franciscus Godts
Belgium
Patrizio Pagano
Italy
Juergen Zattler
Germany
Susan Ulbaek
Denmark
AndrewN. Bvumbe
Zimbabwe
LETTER FROM THE IFC BOARD
IFC ANNUAL REPORT 2018 | 2。