IFC 2004 Annual Report : Adding Value to Private Sector Investment, Volume 2. Management's Discussion and Analysis, Financial Statements, and Investment Portfolio
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...
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| Format: | Publication |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/01/5183183/international-finance-corporation-ifc-annual-report-2004-adding-value-private-sector-investment-vol-2-2-managements-discussion-analysis-financial-statements-investment-portfolio http://hdl.handle.net/10986/14283 |
| Summary: | 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. |
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