持続可能な開発目標の実現に向けた
IFCの貢献2018年3月

表紙写真（左から右へ）：
アゼルバイジャンの農村部。国家水道・衛生プログラムによって、より良い水道・衛生サービスを届けています。 ©Allison Kwesell ／世界銀行
インド・バンガロールの賑やかな市場。商人が野菜を販売し、買物客の間を車が通り抜けています。 ©PI ／ Shutterstock
アフガニスタン・カブール北西部の変電所。担当者が任務に当たっています。 ©Graham Crouch ／世界銀行

持続可能な開発目標の実現に向けた
IFC の貢献
アディスアベバ行動目標（The Addis Ababa Action Agenda）1 は、持続可能な開発目
標（SDGs）を実現する上で、民間部門が幅広い役割を果たすことが重要であると明記しています。国際金融公社（IFC）は、60 年にわたる知見と世界的なネットワークを有し、最も必要とされている民間資金を呼び込むために、支援しております。IFCの新たな中期経営戦略（IFC3.0）は、新たな市場の創出と民間資金の動員に焦点を当て、未だ開発の格差が大きく残り、民間資金の流入が不十分な国々に対する支援の拡大を目指しています。
世界銀行グループ（WBG）の一員として、IFC は、2030 年までに極度の貧困を撲滅し、繁栄の共有を促進するという、SDGs に沿った 2 つの目標を掲げています。IFC は、投融資とアドバイザリー・サービス
を通じて、持続可能で包摂的な経済成長の基礎となる民間部門にソリューションを提供しています。
その目的は、プロジェクト・レベルでの成果の達成と市場そのものを切り拓くという IFC の活動を通じて、大きな開発課題への取り組みを支援することにあります。IFC は、新たな開発効果測定フレームワー
ク（AIMM）を導入し、より困難な地域や分野を対象とした案件を行うことに重きを置き、プロジェク
トとそれを取り巻く市場における開発効果の測定とモニタリングを強化するというメッセージを明確にしました。
本資料では、IFC の戦略と SDGs との関係について、概要を解説するとともに、IFC の業務が SDGs の実
現にどのように貢献しているかを説明します。

IFC と SDGs の関係
IFC の業務は、SDGs の実現に貢献しています。SDG 1｢ 貧困をなくそう」と SDG 10「人や国の不平等をなくそう」は、IFC の 2 つの目標そのものです。戦略的分野としては、SDG 2、3、4、6、7、9 に関連する
インフラ、農業、金融包摂（ファイナンシャル・インクルージョン）、保健医療および教育分野に対し、
IFC は投融資やアドバイザリー業務を推進しています。
IFC は、複数のセクターや地域を超えて、雇用の創出と経済成長、性差のない平等、環境と社会の持続可能性、気候変動への適応と軽減の推進に取り組んでおり、これは SDG 5、8、12、13 に沿うものです。
さらに IFC は、SDG 17 にもある、新たな民間資金を呼び込み民間投資家との関係強化に力を入れてきています。
図 1 は、IFC と 13 の SDGs の関係を示しています。

1

2015年の第3回開発資金会議で採択されたアディスアベバ行動目標

持続可能な開発目標の実現に向けたIFCの貢献 |1

IFCの2 つの究極的な目標：
2030 年までに極度の貧困を撲滅し、繁栄の共有を促進する

世界銀行グループ
2 つの目標IFCは、複 数のセクター
や地域にまたがり、以下の推 進に取り組 んでいます。
» 雇用の創出と経済成長

IFCによる複数セクターに
またがるインパクト» ジェンダー平等» 環境と社会の持続可能性» 気候変動への適応とその軽減» 新たな資金を動員するための民間投資家とのパートナーシップ

IFCによるセクターごとの
インパクト
以下を含む戦略セクター
への投融資サービスおよびアドバイザリー・サービ
スを推進しています。

» インフラ» 農業» ファイナンシャル・インク
ルージョン（金融包摂）» 保健医療・教育

図１ IFC の戦略とSDGsとの関連性
上の図は完全なマッピングではなく、SDGs の実現を支援するための IFC によるアプローチの概要を示したものです。複数セク
ターにまたがるインパクトは、戦略セクターへの投融資およびアドバイザリー業務を通じてもたらされるため、マッピングは一部重複しています。

SDGs に向けた IFC の道筋
IFC は、市場を拓き民間資金を呼び込むことで、難しい開発課題に取り組むことを使命としています。
IFC3.0 を実施するにあたり、IFC は開発効果測定フレームワーク（AIMM）を導入しました。これにより、
図 2 に示すように、IFC の使命、組織内の目標と SDGs を繋ぐ道筋が明確になりました。
図 2 に示すように、IFC はプロジェクトの成果と市場の創出という 2 つのルートで SDGs の実現に貢献します。

2 | 持続可能な開発目標の実現に向けたIFCの貢献

IFC の協定は自らのミッションを定義し

IFC の 2 つの幅広い
目的を示唆

IFC 協定（第 1条）

プロジェクトの成果…生 産性の高い民間企業の育成を奨励することにより、経済開発をさらに促進…内 外の民間資本が加盟国の生産的な投融資に流入するよう、かかる資本の流れを活性化し、さらにこうした資本の流入を促す
ような環境整 備を支援することに注力

投 融 資および アド
バ イザ リー・プ ロ
ジェクトを実 施し、民間企業による、インパクトを 生む 活
動を支援そ
 こからSDGs に貢献する
ための手段として

 面の目的が当設定されます。

セクターへのインパクト

以下に対するプラスのインパクトを生むプロ
ジェクトを実施

複数セクターへのインパクト» 経済全体» ステークホルダー
» 環境

2 つの
目標

市場の創造
投融資およびアド
バイザリー・プロ
ジェクトを実施し、新規市場の創出または既存市場の
包括的な変化を後押し

持続可能な開発インパク
トをもたらしうる以下のような市場を創造する» 持続可能» インクルーシブ» レジリエント» 統合された» 競争力図２ IFC の照準をSDGs に合わせる

IFC は、プロジェクトの成果を測定し、報告しています。これには、ステークホルダー（顧客、サプライ
ヤー、政府およびコミュニティなど）に対する直接的なインパクトや、経済に対する間接的な影響（付加価値や雇用など）、環境と社会に対するインパクトも含まれます。
IFC はまた、プロジェクトの評価において、市場を創出する、即ち新しい市場を切り拓く、又は市場機能の包括的な改善に貢献し、そして持続可能な開発インパクトに貢献するかという点を考慮しています。その目的は、持続可能で包摂的、強靭でありかつ統合された競争力のある市場を創造することです。
世界銀行グループの「開発のための資金の最大化」アプローチにおいて、IFC は、IFC3.0 を通じて重要な役割を担っています。野心的な SDGs を実現するためには、公的セクターの限られた資金を大切にしつつ、民間部門の果たす役割を拡げ、民間資金を活用する必要があります。IFC は、世界銀行や多数国間投資保証機関（MIGA）の協力の下、開発における民間部門のソリューションを提供し、SDGs の実現に貢献する民間投資が可能となる市場の創出に注力しています。
市場を創造するにあたり、IFC は幾つかの方法を実施しています。例えば、革新的なビジネスモデルの反復可能な成功例を示す。効率性の向上、コスト削減、値下げ、市場の新規参入を通じて競争力の向上を図る。事業規制の枠組みを改善し、活気ある民間部門の持続可能な開発と成長をもたらす。新たな市
場機会を切り拓く能力やスキルを育成するなど。そうすることより、IFC は自らの資金が実現する以上のインパクトを創り出そうとしています。

持続可能な開発目標の実現に向けたIFCの貢献 |3

SDGs に対する IFC の貢献の報告
IFC は、開発効果測定フレームワークの導入により、組織の目標を SDGs に合わせられるようになりました。また、組織の戦略的優先事項を実施する上で、説明責任の観点から、実施方法、結果、教訓を文書に残します。測定結果は世界銀行グループのコーポレート・スコアカードに記載され、投融資およびア
ドバイザリー業務の成果報告に用いられます。
IFC はプロジェクト用の指標を用いてプロジェクトの成果をモニタリングし、以下の表に示すように、様々な SDGs に沿った、ポートフォリオ・レベルでの報告に用いています。AIMM の導入により今後、市場創出効果のモニタリングと報告が可能になります。現在、IFC の結果測定の枠組みは概ねセクター・レベルでの成果指標で構成されるにとどまっており、これには、複数の開発金融機関が SDGs 関連を含む開発の成果を測定し、モニタリングし、報告するために用いている民間セクター事業の統一指標（HIPSO）2 も含まれます。
IFC は、プロジェクトの成果と市場創出効果のほか、SDGs の実現に貢献する民間資金の動員や、環境と社会の持続可能性に関するパフォーマンス基準の採用状況を追跡し、報告しています。
IFC は、自己資金からの投融資額と他の投資家から動員した資金額を報告しています。IFC は、他の多● 国間開発銀行（MDBs）と共に、民間部門から動員した資金額を報告しています。
IFC は、
SDGs に関連した 30 以上の目標に照準を合わせた独自のパフォーマンス基準とコーポレート・● 

ガバナンス（CG）手法を用いて、投融資対象と SDGs との整合性を測定し、モニタリングします。これらのパフォーマンス基準と CG 手法は、顧客が企業、投資家、環境、コミュニティのすべてにとって望
ましいソリューションを考案するのに役立っています。
表 1 に示すように、IFC は 2016 年暦年に、業務を通じて 6,200 万件のマイクロファイナンスおよび中小企業顧客のために金融サービスへのアクセスを拡大し、5 億 2,810 万人のためにインフラ・サービスを改善し、800 万個のコンテナを扱えるよう港湾の処理能力を拡張し、保険医療サービスを 3,400 万人に提供し、160 万の女子学生を含む 490 万人の学生を支援し、74 万 7,375 人の女性を含む 240 万人の就職を支援し、300 万軒の農家を対象に農業慣行の改善を支援しました。
さらに、IFC の顧客は、マイクロファイナンスと中小企業を対象に、4,118 億ドルの融資を提供しました。
IFC の顧客による政府歳入または歳出節減への貢献額は、合計 146 億ドルに達しました。
さらに世界銀行グループは、「世界銀行グループと持続可能な開発目標：当グループの貢献（TheWorld Bank Group and the Sustainable Development Goals: Our Contribution）」3 を 毎 年 発 行 し、各SDG の実現に向けたグループ機関全体の貢献に特化した報告を行っています。

2

HIPSO は、開発成果の推計、収集、報告を改良および統一し、結果管理を改善することを目的として、統一化グループ（Harmonization Groups）
によって作成されました。

3

各 SDG への貢献に関する WBG の報告は、グループ機関が作成したポートフォリオ・データに基づいています。IFC は、この支援データを毎年報告しています（2016b 年暦年の支援データを表 1 に記載）。

4 | 持続可能な開発目標の実現に向けたIFCの貢献

表１ ポートフォリオ・レベルで測定した IFC によるSDGs への貢献
SDGs

IFC による測定

IFC による結果—

2016 年暦年のデータ

2 つの目標マイクロファイナンスおよび中小企業への融資件数 46,200 万件

インフラ・サービスに関する支援を受けた人数 5

5 億 2,810 万人

支援を受けた患者数

3,400 万人支援を受けた学生数／支援を受けた女子学生数

490 万人／ 160 万人

支援を受けた農家数

300 万軒マイクロファイナンスおよび中小企業への融資金額（ドル）4,118 億マイクロファイナンスおよび中小企業への融資件数

400 万件 *インフラ・サービスに関する支援を受けた人数

1 億 5,110 万人 *支援を受けた患者数

201,616 人 *支援を受けた学生数／支援を受けた女子学生数

96,655 人 * ／ 47,693 人 *支援を受けた農家数

801,808 軒 *マイクロファイナンスおよび中小企業への融資金額（ドル）161 億 9,000 万 *複数セクターへのインパクトマイクロファイナンスおよび中小企業への融資件数

6,200 万件

マイクロファイナンスおよび中小企業への融資金額（ドル）4,118 億就職支援を受けた人の数／就職支援を受けた女性数

240 万人／ 747,375 人

上級経営幹部職の女性数－ **女性マイクロファイナンスおよび女性中小企業への融資件数－

年間 CO2 排出削減量（トン）－

国家歳入または歳出節減への貢献（ドル）

146 億米ドル建て融資へのアクセス（エネルギー効率）－

セクターへのインパクト支援を受けた農家数

300 万軒支援を受けた患者数

3,400 万人支援を受けた学生数／支援を受けた女子学生数

490 万人／ 160 万人

インフラ・サービスに関する支援を受けた人数—水配給

1,430 万人

節水または水処理－

インフラ・サービスに関する支援を受けた人数—生活インフラ 6

1 億 420 万人

処理または発送されたコンテナ

800 万個インフラ・サービスに関する支援を受けた人数—運輸

440 万人インフラ・サービスに関する支援を受けた人数—通信3 億 4,530 万人* 脆弱・紛争状況にある国（FCS）を含む国際開発協会（IDA）の支援国におけるポートフォリオの支援データを使用し、不平等の軽減を測定。
** 空欄「－」：利用可能な支援データはありません。
4ポ ートフォリオの支援データは、IFC 顧客の零細・中小企業（MSME）向け金融機関／プロジェクトによる、2016 年暦年末現在の零細・中小企業向け融資残高を表しています。2016 年暦年のデータには、データを推定した9 件の顧客を含め、304件のMSME 顧客のデータが含まれています。
発電、配電、水の配給、ガス供給、運輸、通信が含まれます。
6
発電および配電が含まれます。
5

持続可能な開発目標の実現に向けたIFCの貢献 |5

IFC
2121 Pennsylvania Avenue, N.W.
Washington, D.C. 20433 U.S.A.
ifc.org

Contacts

ALAN LUKOMA | alukoma@ifc.org
CHRISTIAN ROSENHOLM | crosenholm@ifc.org

GUIDE TO

INVESTING FOR IMPACT:
Operating Principles
for Impact Management

October 2018

This material has been prepared for discussion purposes only. As
such, the material should not be regarded as incorporating legal
or investment advice, or providing any recommendation regarding
the suitability of the Principles for your purposes. Accordingly,
please consult your own advisers before making any decision
about whether to adopt or align with the Principles, or undertake
any reporting or confirmation, as provided herein, and consistent
with the fiduciary, contractual, and regulatory considerations that
may apply from time to time. Conclusions expressed in this draft
do not necessarily reflect the views of the Executive Directors of
the World Bank Group or the governments they represent.

© International Finance Corporation October 2018. All rights reserved.
2121 Pennsylvania Avenue, N.W.
Washington, D.C. 20433
Internet: www.ifc.org
The material in this work is copyrighted. Permission is granted to make copiesof this work to achieve exposure and feedback provided that each copy bears
the following credit line: Copyright © International Finance Corporation
October 2018. All rights reserved. Used with permission of the International
Finance Corporation. Permission is granted to make copies of this work toachieve exposure and feedback. IFC does not guarantee the accuracy, reliability
or completeness of the content included in this work, or for the conclusions or
judgments described herein, and accepts no responsibility or liability for any
omissions or errors (including, without limitation, typographical errors andtechnical errors) in the content whatsoever or for reliance thereon.
Nothing herein shall constitute or be considered to be a limitation upon or
waiver of the privileges and immunities of the World Bank Group, all of which
are specifically reserved.

IFC led the development of Investing for Impact: Operating Principles for
Impact Management (the Principles) in partnership with asset managers, asset
owners, asset allocators, and development banks and financial institutions. The
Principles draw on emerging best practices across a range of public and private
institutions investing for impact. The following organizations and individuals
provided input and participated in the development of the Principles througha series of consultations:
•

Actis

•

LeapFrog Investments•

Avanz Capital•

Nuveen, a TIAA company•

Bridges Fund Management•

Overseas Private Investment
Corporation (OPIC)•CDC Group•

Partners Group•

Credit Suisse Group AG•

RockCreek•

European Bank for
Reconstruction andDevelopment (EBRD)•

Société Générale

•The Rise Fund•

Simon Smiles and James Purcell
(UBS)

•
•

Inter-American Development
Bank Group
Investisseurs & Partenaires-I&P

PAGE 1

THE IMPACTINVESTINGLANDSCAPE
What is impact investing?
All investments have consequences—not just forindividual investors, but also for whole communities
and for the economy at large. In addition to creating
financial returns for the investor, investments cancreate jobs and expand the provision of goods andservices. They may also have positive and negative
effects on society and the environment.
Investors increasingly recognize the need to avoid
negative effects and to follow international norms andprinciples designed to address Environmental, Socialand Governance (ESG) risks. Some investors avoid
investments in specific industries that they see ascausing harm—for example, tobacco and gambling.
Impact investing goes well beyond avoiding harm andmanaging ESG risks. It aims to harness the power ofinvesting to do good for society by choosing andmanaging investments to generate positive impact
while also avoiding harm.
Impact investing can be defined as “investments madeinto companies, organizations, vehicles and fundswith the intent to contribute to measurable positivesocial, economic and environmental impact alongside
financial returns.”1
In today’s capital markets, there is a broad universeof investors who seek to do good or avoid harm. These
range from those who negatively screen for ESG risks,
to those that actively seek ESG opportunities, to those
who seek positive social, economic, and environmental
impacts across their portfolios.

1

How does impact investing differ
from mainstream investing?
Impact investing adds a second objective to managing
an investment portfolio. In addition to aiming for
financial returns, the impact investor also aims toachieve positive impact on targeted social, economic,
or environmental goals. This requires integratingi mpac t considerat ions , a longside f i na ncia lconsiderations into the portfolio’s investment strategy,
into decisions about whether to buy and sell assets,
and into the information and data that investors
monitor and manage.
As with other forms of investing, impact investors
have different appetites for financial risk and different
targets for financial returns. They may also target
different impact goals, and scale of impact that they
aim to achieve. Investing for impact does not imply
having to sacrifice financial performance—animportant consideration for investment managers who
have fiduciary duties to their investors.
Foundations and philanthropic organizations,development finance institutions, and specialist
impact fund managers were the pioneers of impact
investing. Today, a much wider range of asset owners
is seeking to achieve impact with their investments.
To meet this demand, asset managers increasinglyoffer impact investment products alongside theirmainstream investment products.
One segment of the impact investing market focuseson investments in social enterprises, or social
enterprises that have explicit intent to achieve impact.
However, many impact investors also findopportunities to achieve impact by investing incommercial enterprises that may not, themselves, havethe intent to achieve impact. For this reason, thedefinition of impact investing rests on the investor’s
intent to have impact, not on the intent of the investee
enterprise.

Modified from the GIIN definition:
https://thegiin.org/impact-investing.

PAGE 2

Why is impact investing
important?

What constitutes an impact
investment?

Investors are increasingly looking to invest with
impact, and this is especially the case with women andmillennials, who will control a greater portion of
wealth in the coming years. 2 A growing number ofinvestors are adopting the Sustainable Development
Goals (SDGs), 3 and other widely recognized goals
such as COP21,4 as a reference point to illustrate therelationship between their investments and impact
goals. Within these global frameworks, private
investors have been identified as a critical source offunding. 5

There is a compelling case for impact investing: doing
well by doing good. The question for many investors
is how to capitalize on these opportunities. What isneeded to facilitate a higher percentage of investmentsthat target impact? What are the gaps that need to be
filled?

What is the potential for growth
in impact investing?
Global assets under management (AUM) in 2016
amounted to close to $100 trillion.6 Directing someof these assets into impact investments provides anopportunity to take sizable steps towards theachievement of global goals such as the SDGs. The
market for impact investment—currently estimatedat $228 billion AUM—is still relatively small, but isscaling up.7 However, the growth trajectory for
impact investing shows significant momentum, with
the industry growing fivefold between 2013 and2017.8 And more than a quarter of AUM worldwide
already are held in socially responsible investmentsthat take account of Environmental, Social, orGovernance (ESG) issues—a first step to financing
with positive impact.9

2
3
4
5
6
7
8
9

Despite greater interest in impact investing, and moreproduct launches claiming to target impact, there is
no standard for what constitutes an impact fund orinvestment vehicle. This has created complexity andconfusion for investors. Asset managers developing
impact investment products also lack a common
standard to refer to in designing their impact
management systems.
Having a common discipline and market consensus
on how to manage investments for impact will, forexample, help asset owners differentiate impact
investments from other opportunities, and enableasset managers to follow best practices in managing
funds for impact. The Principles have been developedby a group of asset owners, managers, and allocators
to enhance discipline around impact investing,mobilize more funds for impact investments, andincrease the potential impact that such funds could
achieve.

GIIN, 2018. Roadmap for the Future of Impact Investing: Reshaping Financial Markets.
The Sustainable Development Goals (SDGs) are a collection of 17 global goals set by the United Nations Development Programme.
www.undp.org/content/undp/en/home/sustainable-development-goals.html.
Cop21 refers to the 2015 United Nations Climate Change Conference in Paris, France, which negotiated the Paris Agreement that aims
to keep global warming below 2°C. www.cop21paris.org/about/cop21.
UNDP, 2017. Impact Investment to Close the SDG Funding Gap. Blog post on ‘Our perspectives’, by Mara Niculescu, Partnership
Development Analyst, UNDP Europe and Central Asia.
IMF, 2016. “IMF Working Paper: From Global Savings Glut to Financing Infrastructure: The Advent of Investment Platforms”.
GIIN, 2018. Annual Impact Investor Survey.
GIIN, 2013, 2018. Annual Impact Investor Survey. Note that the number of respondents increased in 2018 (n=229), over 2017 (n=208),
and 2016 (n=157), which partially accounts for this increase in AUM.
Morgan Stanley Institute for Sustainable Investing and Morgan Stanley Investment Management, 2018. Sustainable Signals: Asset
Owners Embrace Sustainability.

PAGE 3

INVESTINGFOR IMPACT:
Operating Principles for
Impact Management (The Principles)
What are the Principles?
The Principles describe the essential features ofmanaging investment funds with the intent tocontribute to measurable positive social, economic,
or environmental impact,10 alongside financial
returns. This goes beyond asset selection that aligns
investment portfolios with impact goals (for example,
the SDGs), to requiring a robust investment thesis of
how the investment contributes to the achievement of
impact.
The Principles have been designed from the perspectiveof an end-to-end process. The five elements of thisprocess are: strategy, origination and structuring,
portfolio management, exit, and independent
verification. The nine Principles that fall under these
five main elements are the key building blocks for arobust impact management system. As such, they aim
to ensure that impact considerations are integrated
into investment decisions throughout the investment
lifecycle.

Strategic
Intent

The Principles may be implemented through different
impact management systems and are designed to be
fit for purpose for a wide range of institutions andfunds. Also, a variety of tools, approaches, andmeasurement frameworks may be used to implement
the Principles. The Principles do not prescribe which
impacts should be targeted, or how impacts should bemeasured and reported. They also complement otherindustry initiatives, such as IRIS,11 and green/social
bond principles, which seek convergence towards
common approaches to impact measurement andreporting.

10

11

Origination &Structuring

The positive or negative primary and secondary effects
produced by an investment, directly or indirectly, intended orunintended. Adopted from OECD-DAC.
IRIS is a catalog of generally-accepted performance metrics
used by a majority of impact investors (iris.thegiin.org).

Portfolio
Management

1.

Define strategic
impact objective(s)consistent with
the investment
strategy.

3.

Establish theinvestor’s
contribution to theachievement of
impact.

2.

Manage strategic
impact andfinancial returns at
portfolio level.

4.

Assess the expected
impact of each
investment, basedon a systematic
approach.

5.

Assess, address, monitor, and manage thepotential risks of negative effects of each
investment.

6.

Monitor the
progress of each
investment
in achieving
impact against
expectations
and respond
appropriately.

Impact at
Exit
7.

Conduct exits,
considering theeffect on sustained
impact.

8.

Review, document,
and improve
decisions andprocesses based on
the achievement of
impact and lessons
learned.

Independent Verification
9.

Publicly disclose alignment with the Principles and provide regular independent verification of the extent
of alignment.

PAGE 4

How were the Principles
developed?

How can the Principles be used,
and by whom?

The Principles were developed by the International
Finance Corporation (IFC), drawing on its own
impact management practices, and consulting with arange of asset owners, asset managers, asset allocators,
multilateral development banks (MDBs), anddevelopment finance institutions (DFIs), including thecollaborating institutions listed in this guide.

The Principles are intended to be a reference point forinvestors for the design and implementation of theirimpact management systems. T hey may be
implemented through different types of systems,
which are designed to be fit for purpose for different
types of institutions and funds. They do not prescribe
specific tools and approaches, or specific impact
measurement frameworks. They do not provide
guidance on how they are to be implemented. The
ambition is that industry participants will continue tolearn from each other as they implement the Principles.

The Principles draw on emerging best practices acrossa range of public and private institutions that areinvesting for impact. These include MDBs and DFIs
that have both financial and development impact
objectives, and decades of experience investing for
impact in emerging markets. The Principles also draw
on the more recent experience of specialist impact
funds and asset managers that have developed robust
impact management systems. In addition, they build
on industr y-wide initiatives around impact
management, including the Impact Management
Project (IMP).1212

Each asset owner and asset manager would align their
management systems to the Principles. However, themanner in which the Principles are applied will differ
by type of investor and institution. Asset owners andasset managers may apply the Principles to the relevant
parts of their portfolios. For example, asset owners
and their advisors may use the Principles to screen
impact investment opportunities. Asset managers andtheir advisors may use the Principles to assure
investors that impact funds are managed in a robust
fashion.

The IMP is an initiative focused on coalescing over 700 practitioners from different disciplines and geographies to build
consensus about what is relevant when referring to and managing impact. For more information, see:www.impactmanagementproject.com.

PAGE 5ADOPTINGTHE
PRINCIPLES
Who can adopt the Principles?
Any asset manager or asset owner of impact investments
may publicly adopt the Principles by becoming asignatory to the Principles. The Principles may be
adopted at the institutional, fund or investment vehicle
level. Asset managers with a diverse set of investment
products may adopt the Principles for those funds orvehicles which they choose to identify and bring tomarket as impact investments. Institutions and asset
managers who invest in bonds, funds and otherinvestment vehicles may apply the Principles to theirown fund investment process; the Principles do not haveto be followed by the investee. The Principles aredesigned to be scalable and relevant to all sizes ofinvestment portfolios, asset types, sectors, andgeographies.

What are the benefits of becoming
a signatory?
Signatories to the Principles will be part of a selectgroup of impact investors who publicly demonstrate
their commitment to implementing a common approachfor managing investments for impact, and maintaining
a robust, end-to-end impact management system. This
will set the firm, fund, or investment vehicle apart, andenable signatories to brand themselves and/or theirproducts as aligned with the Principles.

What are the obligations of asignatory?
Signatories commit to:•

Affirm their intent to incorporate the Principles
into their business processes and, for all investmentsthat are intended to achieve impact, they will seek
to manage and/or select funds and investment
vehicles that are managed in accordance with the
Principles. For existing assets, the Principles should
be applied prospectively.

•

Publicly report, on an annual basis, on their website
and/or in the Annual Report their commitment to
the Principles and the extent to which impact
management systems are aligned with them, taking
into consideration fiduciary and regulatory
obligations. This annual report should not exceed
five pages, and because reporting is based on how
the impact management system aligns with the
Principles, the report should be similar from year
to year.

•Publicly report, on an annual basis, the total
amount of assets that are managed in alignment
with the Principles. If the signatory is applying thePrinciples to only part of its business, this should
be disclosed—for example, by listing which fundsalign with the Principles.

•

Payment of an annual fee.

What is the governance structureof the Principles?
A small secretariat will be established to maintain the
Principles, manage the list of signatories, and maintaina website for housing the Principles, signatory forms
and list of signatories. The longer-term governancestructure will be developed in consultation withsignatories and other stakeholders, with due regard forsignatories’ fiduciary, regulatory, and confidentiality
concerns.

What is the cost of becoming asignatory?
Signatories will pay a nominal fee to cover theadministrative costs of the secretariat. The fee structureis expected to be based upon signatories’ AUM.

Note that reporting on individual investments andtheir impact is not part of the reporting requirements.

PAGE 6

What is the process for becoming
a signatory?

What is the timeline for the
finalization of the Principles?

To become a signatory, an organization submits: aletter of commitment, its first annual disclosure of theextent to which its impact management system aligns
with the Principles, the total AUM that align with the
Principles, and the required fee. General guidance,
instructions, and templates are available on the
Principles website: www.ifc.org/impactprinciples.

A consultation draft of the Principles will be available
for comment until end-December 2018, after which
final documents will be made available for signature.
The Principles are expected to be launched in April
2019, with an initial set of signatories.

What is involved in independent
verification?

More information can be found on the Principles
website at www.ifc.org/impactprinciples.

How can I find out more?

Because the Principles rely on self-reporting, it isimportant that, from time to time, signatories provide
independent verification of the extent to which theirimpact management system aligns with the Principles.
This independent verification can be conducted indifferent ways, i.e., as part of a financial audit, carriedout by an independent internal impact assessment
committee, or through a portfolio/fund performance
evaluation. The frequency and complexity of theverification process should consider its cost, relative
to the size of the fund or the institution concerned,
and the requirements for appropriate confidentiality.
The conclusions of this verification shall be publicly
disclosed, subject to fiduciary and regulatory
limitations.

PAGE 7OTHER
FREQUENTLY
ASKED QUESTIONS
Are the Principles applicable toboth private and public markets?
The Principles can be applied to any asset allocation
made with the intent to contribute to measurable
positive social, economic, or environmental impact,
alongside financial returns. The Principles require acredible investment thesis that explains how theinvestment (or program of investments) contributes tothe achievement of impact. This is usually easier toestablish for private asset strategies where additional
capital flows to the enterprise and/or the investor has
direct engagement with the enterprise. However, there
may be active public asset strategies, or secondary
market transactions, that also credibly contribute toimpact. Sustainable investing strategies that alignpublic equity and debt portfolios with impact goals(e.g., SDGs) or ESG standards, and secondary market
transactions investing in impact investments must
demonstrate a credible contribution narrative to theachievement of those impacts in order to qualify toadopt the Principles.

What is the difference between
these Principles and thePrinciples for Responsible
Investing?
The PRI is an international network of investors
working together to put a set of six responsible
investment principles into practice. These are avoluntary and aspirational set of investment principles
that offer a menu of possible actions for incorporating
ESG issues into investment practices. While thePrinciples build on elements of the PRI, they areprocess-focused and designed specifically for investors
that define themselves as impact investors.

13
14

How do the Principles relate toother impact measurement andmanagement initiatives?
In developing the Principles, a number of existing
initiatives have been consulted. The Principles build
on and align with these initiatives. These include:•

The Global Impact Investing Network (GIIN) an
organization dedicated to increasing the scale andeffectiveness of impact investing by facilitatingknowledge exchange, highlighting innovative
investment approaches, building the evidence base forthe industry, and producing valuable tools andresources. The GIIN has identified impact measurement(and management) as a core component of impact
investing.13 The Principles define the elements of arobust impact management system.

•

The Impact Management Project (IMP) is a consensusbuilt convention for impact management that provides
practical norms for how organizations understand,measure, and manage their impact. The Principles
provide the overarching elements of a robust impact
management system, while the I M P provides
implementation guidance for the integration of impact
considerations into investment or business management
decisions.

•

A number of impact measurement tools (e.g. IRIS,GIIRS, GRI, SASB, and HIPSO)14 provide specificindicators and/or frameworks to help investors
articulate and report the impact of their investments.

•

The Green Bond Principles (GBP) and the Social Bond
Principles (SBP) are voluntary process guidelines thatrecommend transparency, disclosure and reporting of
the environmental sustainability and/or social benefitsof investments underpinning Green Bond, Social Bond
and/or Sustainability Bond issuance.

IFC is continuing to explore how to strengthenalignment and synergies between the Principles andother related global initiatives.

GIIN, “What is Impact Investing” (https://thegiin.org/impact-investing/need-to-know/#core-characteristics-of-impact-investing).
More information can be found via the following links: HISPO (indicators.ifipartnership.org/about/), IRIS (iris.thegiin.org), GIIRS(b-analytics.net/giirs-funds), GRI (www.globalreporting.org/Pages/default.aspx), and SASB (www.sasb.org).

PAGE 8DISCLAIMER:
The Principles have been developed to provide the process for managing and selecting investment funds for
impact. The Principles do not create any rights in, or ability to, any person, public or private. Managers adopt
and implement the Principles voluntarily and independently, without reliance or recourse to the International
Finance Corporation, the World Bank Group, or other signatories. In a situation where there would be aclear conflict between applicable laws and regulations, and the requirements set out in the Principles, local
laws and regulations shall prevail.

CONNECT WITH US
Contact us at
impactprinciples@ifc.org
More information is available atwww.ifc.org/impactprinciples
Follow the conversation on social media#Investors4Impact

How IFC Measures
the Development
Impact of its
Interventions

The world’s development challenges are far
too vast for the old ways of doing business.
We need a new approach that unlocks
the power of private sector solutions todeliver development impact. In 2017, IFC
piloted a new, ex-ante project impact
assessment tool—the Anticipated Impact
Measurement and Monitoring (AIMM)
system. In 2018, IFC began scoring all of its
investment projects for development impact
using the AIMM system. This pamphlet
provides an overview of the system and its
role in helping IFC deliver its mandate.

The International Finance Corporation (IFC)—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused exclusively on the private sector in developing countries.
We work with the private sector in developing countries to create markets that open up opportunities for all. We apply
our financial resources, technical expertise, global experience, and innovative thinking to help our partners overcome
financial, operational, and other challenges.

What is the
AIMM system?
The AIMM system enables IFC to measure the development
impact of its investment and advisory projects. This has
important benefits that help us meet our strategic objectives.
The AIMM system provides a robust operational framework that:» Improves our ability to select and design projects thatmaximize our development reach» Sets ambitious targets and the incentives to achieve them
» Strengthens our capacity to deliver an optimal mix ofprojects that deliver both high development impact andsolid financial returns

1How does the AIMM systemassess development impact?
The AIMM system evaluates a project’s development impact
along two dimensions:» PROJECT OUTCOMES
These refer to a project’s direct effects
on stakeholders (including employees,
customers, suppliers, government, andthe community); the direct, indirect, andinduced effects on the economy and society
overall; and the effects on the environment.
» MARKET OUTCOMES
These refer to a project’s ability to catalyze
systemic changes that go beyond thoseeffects brought about by the project itself.

2

The AIMM System Deconstructed

Project
Outcomes(includes direct andindirect effects)

Stakeholder effects
Economy-wide effects
Environmental andsocial effects

Contribution
to Market
Creation

Competitiveness(includes systemic
effects on markets)

Integration

Resilience

InclusivenessSustainability3For market-level outcomes, the AIMM system assesses
the degree to which an intervention improves the structureand functioning of markets by promoting one or more of thefollowing objectives:» COMPETITIVENESS Competitive markets are those wherefirms can effectively enter, exit, and compete. These markets
also support product or process innovation, improved
management practices, and/or lower product cost.
» RESILIENCE This objective refers to improving the depth,
structure, regulation, and governance of markets to help
them withstand shocks.
» INTEGRATION Promoting this objective involves theenhancement of physical and/or financial connectivity,
within and across markets.
» INCLUSIVENESS Markets that are more inclusive are thosethat support fair and full access by marginalized groups togoods and services, finance, and economic opportunities.
» SUSTAINABILITY Markets are more sustainable whenfirms and consumers adopt environmental and social
sustainability technologies and practices.

4

To deliver one or more of the market objectives, IFC’s interventions
identify channels through which systemic changes occur. Thesechannels refer to actions that:» Put in place frameworks that enable markets todeliver market objectives (policy/regulatory, platforms,
financial)» Promote competition (innovation, improved
management, cost reductions/efficiencies) whichcauses other market players to up their game
» Provide demonstration effects, replication, and moregenerally the spillover of ideas while creating new
productive networks» Build capacity and skills that open new market
opportunities and support market objectives

5

Is there a link between
the AIMM system and theSustainable Development
Goals (SDGs)?
YES! The AIMM system helps IFC maintain a line of sightfrom its intermediate (including market) objectives to theWorld Bank’s twin goals and the SDGs. We evaluate ourincremental impact by comparing the direct and indirect
outcomes of an IFC intervention to a scenario without one.
The project rating system seeks to capture the core elementsof these development outcomes.
By design, the AIMM system measures project-leveland systemic outcomes (“creating markets”) against
objectives that are associated with the SDGs and helps
IFC contribute to achieving the twin goals.

6

IFC Intermediate Objectives are Derived from IFC Articles ofAgreement and Contribute to IFC’s Ultimate Goals
IFC Articles
of Agreement
define its
mission…and imply
two broadobjectives
for IFC…from whichintermediateobjectives
are derived…as a means tocontributing
to IFC’s
ultimate goals
TWIN GOALSIFC ARTICLESOF AGREEMENT(Art. 1)
…furthereconomicdevelopment
by encouraging
the growth of
productive private
enterprises…seek tostimulate, andto help create
conditions
conducive to theflow of private
capital, domestic
and foreign,
into productive
investment inmember countries

PROJECT OUTCOMES

Implement
investment &advisory
projects to
support private
sector activity
that generates
impactImplement projects
that generate(positive):» Stakeholder
effects» Economy-wide
effects

SECTOR
IMPACTSCROSSSECTOR
IMPACTS» Environmental
and social effects

MARKET CREATION

Implement
investment &advisory
projects thatenable thedevelopmentof new markets
or systemicchanges toexisting markets

Create markets
that can deliver
sustainable
development impact
and therefore are:» Competitive» Resilient» Integrated» Inclusive» Sustainable

7

Why is there a second “M”
in the AIMM system?
The second “M” stands for “monitoring,” an essential
component of the AIMM system. Each development
outcome claim in IFC projects is explicitly tied to one or moremonitoring indicators, regularly tracked during portfolio
supervision. By tracking these indicators, the AIMM system
links project ratings with real-time results measurementfindings. There is also a structural link between front-end
diagnostics and ex-post evaluation functions.
The AIMM system thus connects (1) diagnostics to(2) ex-ante project selection/scoring, which is tied to(3) results measurement during portfolio supervision
and, ultimately, to (4) ex-post evaluation. In total, theAIMM system comprises two critical pillars (project ratings
and results measurement) that help connect an “end-to-end”
impact assessment system for IFC interventions.

8

An End-to-End Support System for Impact Assessment
1
Diagnostics
Inform sector focus andproject selection; identify
country priorities

2

3

Project
Ratings

Results
Measurement

Drivesproject
selectionand design
ex-anteIdentifies
achievements
and lessons
learned4
Evaluation
Promoteslearning andaccountability
ex-postMonitoring / Feedback

9IFC
2121 Pennsylvania Avenue, N.W.
Washington, D.C. 20433 U.S.A.
www.ifc.org