IFC 2004 Annual Report : Adding Value to Private Sector Investment, Volume 1
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For the fiscal year ended June 30, 2004,
the International Finance Corporation (IFC) expanded its
sustainable development impact through private sector
project financing operations and advisory activities. This
year the Board of Directors approved a number of investments
and maintained close oversight of development and
implementation of IFC strategy. The Board was heavily
involved in discussion of IFC's strategic directions,
which outline the overall framework for future IFC
activities. The Board urged IFC to collaborate more closely
with other World Bank Group institutions, especially in
providing technical assistance on the business climate and
private sector development. In this regard, Directors were
pleased to note the increased cooperation between IFC and
IDA in Africa. The Board also reviewed country-specific
operations and discussed 15 joint World Bank-IFC-MIGA
country assistance strategies and related products.
Directors noted the challenges in both maintaining
profitability and increasing development impact, and they
reaffirmed their support of IFC's focus on frontier
markets, with a particular emphasis on small and medium
enterprises; innovative financing mechanisms;
"south-to-south" investments; long-term
partnerships; infrastructure; and health and education.
Specific issues Directors discussed with IFC management
include the update of the IFC's Safeguard Policies and
associated guidelines, the review of IFC's Policy on
Disclosure of Information, an assessment of IFC's
strategy and procedures for donor funded operations, and, in
conjunction with other units of the World Bank Group, the
Extractive Industries Review. These discussions were ongoing
into FY05, along with a proposal to establish a technical
assistance and advisory fund to provide sustainable
financial support for the Corporation's growing
technical assistance activities.
Palabras clave
ACCOUNTABILITY, BANK LENDING, BANKS, BIODIVERSITY, CAPITAL MARKETS, CARBON EMISSIONS, CIVIL SOCIETY, COMMERCIAL BANKS, COMMERCIALIZATION, COMMUNITIES, CONSERVATION, CORPORATE GOVERNANCE, CURRENCY, DECENTRALIZATION, DEVELOPING COUNTRIES, DEVELOPMENT FINANCE, DIRECT INVESTMENT, DISCHARGE, DISCLOSURE, DIVIDENDS, ECONOMIC DEVELOPMENT, ECOSYSTEMS, EDUCATION SERVICES, EMERGING MARKETS, ENERGY EFFICIENCY, ENERGY EFFICIENCY IMPROVEMENTS, ENVIRONMENTAL IMPACT, ENVIRONMENTAL MANAGEMENT, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL MARKETS, FINANCIAL PRODUCTS, FINANCIAL SECTOR, FINANCIAL STATEMENTS, FINANCIAL SUPPORT, FINANCING MECHANISMS, FISCAL YEAR, FOREIGN CAPITAL, FOREIGN DIRECT INVESTMENT, FORESTRY, GASES, HOUSING, HOUSING FINANCE, INCOME, INFRASTRUCTURE SERVICES, INSTITUTIONAL CAPACITY, INSTITUTIONAL INVESTORS, INSURANCE, INTEGRITY, INTERNAL CONTROLS, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, INVESTMENT AGREEMENTS, INVESTMENT CLIMATE, INVESTMENT CLIMATE REFORM, INVESTMENT DISPUTES, INVESTMENT FUNCTIONS, INVESTMENT FUNDS, INVESTMENT OPERATIONS, INVESTMENT PORTFOLIO, INVESTMENT PRODUCTS, INVESTMENT PROJECTS, LAWS, LEASING, LEGISLATION, LIABILITY, LIABILITY MANAGEMENT, LOCAL CAPITAL MARKETS, LOCAL CURRENCY, LOCAL FINANCIAL INSTITUTIONS, MACROECONOMIC STABILITY, MICROFINANCE, MINING, MONEY LAUNDERING, MULTILATERAL FINANCIAL INSTITUTIONS, MULTILATERAL INVESTMENT GUARANTEE AGENCY, MUNICIPAL FINANCE, MUNICIPALITIES, NET WORTH, NONPERFORMING LOANS, OPERATING INCOME, PENSION FUNDS, PORTFOLIO REVIEW, PRIVATE EQUITY, PRIVATE INVESTORS, PRIVATE SECTOR, PRIVATIZATION, PRODUCTIVITY, PROFITABILITY, PUBLIC GOODS, PURCHASES, REAL ESTATE, RETAINED EARNINGS, RISK MANAGEMENT, SAFETY, SETTLEMENT, SHARE CAPITAL, SOCIAL DEVELOPMENT, SOCIAL POLICIES, SOLAR ENERGY, STOCK MARKETS, SUBSIDIARIES, TECHNICAL ASSISTANCE, TELEPHONE SERVICES, TRANSPARENCY, TRANSPORTATION, TREASURY OPERATIONS, VENTURE CAPITAL