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<br /> where<br /> innovation<br /> IFC ANNUAL REPORT 2010<br /> meets<br /> impact<br /> p2: letter from World Bank Group President p4: letter from IFC CEO p6: IFC Management Team<br /> IFC: financial & operational highlights<br /> highlights and<br /> leadership<br /> p1<br /> IFC is a member of<br /> the World Bank Group<br /> creating opportunity<br /> where it's needed most<br /> THE CONTEXT<br /> why the private sector<br /> matters more than ever<br /> The world paid a steep price for defects in the global<br /> financial system. In the economic crisis that ensued, mil-<br /> lions of people were pushed back into poverty. In many<br /> countries, public confidence in the virtues of private<br /> markets dwindled.<br /> Yet prosperity cannot be restored and sustained<br /> without a major contribution from the private sector.<br /> The private sector provides more than 90 percent of<br /> jobs, creating opportunities for people to improve<br<a title="IFC Annual Report 2010 page 1" href="http://viewer.zmags.com/publication/e9fd9f2a?page=1"> where innovation IFC ANNUAL REPORT 2010 me</a> <a title="IFC Annual Report 2010 page 2" href="http://viewer.zmags.com/publication/e9fd9f2a?page=2"> IFC is a member of the World Bank Group creating</a> <a title="IFC Annual Report 2010 page 3" href="http://viewer.zmags.com/publication/e9fd9f2a?page=3"> THE CHALLENGE the dilemmas of private sector </a> <a title="IFC Annual Report 2010 page 4" href="http://viewer.zmags.com/publication/e9fd9f2a?page=4"> financial highlights as of and for the years end</a> <a title="IFC Annual Report 2010 page 5" href="http://viewer.zmags.com/publication/e9fd9f2a?page=5"> 1 </a> <a title="IFC Annual Report 2010 page 6" href="http://viewer.zmags.com/publication/e9fd9f2a?page=6"> HIGHLIGHTS AND LEADERSHIP letter from the World </a> <a title="IFC Annual Report 2010 page 7" href="http://viewer.zmags.com/publication/e9fd9f2a?page=7"> RESPONDING WITH INNOVATION </a> <a title="IFC Annual Report 2010 page 8" href="http://viewer.zmags.com/publication/e9fd9f2a?page=8"> HIGHLIGHTS AND LEADERSHIP letter from IFC Execut</a> <a title="IFC Annual Report 2010 page 9" href="http://viewer.zmags.com/publication/e9fd9f2a?page=9"> PROVIDING VALUE FOR MONEY In</a> <a title="IFC Annual Report 2010 page 10" href="http://viewer.zmags.com/publication/e9fd9f2a?page=10"> HIGHLIGHTS AND LEADERSHIP IFC's Management Team </a> <a title="IFC Annual Report 2010 page 11" href="http://viewer.zmags.com/publication/e9fd9f2a?page=11"> DOROTHY BERRY </a> <a title="IFC Annual Report 2010 page 12" href="http://viewer.zmags.com/publication/e9fd9f2a?page=12"> 2 global </a> <a title="IFC Annual Report 2010 page 13" href="http://viewer.zmags.com/publication/e9fd9f2a?page=13"> meet solutions Promoting sustainable development </a> <a title="IFC Annual Report 2010 page 14" href="http://viewer.zmags.com/publication/e9fd9f2a?page=14"> GLOBAL CHALLENGES AND IMPACT IFC's global impact</a> <a title="IFC Annual Report 2010 page 15" href="http://viewer.zmags.com/publication/e9fd9f2a?page=15"> IDA countries Middle-incom e countries with fron</a> <a title="IFC Annual Report 2010 page 16" href="http://viewer.zmags.com/publication/e9fd9f2a?page=16"> GLOBAL CHALLENGES AND IMPACT how IFC creates opp</a> <a title="IFC Annual Report 2010 page 17" href="http://viewer.zmags.com/publication/e9fd9f2a?page=17"> IFC'S CLIENT LEADERSHIP AWARD IFC prizes corpo</a> <a title="IFC Annual Report 2010 page 18" href="http://viewer.zmags.com/publication/e9fd9f2a?page=18"> GLOBAL CHALLENGES AND IMPACT our special initiat</a> <a title="IFC Annual Report 2010 page 19" href="http://viewer.zmags.com/publication/e9fd9f2a?page=19"> INFRASTRUCTURE The Infrastructure Crisis Facilit</a> <a title="IFC Annual Report 2010 page 20" href="http://viewer.zmags.com/publication/e9fd9f2a?page=20"> GLOBAL CHALLENGES AND IMPACT IFC's five pillars </a> <a title="IFC Annual Report 2010 page 21" href="http://viewer.zmags.com/publication/e9fd9f2a?page=21"> THE SCORECARD: IFC'S PERFORMANCE ON STRATEGIC PIL</a> <a title="IFC Annual Report 2010 page 22" href="http://viewer.zmags.com/publication/e9fd9f2a?page=22"> GLOBAL CHALLENGES AND IMPACT poverty and</a> <a title="IFC Annual Report 2010 page 23" href="http://viewer.zmags.com/publication/e9fd9f2a?page=23"> INNOVATION AND IMPACT Our investment clients pr</a> <a title="IFC Annual Report 2010 page 24" href="http://viewer.zmags.com/publication/e9fd9f2a?page=24"> GLOBAL CHALLENGES AND IMPACT SUB-SAHARAN AFRIC</a> <a title="IFC Annual Report 2010 page 25" href="http://viewer.zmags.com/publication/e9fd9f2a?page=25"> LATIN AMERICA AND THE CARIBBEAN </a> <a title="IFC Annual Report 2010 page 26" href="http://viewer.zmags.com/publication/e9fd9f2a?page=26"> GLOBAL CHALLENGES AND IMPACT easing povert</a> <a title="IFC Annual Report 2010 page 27" href="http://viewer.zmags.com/publication/e9fd9f2a?page=27"> an unequal world Where does</a> <a title="IFC Annual Report 2010 page 28" href="http://viewer.zmags.com/publication/e9fd9f2a?page=28"> GLOBAL CHALLENGES AND IMPACT helping young</a> <a title="IFC Annual Report 2010 page 29" href="http://viewer.zmags.com/publication/e9fd9f2a?page=29"> a gold mine for local communities </a> <a title="IFC Annual Report 2010 page 30" href="http://viewer.zmags.com/publication/e9fd9f2a?page=30"> GLOBAL CHALLENGES AND IMPACT poverty and u</a> <a title="IFC Annual Report 2010 page 31" href="http://viewer.zmags.com/publication/e9fd9f2a?page=31"> UKRAINE Our $25 million inv</a> <a title="IFC Annual Report 2010 page 32" href="http://viewer.zmags.com/publication/e9fd9f2a?page=32"> GLOBAL CHALLENGES AND IMPACT climate </a> <a title="IFC Annual Report 2010 page 33" href="http://viewer.zmags.com/publication/e9fd9f2a?page=33"> INNOVATION AND IMPACT Mitigating and adapting t</a> <a title="IFC Annual Report 2010 page 34" href="http://viewer.zmags.com/publication/e9fd9f2a?page=34"> GLOBAL CHALLENGES AND IMPACT EUROPE AND CENTRA</a> <a title="IFC Annual Report 2010 page 35" href="http://viewer.zmags.com/publication/e9fd9f2a?page=35"> EAST ASIA AND THE PACIFIC helping ba</a> <a title="IFC Annual Report 2010 page 36" href="http://viewer.zmags.com/publication/e9fd9f2a?page=36"> GLOBAL CHALLENGES AND IMPACT reducing emis</a> <a title="IFC Annual Report 2010 page 37" href="http://viewer.zmags.com/publication/e9fd9f2a?page=37"> renewable energy— IFC's approach </a> <a title="IFC Annual Report 2010 page 38" href="http://viewer.zmags.com/publication/e9fd9f2a?page=38"> GLOBAL CHALLENGES AND IMPACT Lighting Afri</a> <a title="IFC Annual Report 2010 page 39" href="http://viewer.zmags.com/publication/e9fd9f2a?page=39"> helping institutional investors make climate-frie</a> <a title="IFC Annual Report 2010 page 40" href="http://viewer.zmags.com/publication/e9fd9f2a?page=40"> GLOBAL CHALLENGES AND IMPACT climate chang</a> <a title="IFC Annual Report 2010 page 41" href="http://viewer.zmags.com/publication/e9fd9f2a?page=41"> ARMENIA With</a> <a title="IFC Annual Report 2010 page 42" href="http://viewer.zmags.com/publication/e9fd9f2a?page=42"> GLOBAL CHALLENGES AND IMPACT food sec</a> <a title="IFC Annual Report 2010 page 43" href="http://viewer.zmags.com/publication/e9fd9f2a?page=43"> INNOVATION AND IMPACT Our work gives farmers an</a> <a title="IFC Annual Report 2010 page 44" href="http://viewer.zmags.com/publication/e9fd9f2a?page=44"> GLOBAL CHALLENGES AND IMPACT EAST ASIA AND THE</a> <a title="IFC Annual Report 2010 page 45" href="http://viewer.zmags.com/publication/e9fd9f2a?page=45"> SOUTH ASIA modernizing logistics s</a> <a title="IFC Annual Report 2010 page 46" href="http://viewer.zmags.com/publication/e9fd9f2a?page=46"> GLOBAL CHALLENGES AND IMPACT increasing fo</a> <a title="IFC Annual Report 2010 page 47" href="http://viewer.zmags.com/publication/e9fd9f2a?page=47"> helping farmers mitigate weather risks </a> <a title="IFC Annual Report 2010 page 48" href="http://viewer.zmags.com/publication/e9fd9f2a?page=48"> GLOBAL CHALLENGES AND IMPACT food security</a> <a title="IFC Annual Report 2010 page 49" href="http://viewer.zmags.com/publication/e9fd9f2a?page=49"> WEST BANK We launched the second </a> <a title="IFC Annual Report 2010 page 50" href="http://viewer.zmags.com/publication/e9fd9f2a?page=50"> GLOBAL CHALLENGES AND IMPACT conflict</a> <a title="IFC Annual Report 2010 page 51" href="http://viewer.zmags.com/publication/e9fd9f2a?page=51"> INNOVATION AND IMPACT The private sector has a </a> <a title="IFC Annual Report 2010 page 52" href="http://viewer.zmags.com/publication/e9fd9f2a?page=52"> GLOBAL CHALLENGES AND IMPACT MIDDLE EAST AND </a> <a title="IFC Annual Report 2010 page 53" href="http://viewer.zmags.com/publication/e9fd9f2a?page=53"> SUB-SAHARAN AFRICA creating new b</a> <a title="IFC Annual Report 2010 page 54" href="http://viewer.zmags.com/publication/e9fd9f2a?page=54"> GLOBAL CHALLENGES AND IMPACT rebuilding ec</a> <a title="IFC Annual Report 2010 page 55" href="http://viewer.zmags.com/publication/e9fd9f2a?page=55"> our swift response Haiti's ne</a> <a title="IFC Annual Report 2010 page 56" href="http://viewer.zmags.com/publication/e9fd9f2a?page=56"> GLOBAL CHALLENGES AND IMPACT the Conflict-</a> <a title="IFC Annual Report 2010 page 57" href="http://viewer.zmags.com/publication/e9fd9f2a?page=57"> a home for the Ahmadi family H</a> <a title="IFC Annual Report 2010 page 58" href="http://viewer.zmags.com/publication/e9fd9f2a?page=58"> GLOBAL CHALLENGES AND IMPACT conflict: imp</a> <a title="IFC Annual Report 2010 page 59" href="http://viewer.zmags.com/publication/e9fd9f2a?page=59"> WEST BANK IFC is providing </a> <a title="IFC Annual Report 2010 page 60" href="http://viewer.zmags.com/publication/e9fd9f2a?page=60"> GLOBAL CHALLENGES AND IMPACT water and u</a> <a title="IFC Annual Report 2010 page 61" href="http://viewer.zmags.com/publication/e9fd9f2a?page=61"> INNOVATION AND IMPACT We are partnering with cl</a> <a title="IFC Annual Report 2010 page 62" href="http://viewer.zmags.com/publication/e9fd9f2a?page=62"> GLOBAL CHALLENGES AND IMPACT LATIN AMERICA AND</a> <a title="IFC Annual Report 2010 page 63" href="http://viewer.zmags.com/publication/e9fd9f2a?page=63"> SUB-SAHARAN AFRICA bringi</a> <a title="IFC Annual Report 2010 page 64" href="http://viewer.zmags.com/publication/e9fd9f2a?page=64"> GLOBAL CHALLENGES AND IMPACT our approach </a> <a title="IFC Annual Report 2010 page 65" href="http://viewer.zmags.com/publication/e9fd9f2a?page=65"> helping new global players invest in infrastructu</a> <a title="IFC Annual Report 2010 page 66" href="http://viewer.zmags.com/publication/e9fd9f2a?page=66"> GLOBAL CHALLENGES AND IMPACT cleaner water</a> <a title="IFC Annual Report 2010 page 67" href="http://viewer.zmags.com/publication/e9fd9f2a?page=67"> fostering productive public-private partnerships </a> <a title="IFC Annual Report 2010 page 68" href="http://viewer.zmags.com/publication/e9fd9f2a?page=68"> GLOBAL CHALLENGES AND IMPACT water and urb</a> <a title="IFC Annual Report 2010 page 69" href="http://viewer.zmags.com/publication/e9fd9f2a?page=69"> EASTERN EUROPE Our investment of up to €100</a> <a title="IFC Annual Report 2010 page 70" href="http://viewer.zmags.com/publication/e9fd9f2a?page=70"> GLOBAL CHALLENGES AND IMPACT lessons learn</a> <a title="IFC Annual Report 2010 page 71" href="http://viewer.zmags.com/publication/e9fd9f2a?page=71"> IFC'S APPROACH TO PALM OIL The palm oil sector </a> <a title="IFC Annual Report 2010 page 72" href="http://viewer.zmags.com/publication/e9fd9f2a?page=72"> 3 our products, roles, </a> <a title="IFC Annual Report 2010 page 73" href="http://viewer.zmags.com/publication/e9fd9f2a?page=73"> meet purpose In our activities, we bring several </a> <a title="IFC Annual Report 2010 page 74" href="http://viewer.zmags.com/publication/e9fd9f2a?page=74"> OUR PRODUCTS, ROLES, AND EXPERTISE what we do </a> <a title="IFC Annual Report 2010 page 75" href="http://viewer.zmags.com/publication/e9fd9f2a?page=75"> our three businesses: IFC Investment Services </a> <a title="IFC Annual Report 2010 page 76" href="http://viewer.zmags.com/publication/e9fd9f2a?page=76"> </a> <a title="IFC Annual Report 2010 page 77" href="http://viewer.zmags.com/publication/e9fd9f2a?page=77"> what we do: IFC Advisory Services ACCESS TO FIN</a> <a title="IFC Annual Report 2010 page 78" href="http://viewer.zmags.com/publication/e9fd9f2a?page=78"> OUR PRODUCTS, ROLES, AND EXPERTISE what we do: I</a> <a title="IFC Annual Report 2010 page 79" href="http://viewer.zmags.com/publication/e9fd9f2a?page=79"> partnerships and mobilization CATALYZING INVEST</a> <a title="IFC Annual Report 2010 page 80" href="http://viewer.zmags.com/publication/e9fd9f2a?page=80"> OUR PRODUCTS, ROLES, AND EXPERTISE what we do: s</a> <a title="IFC Annual Report 2010 page 81" href="http://viewer.zmags.com/publication/e9fd9f2a?page=81"> THE EQUATOR PRINCIPLES IFC's approach to transfo</a> <a title="IFC Annual Report 2010 page 82" href="http://viewer.zmags.com/publication/e9fd9f2a?page=82"> OUR PRODUCTS, ROLES, AND EXPERTISE our industrie</a> <a title="IFC Annual Report 2010 page 83" href="http://viewer.zmags.com/publication/e9fd9f2a?page=83"> INFRASTRUCTURE About 2.5 billion people lack pro</a> <a title="IFC Annual Report 2010 page 84" href="http://viewer.zmags.com/publication/e9fd9f2a?page=84"> OUR PRODUCTS, ROLES, AND EXPERTISE special innov</a> <a title="IFC Annual Report 2010 page 85" href="http://viewer.zmags.com/publication/e9fd9f2a?page=85"> SUKUK BOND IFC's first-of-its-kind $100 million </a> <a title="IFC Annual Report 2010 page 86" href="http://viewer.zmags.com/publication/e9fd9f2a?page=86"> OUR PRODUCTS, ROLES, AND EXPERTISE expanding rol</a> <a title="IFC Annual Report 2010 page 87" href="http://viewer.zmags.com/publication/e9fd9f2a?page=87"> INCLUSIVE BUSINESS — OPPORTUNITIES AT THE BASE OF</a> <a title="IFC Annual Report 2010 page 88" href="http://viewer.zmags.com/publication/e9fd9f2a?page=88"> 4 our internal </a> <a title="IFC Annual Report 2010 page 89" href="http://viewer.zmags.com/publication/e9fd9f2a?page=89"> meet practice As the need grows for the private s</a> <a title="IFC Annual Report 2010 page 90" href="http://viewer.zmags.com/publication/e9fd9f2a?page=90"> OUR INTERNAL STANDARDS AND OPERATIONS the IFC Wa</a> <a title="IFC Annual Report 2010 page 91" href="http://viewer.zmags.com/publication/e9fd9f2a?page=91"> IFC development goals </a> <a title="IFC Annual Report 2010 page 92" href="http://viewer.zmags.com/publication/e9fd9f2a?page=92"> OUR INTERNAL STANDARDS AND OPERATIONS who we are</a> <a title="IFC Annual Report 2010 page 93" href="http://viewer.zmags.com/publication/e9fd9f2a?page=93"> IDA countries middle-income countries with fronti</a> <a title="IFC Annual Report 2010 page 94" href="http://viewer.zmags.com/publication/e9fd9f2a?page=94"> OUR INTERNAL STANDARDS AND OPERATIONS measuring </a> <a title="IFC Annual Report 2010 page 95" href="http://viewer.zmags.com/publication/e9fd9f2a?page=95"> IFC's development results by industry fy09 vs. fy</a> <a title="IFC Annual Report 2010 page 96" href="http://viewer.zmags.com/publication/e9fd9f2a?page=96"> OUR INTERNAL STANDARDS AND OPERATIONS </a> <a title="IFC Annual Report 2010 page 97" href="http://viewer.zmags.com/publication/e9fd9f2a?page=97"> deteriorated significantly, mainly because of the</a> <a title="IFC Annual Report 2010 page 98" href="http://viewer.zmags.com/publication/e9fd9f2a?page=98"> OUR INTERNAL STANDARDS AND OPERATIONS empowering</a> <a title="IFC Annual Report 2010 page 99" href="http://viewer.zmags.com/publication/e9fd9f2a?page=99"> Staff Salary Structure* (Washington, D.C.) Durin</a> <a title="IFC Annual Report 2010 page 100" href="http://viewer.zmags.com/publication/e9fd9f2a?page=100"> OUR INTERNAL STANDARDS AND OPERATIONS our govern</a> <a title="IFC Annual Report 2010 page 101" href="http://viewer.zmags.com/publication/e9fd9f2a?page=101"> forming productive partnerships IFC works wi</a> <a title="IFC Annual Report 2010 page 102" href="http://viewer.zmags.com/publication/e9fd9f2a?page=102"> OUR INTERNAL STANDARDS AND OPERATIONS </a> <a title="IFC Annual Report 2010 page 103" href="http://viewer.zmags.com/publication/e9fd9f2a?page=103"> WORKING WITH FOUNDATIONS AND CORPORATE PHILANTHRO</a> <a title="IFC Annual Report 2010 page 104" href="http://viewer.zmags.com/publication/e9fd9f2a?page=104"> OUR INTERNAL STANDARDS AND OPERATIONS ensuring a</a> <a title="IFC Annual Report 2010 page 105" href="http://viewer.zmags.com/publication/e9fd9f2a?page=105"> Capital Adequacy and Financial Capacity We asses</a> <a title="IFC Annual Report 2010 page 106" href="http://viewer.zmags.com/publication/e9fd9f2a?page=106"> OUR INTERNAL STANDARDS AND OPERATIONS working re</a> <a title="IFC Annual Report 2010 page 107" href="http://viewer.zmags.com/publication/e9fd9f2a?page=107"> ENVIRONMENTAL AND SOCIAL RISK MANAGEMENT IFC has</a> <a title="IFC Annual Report 2010 page 108" href="http://viewer.zmags.com/publication/e9fd9f2a?page=108"> OUR INTERNAL STANDARDS AND OPERATIONS The I</a> <a title="IFC Annual Report 2010 page 109" href="http://viewer.zmags.com/publication/e9fd9f2a?page=109"> COMMITMENT TO TRANSPARENCY As a global, multilat</a> <a title="IFC Annual Report 2010 page 110" href="http://viewer.zmags.com/publication/e9fd9f2a?page=110"> OUR INTERNAL STANDARDS AND OPERATIONS </a> <a title="IFC Annual Report 2010 page 111" href="http://viewer.zmags.com/publication/e9fd9f2a?page=111"> ACCOUNTABILITY Independent Evaluation Group I</a> <a title="IFC Annual Report 2010 page 112" href="http://viewer.zmags.com/publication/e9fd9f2a?page=112"> independent assurance report on a selection of su</a> <a title="IFC Annual Report 2010 page 113" href="http://viewer.zmags.com/publication/e9fd9f2a?page=113"> Our review aimed at obtaining limited assurance3 </a> <a title="IFC Annual Report 2010 page 114" href="http://viewer.zmags.com/publication/e9fd9f2a?page=114"> acronyms AGRA Alliance </a> <a title="IFC Annual Report 2010 page 115" href="http://viewer.zmags.com/publication/e9fd9f2a?page=115"> stakeholder review panel on 2010 Annual Report I</a> <a title="IFC Annual Report 2010 page 116" href="http://viewer.zmags.com/publication/e9fd9f2a?page=116"> where challenges meet solutions We focus the pow</a> <a title="IFC Annual Report 2010 page 117" href="http://viewer.zmags.com/publication/e9fd9f2a?page=117"> where principles meet practice IFC's global expe</a> <a title="IFC Annual Report 2010 page 118" href="http://viewer.zmags.com/publication/e9fd9f2a?page=118"> ISBN: 978-0-8213-8602-6 Cert no. SW-C</a>