FY25

InvestingforImpactInvesting for Impact

Contents
3
IFC
Overview

14
Financial
Strength

21
Core
Business
Portfolio

25
Funding
Program

43
Annex

51
Contacts

IFC’s fiscal year runs from July 1st to June 30th. All figures are as of June 30, 2024, unless otherwise noted.

2Investing for Impact

IFC
Overview

3

IFC Overview

Who We Are
A member of the World Bank Group with a mission to leverage
the power of the private sector to support development.
• Owned by 186 member countries.
• Providing debt (loans, bonds, guarantees, and other fixed income instruments) andequity investments to the private sector in emerging markets for over 60 years.
• Strategic priorities include creating and developing markets and opportunities,
mobilizing private capital for development and advising businesses and governments.
• Global presence in more than 110 countries, working with over 2,000 private sector clients.

Unique Issuer• Consistently rated AAA/Aaa.
• 0
 % risk weighting under Basel framework.
• Well capitalized: net worth exceeds a quarter ofthe balance sheet.
• Annual funding program up to $15 billion for FY25
– excluding a $5 billion discount note program.
• Diverse business portfolio with exposure to118 countries.
•R obust liquidity position with a liquidity coverage
ratio above the minimum requirement.

AAA

Aaa

Long-term rating(March 2024)
Outlook: Stable

Long-term rating(January 2024)
Outlook: Stable

4

IFC Overview

Five Institutions, One World Bank Group• The World Bank Group is a unique global partnership of five institutions working towards a shared mission. It has adopted
two ambitious goals, which are to end extreme poverty and boost shared prosperity on a livable planet.
• At the request of G20’s leaders, the World Bank Group is evolving to deliver solutions faster and more efficiently, maximizing ourfinancial capacity and strengthening partnerships with the private sector.

International Development
Association(IDA)

International Bank for
Reconstruction andDevelopment(IBRD)

Loans and grants togovernments ofdeveloping countries

Loans to governments ofmiddle-income and credit
worthy low-income countries

Issues bonds under IDA

Issues bonds under World BankInternational
Finance
Corporation(IFC)
Debt and equity
investments and advisory
services to private sector
in developing countries

Multilateral
Investment
Guarantee Agency(MIGA)
Guarantees of foreign
direct investment’s
non-commercial risks

International Centre
for Settlement of Investment
Disputes(ICSID)
Conciliation and arbitrationof investment disputes

Issues bonds under IFC

5

IFC Overview

Strong Shareholder Support“• IFC’s member countries guide its programs and activities through a Board ofGovernors and a Board of Directors. Voting power is weighted according toshare capital.

IFC’s shareholder diversity is further
enhanced by its robust management
expertise and risk practices. IFC has
no private-sector shareholding,and shareholders allow multilateral
lending institution earnings to beretained, which further supports ourassessment.

• 5
 0% of capital is held by AAA/AA sovereigns.

Standard & Poor’s
March 28, 2024

• IFC is a legally distinct entity of the World Bank Group with its own
Articles of Agreement, balance sheet and staff.
• Owned by 186 shareholders: governments of member countries.

• All IFC profits are channeled back into investments in developing member
countries.

”• In FY18, the shareholders endorsed a historic $5.5 billion increase in paid-in
capital for IFC.

“ he credit profile of the
T
International Finance Corporation(IFC) reflects a robust capital base,a very strong liquidity and funding
position, strong risk management,
and the presence of highly rated
shareholders with a strong
willingness and capacity to support
the corporation.
Moody’sJanuary 23, 2024”18% United States• As of June 30, 2024, 135 countries have subscribed a total of $4.5 billion,
with payments of $3.7 billion received from 109 countries.
44%
176 other countries

7% Japan
5% Germany
5% France

3% China
3% Italy* Complete shareholder and voting details can be found in IFC’s financial statements as of June 30, 2024

5% United Kingdom
4% India
3% Canada
3% Russia

6

IFC Overview

What We Do

Investment

Mobilization

Advisory• Debt (loans, bonds and other fixed income
instruments)• Syndications
	• B loans• Parallel loans• Managed Co-lending Portfolio Platform(MCPP)
	• Credit Insurance• Local currency syndications• Green loan syndications

Providing solutions and technical assistance to:• Equity• Trade and commodity finance• Derivatives and structured finance• Blended finance• Corporate Finance• Companies• Financial institutions and funds• Industries• Governments• IFC Asset Management Company (AMC)
including$56.1 billion

committed in FY24*$24.4 billion

mobilized in FY24

$8.1 billion

in syndications

$268 million

in advisory services income in FY24

10 funds with

$79.9 billion

outstanding portfolio$10.1 billion

under AMC’s management* $44.0 billion of long-term finance commitments (including mobilization) and $12.1 billion of short-term finance commitments.

7

IFC Overview

Investment Project Cycle
IFC invests in productive private enterprises targeting satisfactory economic returns and development impact.

Strategic Fit & Early Review
Fit with IFC’s strategy and mandate

Financial & ESG Appraisal
Comprehensive due diligence to ensure financial viability and ESG standards

Investment Review
Key financial and risk evaluation

Public Disclosure
Public disclosure of all projects before submission to the Board

Board Review & Approval
Approval subject to economic, financial and development value

Commitment & Disbursement
Legal arrangements and disbursement of funds

Project Supervision

Ongoing monitoring of a project and its development impact using the
Anticipated Impact Measurement and Monitoring (AIMM)* system* AIMM

8

IFC Overview

IFC’s Corporate Strategy for FY24-26

Climate Change

Gender and Inclusion

Resilience:
Food Security & Health

Fragility

Digitalization

Climate action andenergy transition for an
accelerating crisis

Gender equality andempowerment, andeconomic inclusion

Supply chain finance,
fertilizers, crop
production, andpandemic preparedness

Multi-modal fragility,
conflict, and forced
displacement

Digitalization across allindustries and regions“IFC’s successful execution of its 3.0 long-term strategy, representing a deliberate andsystematic operating model to support market creation, reinforces and enhances its positionin the One World Bank approach, in our view.
We believe IFC has been successful in this strategy – evidenced by an increase in exposure
to IDA loan-eligible and FCS countries, growing use of IFC’s advisory services and co-lending
platforms, and increased risk mitigating and credit enhancement products. IFC is set to play acentral role within the WBG Evolution Roadmap Strategy.
Standard & Poor’s
March 28, 2024”9

IFC Overview

Sustainability: Alignment with the United Nations’ SDGs

IFC Cross-Sector Impact

IFC Sector Impact

World Bank Group
Twin Goals

IFC has two overarching goals:
End extreme poverty by 2030 andboost shared prosperity on a livable
planetAcross sectors and regions, IFC seeks to promote:• Job creation and economic growth• Gender equality• Environmental and social sustainability• Climate change adaptation and mitigation• Partnerships with private investors to mobilize new sources of finance• Sustainable cities and communities

The above is not an exhaustive mapping but represents an overview of IFC’s approach to support the achievement of the SDGs. Given thatcross-sectoral impact is delivered through investments and advisory operations in strategic sectors, some overlaps may exist in this mapping.

Promote investments and advisory services forstrategic sectors including:• Infrastructure• Agriculture• Financial inclusion• Health and education

10

IFC Overview

Sustainability: Paris Alignment• Committed to increasing climate-related investments to 45% of its
own-account long-term commitment volume, starting in FY25.
• D
 eveloped frameworks for real sector and intermediated finance, focusing on
defined use of proceeds.
• C reated guidance, tools and methodologies on mitigation and adaptationfor 15 sectors, with several more on the way.

Own Account Long Term Finance (LTF)
Own Account Short Term Finance (STF)
Mobilization
Climate Finance % of Own Account (RHS)

43%

60 –
55 –
50 –

– 50%

46%

65 –

45 –

– 40%

35%

34%

32%
29%

– 45%

% of own account

IFC is on track to align 100% of all new projects starting July 1, 2025.
To achieve this goal, IFC has:

IFC Climate Commitments as % of Own Account

USD millions

The World Bank Group has made a commitment to align all its financing
operations with the goals of the Paris Agreement in its Climate Change Action Plan
2021-2025.

– 35%

30%

– 30%

40 –
35 –

– 25%

30 –
– 20%

25 –

– 15%

20 –
15 –

– 10%

10 –
5 –
0 –

|
2018

|
2019

|
2020

|
2021

|
2022

|
2023

|
2024

–

5%

–

0%

11

IFC Overview

Sustainability: Key to IFC’s Mission, Critical to Client Success
All projects financed by IFC must adhere to its stringent environmental and social requirements, which focus ontransparency and accountability. The Equator Principles, adopted by funding institutions to identify, assess and manage
environmental and social risks as accurately as possible, align with IFC’s Performance Standards.
IFC’s Performance Standards on Environmental and Social Sustainability include:

PS 1: Social and Environmental
Assessment andManagement Systems

PS 2: Labor and Working
Conditions

PS 3: Pollution Prevention
and Abatement

PS 4: Community Health, Safety
and Security

PS 5: Land Acquisition
and Involuntary
Resettlement

PS 6: Biodiversity Conservationand Sustainable Natural
Resource Management

PS 6: Indigenous People

PS 8: Cultural Heritage

12

IFC Overview

IFC’s Development Impact
Development impact indicators are measured on an annual basis.
In 2023, IFC’s private sector clients’ overall impact:

Agribusinessand Forestry

Health and Education

Infrastructure

Telecoms and IT

Financial Institutions
Group

Employment
0.4 million

Employment
0.4 million

Employment
0.1 million

Employment
52 thousand

Farmers reached
8.0 million

Patients reached
465 million

Power generation
82,717 GWH

Students reached
0.9 million

Customers reachedPower generation
52 million

Retail operators(connections)D irect fixed/
mobile internet
45 million

Microfinance
Number of loans
59 million
Total amountUSD 68 billion

Female students reached
0.5 million

Power distribution
12 millionD irect fixed/
mobile telephone
227 million

SME finance
Number of loans
5 million
Total amountUSD 285 billion

13

Investing for Impact

Financial
Strength14

Financial Strength

Conservative Balance Sheet
Assets (in USD billions)

Liabilities and Capital (in USD billions)

Liquid Assets (net)37.7

Borrowings

55.8

Receivables

6.2

Payables6.1

Derivative Assets

3.0

Derivative Liabilities

7.4

Other Assets

2.6

Other Liabilities

1.5

Debt and Equity Investments(net of $1.1 in reserves)

58.7

Net Worth

37.5

Net Loans*

23.2

Retained Earnings and Other

14.3

36.4

Equity Investments

11.1

Debt Securities

11.2

Total Assets

Paid-in Capital**

108.2

From Consolidated Financial Statements as of June 30, 2024. Minor errors due to rounding.
* Loans net of reserve against losses.
** As part of the capital increase process, $17 billion of retained earnings were converted into paid-in-capital in April 2020.

Total Liabilities and Capital

108.2

15

Financial Strength

IFC’s AAA-rated Peer Group Comparison
IFC

IBRD

IDA

IDB

ADB

AfDB

AIIB

International
Development
Association

Inter-American
Development
Bank

Asian
Development
Bank

AfricanDevelopment
Bank

Business

Lends to andinvests inprivateenterprises
in developing
countries

Provides loans
to the public sector
in developing
countries

Supports
low-income
countries
mainly throughconcessional
lending and grants

Provides financing
to Latin American
and Caribbean
economies

Provides financing
to countries
in theAsia Pacific region

Lends to andinvests indevelopment
projects in Africa

Ownership

186 member
countries

189 member
countries

174 member
countries

48 membercountries,
consistingof Latin Americanand OECD countries

68 membercountries,of which
23 are OECD
countries

54 African
member countries
and27 non-African
member countries

109 members,of which
52 are regionaland
57 non-regional
members

75 members –73 countries,
the EU andthe EIB

27 member statesof the EU

$108

$357

$241

$152

$301

$53

$54

$75

$553

35%

22%

14%

22%

16%

31%

40%

38%

13%

Leverage
Total Liabilities / Total Liabilities+ Shareholders’ Equity(excluding callable capital)

65%

82%

21%

74%

82%

73%

60%

70%

85%

Net Income (Loss)(USD millions)$1,485$2,142($3,573)$1,179$938$479$1,032$2,254$2,444

$37

$63

$190

$39

$55

$15

$21

$22

$84

Liquidity
Liquid Assets / Total Assets

Total
Shareholders’ Equity(USD billions)

Source: Crédit Agricole CIB. Audited financial statements of each institution as of 31 December 2023, except for IFC, IDA and IBRD, where audited financial statements as of 30 June 2024 were used.
Figures for AfDB (in UA) were translated into US dollars using year-end 2023 exchange rate of 1UA= $1.3447 for balance sheet data and an average exchange rate of 1.3311 for P&L data.
Figures for EBRD and EIB (reported in EUR) were translated into US dollars using year-end exchange rate of €1 = $1.01039 for balance sheet data and an average exchange rate of 1.07456 for P&L data.

EuropeanBank for
Reconstruction
andDevelopment

EIB

International
Bank for
Reconstruction
andDevelopment

Total Assets(USD billions)

Asian
Infrastructure
Investment
Bank

EBRD

International
Finance
Corporation

Invests in
Lends to and invests
infrastructure
in private
and other productive
enterprises in
sectors in Asia
Eastern and Central
Europe, North andsub-Saharan Africa
and Asian economies

EuropeanInvestment
Bank

Provides financing
to EU Member
States andcountries aroundthe world

16

Financial Strength

Strong Financial Risk Profile“

IFC exercises prudent financial discipline:

The stable outlook reflects S&P Global Ratings’
expectation that IFC will maintain high capital,
strong liquidity, and robust risk management policies.

• IFC has one of the highest liquidity ratios of any supranational.
• E quity investments are funded by IFC’s net worth, not its borrowings.

”Standard & Poor’s March 28, 2024

Liquidity Coverage Ratio

Leverage

Capital Utilization Ratio: 61%

Percentage of estimated net cash requirements
for the next 3 years

Debt to equity (times)

USD billions
CapitalAvailable$40 –100% –

actual
81%

$35 –

max
4.0x

$30 –

CapitalRequired

$25 –

$22.2

3 –

75% –

50% –

4 –

$36.6

min
45%

$20 –
2 –

actual
1.7X

$15 –
$10 –

25% –

1 –
$5 –

0% –

Minimum and maximum thresholds based on triple-A rating methodology guidelines as agreed with rating agencies.
Capital Utilization Ratio (CUR): measurement of capital adequacy under IFC’s updated capital adequacy framework.
Capital Available: Resources available to absorb potential losses.
Capital Required: Aggregate minimum Economic Capital required to maintain IFC’s AAA rating.

0 –

$0 –

17

Financial Strength

Consistent Asset Growth• I FC’s assets have grown at a steady pace, with loans and loan-like debt securities taking up asignificant portion of total investment assets, followed by equity investments.
• For FY24, IFC’s disbursed loan portfolio saw an increase of $5 billion or 16% from FY23.
IFC’s Total Disbursed Debt, Equity and Net Liquid Assets at Fiscal Year-end

USD billions

Loans and Other Debt
Equity Investments
Net Liquid Assets
60 –
55 –
50 –
45 –
40 –
35 –
30 –
25 –
20 –
15 –
10 –
5 –
0 –

|
FY05

|
FY06

|
FY07

|
FY08

|
FY09

|
FY10

|
FY11

|
FY12

|
FY13

|
FY14

|
FY15

|
FY16

|
FY17

|
FY18

|
FY19

|
FY20

|
FY21

|
FY22

|
FY23

|
FY24

18

Financial Strength

High Liquidity$37.7 billion of
net liquid assets

Proactive investment
approachHigh quality liquid
assetsMarket risk is hedged

Diversificationequivalent to 35% of
total assets.

designed to protect
the principal, earn areasonable return,and promotesustainable finance.

issued by or
unconditionally
guaranteed bygovernments,
government
instrumentalities,
supranationals, andhigh quality corporate
issuers. Includes
instruments like ABS/
MBS and deposits.

mainly through the useof derivatives, principally
currency and interest
rate swaps, and financial
futures.

across multiple markets
ensures a favorable risk
return profile.

“

Liquidity policies and capital management are prudent
and managed such that the corporation preserves at
all times some distance between its actual operationaltargets and minimum policy requirements. These policies
have allowed the institution to navigate episodes ofstress in countries of operation and also to respondswiftly to shocks.
Moody’sJanuary 23, 2024”19

Financial Strength

Financial Performance• IFC reported a net income of $1.5 billion in FY24, as compared to a net income of $0.7 billion in FY23.
• Income from loans and guarantees amounted to $3.2 billion, an increase of $0.9 billion from FY23.
This is primarily attributed to higher interest rates which simultaneously raised charges on borrowing to $3.8 billion
from $2.6 billion in FY23.
• Liquid assets trading activities generated an income of $2.4 billion compared to an income of $1.5 billion in FY23.
This is mainly due to the stabilization of U.S. Treasury yields after a sharp increase in FY23.
Fiscal Year*

2024

2023

2022

2021

2020

2019

2018

Income from loans and guarantees, net of provisions for losses

3,183

2,261

1,030

1,317

872

1,687

1,287

(Loss) income from equity investments

142

191

208

3,201

(1,067)

(253)

853

Income from debt securities

811

518

414

340

231

126

363

2,391

1,464

(413)

327

1,039

1,291

771

(3,815)(2,598)

(302)

(326)

(1,181)(1,575)(1,041)

587

518

419

595

559

622

578

(1,827)(1,721)(1,653)(1,687)(1,628)(1,746)(1,662)

Unrealized gains (losses) on non-trading activities andforeign currency transaction gains (losses)

13

39

(153)

658

(497)

(59)

211

Grants to IDA

-

-

-

(213)

-

-

(80)

1,485

672

(464)

4,209

(1,672)93

1,280

Income from liquid asset trading activities
Charges on borrowings
Other income
Other expenses

Net income* IFC effected a change in accounting standard (ASU 2016-01), effective July 1, 2018. All equity investments are measured at fair value, with unrealized gains and losses reported in net income

20Investing for Impact

Core
Business
Portfolio

21Core Business Portfolio

Portfolio Risk Management• I FC follows a risk-based approach to loan pricing which relies on internal data to derive expected loss and economic capital required.
• M atched funding policies are used to mitigate risks arising from tenor mismatches between assets and liabilities, specifically funding gaps.
• I FC’s disbursed investment portfolio is diversified by industry sector and geographic region.
• I FC’s investment portfolio is reviewed quarterly and presented to the Board, along with an in-depth analysis at the end of each fiscal year.

By company

By sector

By country

Risk-based limits for clients and groupsof connected clients are set based on
individual credit rating

Limits on aggregated finance and insurance
sectors exposure, which restrict economic
capital to these sectors to 50% of a country
limit

Economic capital-based limits on country
exposure as a percentage of total resources
available“

IFC’s very strong risk management limits the risk
associated with its business profile, and the corporation’slarge capital buffer allows it time to work out stressed
exposures. Unlike MDBs that lend predominantly tosovereigns and never write off loans, the IFC does so
regularly.

”

Moody’sJanuary 23, 2024

22

Core Business Portfolio

Highly Diversified Global Portfolio• I FC has debt and equity exposure in 118 countries and over 2,000 companies.
• F ive largest country exposures account for 33.4% of total committed portfolio.
• Top ten country exposures comprise 47.3% of total committed portfolio.
• I FC’s portfolio is highly diversified across a wide range of industries and sectors.

“IFC’s portfolio is highly diversified, which reflects its large
size and global reach, and its portfolio concentration
metrics are better than those of most of its peers.
The overall credit risk in the portfolio is mitigated toan important extent by a very granular and widely
diversified development asset portfolio, reflecting the
IFC’s global reach.
Moody’sJanuary 23, 2024

Committed Portfolio Diversification – Region”Committed Portfolio Diversification – Industry
3% Other
1% Oil, Gas & Mining

3% Middle East
7% Multi-Region
8%
Central Asia and Türkiye

22% Africa

3% Telecoms, Media,& Technology
4% Trade Finance
5% Health, Education& Life Sciences
6% Agribusiness& Forestry

9% Europe

40%
FinancialMarkets*

7% Tourism, Retail& Property
12% South Asia

22%
Latin America
and the Caribbean

8% Manufacturing

9% Funds
17%
East Asia and the Pacific* Includes Commercial Banking, NBFI, Housing Finance, Trade and Commodity, Microfinance, Insurance and Pension and Fintech

14%
Infrastructure23Core Business Portfolio

Quality Loan Portfolio• Low incidence of non-performing loans (NPLs) classified as non-accruing after 60 days past due.
• NPLs as a percentage of the loan portfolio totaled 1.8%, down 0.9% from FY23.

“

IFC has been exempt from exchange controls,
whereas some commercial debtors have not.

”Standard & Poor’s
March 28, 2024

• Total reserves against losses equaled 2.9% ($1.1 billion) of the total disbursed
loan portfolio as of June 30, 2024.

As % of Disbursed Loan Portfolio
NPL
Reserves
25% –

20% –

15% –

10% –

5% –

0% –

|
FY00

IFC’s fiscal year-end is 30 June

|
FY01

|
FY02

|
FY03

|
FY04

|
FY05

|
FY06

|
FY07

|
FY08

|
FY09

|
FY10

|
FY11

|
FY12

|
FY13

|
FY14

|
FY15

|
FY16

|
FY17

|
FY18

|
FY19

|
FY20

|
FY21

|
FY22

|
FY23

|
FY24

24

Investing for Impact

Funding
Program25

Funding Program

IFC’s Funding Program
IFC’s funding program is subject to its lending needs and liquidity position.

IFC’s Annual Funding Volume**(in USD billions)

Current Funding Programs of IFC and Peers(in USD billions)

$20 –

$61
$60 –

15.8
$15 –

14.0
11.8

$10 –

8.8

14.0

13.4

15.0•

13.7

12.7

$40 –

13.1

13.5

9.7 9.8

11.2 11.3
9.1

$50

$50 –

$30

$30 –

9.1

$20

$20 –

$15*

$5 –

5.0
1.7
$0 –

|
06

$14

$11

$10 –

$7

2.8
|
07

|
08

|
09

|
10

|
11

|
12

|
13

•Targeted volume for FY25** Numbers exclude volumes from IFC’s Discount Note Program

|
14

|
15

|
16

|
17

|
18

|
19

|
20

|
21

|
22

|
23

|
24

|
25

$0 –

|
EIB

|
IBRD

|
ADB

|
IDB

|
IFC

|
EBRD

|
AIIB

|
AfDB

•Targeted volume for FY25

26

Funding Program

Funding in Various Markets and Currencies• IFC has issued global US dollar benchmark bonds each year since 2000.
• IFC complements its public issuance by accessing a variety of different markets such as private placements and discount notes.
• First non-domestic issuer in China, Dominican Republic, India, Namibia, Nigeria, Peru, Rwanda, Zambia and many others.
• As a US dollar-based institution, most borrowings are swapped into compounded Secured Overnight Financing Rate (SOFR).

Borrowings by Currency in FY24

Borrowings by Market in FY24

4% Other*
1% HKD
1% NOK

1% Local Currency**
2% FRN

2% CNY
2% SEK
2% NZD
6% CAD

19% GBP

44% USD

25% MTN

72% Core Public

19% AUD* Other currencies are: COP, ZAR, KRW, EUR, MXN, KZT, AZN, ZMW, JMD, CLP, UZS, DOP, BDT** Includes on-shore local currency transactions

27

Funding Program

USD Global Benchmark Market
Top tier global credit• IFC has issued US dollar benchmarks in global format since 2000.
• As of August 2024, nine USD global benchmark transactions are outstanding, totaling $15.7 billion, including one green bond and one social bond..
• IFC’s US dollar benchmark issuances demonstrate strong global participation from a diverse investor base.
July 2024
USD 2 billion bondJuly 2023
USD 2 billion bond

5Y – IFC 4.25% Jul 2029,
launched at SOFR m/s+ 36, T+9.55

5Y – IFC 4.5% Jul 2028,
launched at SOFR m/s+33, T+12.7

September 2022
USD 2 billion bondSeptember 2021
USD 2 billion bond

3Y – IFC 3.625% Sept 2025,
launched at SOFR m/s+ 25, T+12.5

5Y – IFC 0.75% Oct 2026,
launched at SOFR m/s+ 19, T+8.65

August 2020
USD 1 billion bondJuly 2020
USD 2 billion bond

10Y – IFC 0.75% Aug 2030,
launched at LIBOR m/s+ 18, T+17

5Y – IFC 0.375% Jul 2025,
launched at LIBOR m/s+ 10, T+13

Notable USD sustainable bonds

December 2023
USD 1.5 billion bondSocial 3Y – IFC 4.375% Jan 2027,
launched at SOFR m/s+ 33, T+8.2

April 2016
USD 700 million bondGreen 10Y – IFC 2.125% Apr 2026, launched at
LIBOR m/s+ 44, T+29.5; tapped in July 2016 by
USD 500 million, at m/s + 31, T+22.25

28

Funding Program

USD Global Benchmark Distribution
USD 2.0 billion, July 2029
(Issued July 2024)

17%
APAC

USD 1.5 billion Social, January 2027
(Issued December 2023)

17%
USA

30%
Americas(exc USA)

22%
Americas(exc USA)

25%
EMEA
28%
USA

20%
Asset
Managers/
Pension/Insurance/
Other

39%
Banks

34%
EMEA

41%
CentralBanks/
Official
Institutions

USD 2.0 billion, July 2028
(Issued July 2023)

22%
Americas(exc USA)

23%
USA
27%
APAC

24%
EMEA

13%
Asset
Managers/
Pension/Insurance/
Other

17%
Asset
Managers/
Pension/Insurance/
Other
25%
Banks

32%
APAC

58%
CentralBanks/
Official
Institutions

18%
Banks
69%
CentralBanks/
Official
Institutions

29

Funding Program

USD Global Benchmark: Performance vs. Treasuries
Spreads of IFC’s and Peers’ 5-year Benchmark Issues vs. US Treasuries

Basis Points

IFC IBRD IADB EIB US Agency*

200 –

150 –

100 –

50 –

|
Jul 2008|
Jul 2009|
Jul 2010|
Jul 2011|
Jul 2012|
Jul 2013* The Federal National Mortgage Association (Fannie Mae) is used as a proxy for US Agencies|
Jul 2014|
Jul 2015|
Jul 2016|
Jul 2017|
Jul 2018|
Jul 2019|
Jul 2020|
Jul 2021|
Jul 2022|
Jul 2023|
Jul 2024

30

Funding ProgramIssuance in GBP Market (Sterling)• I FC’s bonds offer an attractive yield pickup vs. UK government bonds.
• I n July 2018, IFC issued its first Sterling green bond raising GBP 350 million, which was increased through taps to GBP 600 million.
• As of August 2024, there are ten outstanding GBP benchmark transactions, totaling GBP 6.6 billion.

July 2024
GBP 500 million bondDecember 2023
GBP 650 million bondJuly 2023
GBP 600 million bond

5Y – IFC 4.25% October 2029,
launched at SONIA m/s+ 30, G+25.6

5Y – IFC 4.5% October 2028,
launched at G+40

3Y – IFC 5.5% July 2026,
launched at G+64

31

Funding Program

Sterling Global Benchmark Distribution
GBP 500 million, October 2029
(Issued July 2024)

GBP 650 million, October 2028
(Issued December 2023)

6%
EMEA(exc UK)

3%
APAC
10%
EMEA
(exc UK)

14%
Americas21%
APAC

GBP 600 million, July 2026
(Issued July 2023)

5%
Americas
16%
EMEA(exc UK)

13%
Americas
59%
UK

6%
Asset
Managers/
Pension/20%
Central Insurance/
Other
Banks/
Official
Institutions

49%
UK
75%
UK

16%
CentralBanks/
Official
Institutions

74%
Banks

31%
Asset
Managers/
Pension/Insurance/
Other

30%
APAC

15%
Asset
Managers/
Pension/Insurance/
Other
53%
Banks

26%
Banks

59%
CentralBanks/
Official
Institutions

32

Funding ProgramIssuance in AUD market (Kangaroo)
AUD is a key market for IFC:
• Attractive term funding through a growing domestic and international investor base.
IFC’s commitment to AUD market is reflected in:• Establishment of a stand-alone AUD Domestic Debt Issuance Program in 2007, which was updated in July 2024.
• Kangaroo bonds outstanding: approximately AUD 16.925 billion as of August 2024.
• Well-developed IFC Kangaroo yield curve.
IFC’s bonds offer an attractive yield pickup vs. Australian and semi-government bonds.
IFC’s AUD domestic issues are repo-eligible with Reserve Bank of Australia.

AUD billions

Outstanding IFC Kangaroo IssuancePurple bars depict social bond lines
Green bar depicts green bond line

1.8 –

1.6 –

1.7

1.7

1.7 –

1.5

1.45

1.55

1.5

1.6

1.48

1.3

1.4 –
1.2 –

1.15

1.0

1.0 –

1.0

0.8 –
0.6 –
0.4 –
0.2 –
0.0 –

Updated as of August 2024

|
April
2025

|
February
2026

|
July
2026

|
December
2026

|
May
2027

|
October
2027

|
May
2028

|
October
2028

|
June
2029

|
February
2031|
August
2033

|
April
2035

33

Funding Program

Kangaroo Distribution
AUD 1.0 billion Social, December 2026
(Issued August 2023)

AUD 1.15 billion, October 2028
(Issued October 2023)

AUD 1.7 billion Social, April 2035
(Issued April 2020)
3%
Australia
3%
Americas

11%
EMEA

17%
Australia
37%
APAC
23%
Americas

13%
EMEA

12%
Americas
15%
Australia

63%
APAC

81%
APAC

23%
EMEA

23%
Asset
Managers/
Pension/Insurance/
Other

38%
Banks

39%
CentralBanks/
Official
Institutions

10%
Asset
Managers/
Pension/Insurance/
Other
37%
CentralBanks/
Official
Institutions

6%
Banks

53%
Banks

27%
CentralBanks/
Official
Institutions

67%
Asset
Managers/
Pension/Insurance/
Other

34

Funding ProgramIssuance in CAD market (Maple)• IFC’s bonds offer an attractive yield pickup versus Canadian government bonds.
• As of August 2024, there are five outstanding CAD transactions totaling CAD 3.25 billion, including two green bonds and two social bonds.

August 2023
CAD 1 billion Green bondMay 2023
CAD 500 million Social bondJanuary 2022
CAD 500 million Social bondSeptember 2020
CAD 500 million bond

3Y – IFC 4.5% Aug 2026,
launched at m/s +14,equivalent to
CAN 1.000% 09/26 +39.5

5Y – IFC 3.300% May 2028,
launched at m/s +0, equivalent to
CAN 3.500% 03/28 +36.7

5Y – IFC 1.850% Jan 2027,
launched at m/s -15, equivalent to
CAN 1.000% 09/26 +34.8

5Y – IFC 0.625% Sep 2025,
launched at m/s -4, equivalent to
CAN 0.500% 09/25 +34.2

35Funding Program

Maple Global Benchmark Distribution
CAD 1 billion Green, August 2026
(Issued August 2023)

CAD 500 million Social, May 2028
(Issued May 2023)

3%
Americas21%
Canada44%
EMEA

4%
Americas3%
Americas

8%
APAC

7%
EMEA

10%
EMEA
35%
APAC

55%
Canada78%
Canada

32%
APAC

14%
Banks

14%
Asset
Managers/
Pension/Insurance/
Other

CAD 500 millionSocial, January 2027
(Issued January 2022)

72%
CentralBanks/
Official
Institutions

8%
CentralBanks/
Official
25% Institutions
Asset
Managers/
Pension/Insurance/
Other

26%
Asset
Managers/
Pension/Insurance/
Other
67%
Banks

42%
CentralBanks/
Official
Institutions

32%
Banks

36

Funding Program

Sustainable Bond Programs• IFC is a sustainable bond issuer with two thematic bond programs – Green and Social.
• As of FY24 end, IFC has issued over $22.2 billion in green and social bonds across 304 trades in 25 currencies.

Social Bonds• Established in 2010, IFC’s Green Bond Program is aligned with the Green Bond Principles.

• Established in 2017, IFC’s Social Bond Program is aligned with the Social Bond Principles.

• Proceeds are used to finance climate-friendly projects including renewable energy,
biodiversity protection, ocean and water protection, among others.

• Proceeds are used to finance projects that aim to address access to essential services andincome generation to underserved target populations in developing countries.

• IFC issued the first benchmark-sized green bonds in February and November 2013.

• IFC issued the first USD-labeled social bond benchmark bond in March 2017.

• As of FY24 end, over $13.8 billion has been raised across 207 bonds and taps in 21 currencies.

• As of FY24 end, over $8.3 billion has been raised across 97 bonds and taps in 14 currencies.

FY24 Highlights

FY24 Highlights

9 Green Bonds totaling $1.3 billion in 6 currencies

9 Social Bonds totaling $2.3 billion in 2 currencies

– 40
– 35

2.5 –

– 30
2.0 –

– 25

1.5 –

– 20
– 15

1.0 –

USD billions

Volume of Social Issuance (LHS)
Number of Social Issuance (RHS)

Number of bonds

Cumulative Social Bond Issuance By Volume and Number

Volume of Green Issuance (LHS)
Number of Green Issuance (RHS)
USD billions

Cumulative Green Bond Issuance By Volume and Number

– 40
– 35

2.5 –

– 30
2.0 –

– 25

1.5 –

– 20
– 15

1.0 –

– 10
0.5 –
0–

–

|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

5

– 0

Number of bonds

Green Bonds

– 10
0.5 –
0–

–

|
FY17

|
FY18

|
FY19

|
FY20

|
FY21

|
FY22

|
FY23

|
FY24

5

– 0

37

Funding Program

Updated Green Bond Framework
In December 2022, IFC expanded its Green Bond Framework to:• Include new biodiversity and ocean and water categories, more robust climate adaptation
selection processes and additional categories under climate mitigation.
• Harmonize the eligible categories for mitigation and adaptation projects with the Common
Principles for Climate Mitigation Finance Tracking and the Joint MDB Methodology for Tracking Climate
Change Adaptation Finance developed by the Joint Climate Finance Tracking Group of MDBs andthe International Development Finance Club.
• Explicitly exclude activities that support the fossil fuel industry, livestock, hydropower anddeforestation.
• Underscore IFC’s commitment to align all investments with the Paris Agreement by 2025.
The Second Party Opinion issued by S&P Shades of Green rated the updated framework as Medium
Green with a governance score of Excellent.

Biodiversity Finance
Reference Guide.
Access the guide here.

Blue Finance Guidelines.
Access the guidelines here.

38

Funding Program

Medium Term Notes• I FC serves as a flexible issuer, providing a range of currencies and maturities to meet investor
demands, with a strategic presence in Singapore, London, and Washington D.C.
• Total MTN issuance volume in FY24 was $3.3 billion across 16 currencies.
• I FC has an active buyback program, serving as a liquidity back-stop for its issuances.

FY24 Currencies

FY24 Structures
1% Other*
1% AZN
1% MXN

1.5% Zero-Coupon
callable
3.5% Zero-Coupon

2% GBP
3% EUR
3% KRW
3% ZAR
3% COP

23% Fixed ratecallable

4% HDK
6% NOK
6% CNY

60% USD

72% Fixed ratebullet

7% SEK* Other currencies include JMD, CLP, UZS, DOP

39

Funding Program

Discount Note Program• L aunched in June 2009 to complement IFC’s GMTN Program.
• O ffers a high-quality short-term investment opportunity in USD and CNH.
• D
 uring FY24, IFC issued a total of $7.7 billion under its global discount note program.
• $ 5 billion authorized outstanding limit for FY25.

• Denominated in USD and CNH• Maturities range from overnightto 360 days
• Minimum order of $100,000• Uncertified book-entry form
• IFC’s Fiscal Agent:
Federal Reserve Bank of New York• Settlement via Fedwire for
USD discount notes• Bloomberg Ticker:
IFC<go>11 and ADN<go>8• U.S. dollar discount notes areoffered through 10 dealers:Barclays Capital
BofA Securities
CastleOak Securities
Jefferies
JP Morgan Securities
Mesirow Financial
Mizuho Securities USA
Nomura Securities International

FY24 Discount Notes Distribution
0.13% Money Managers
2% Multilateral Organizations
3% Central Banks
6%
U.S. Corporations

27%
International
Corporations

62% 
U.S. States/
Municipalities

UBS Securities
Wells Fargo Securities

40

Funding Program

Issuing for Local Markets
Developing local capital markets is a strategic priority for IFC.
EuropeCentral Asia and Türkiye

Armenia – Sevan Bond2014 – AMD 2 billion due 2016
Azerbaijan
2023 – AZN 59.5 million due 2027

Turkiye2017 – TRY 150 million due 2022
2018 – TRY 100 million due 2022
Kazakhstan Bond2018 – KZT 1.3 billion due 20182019 – KZT 10.6 billion due 2022, 2026
2024 – KZT 13.2 billion due 2026, 2028

Belarus2021 – BYN 60 million due 2022
Georgia – Iveria Bond2015 – GEL 30 million due 20172017 – GEL 108.3 million due 2020
2020 – GEL 200 million due 2024, 2025

Uzbekistan – Samarkand Bond2018 – UZS 160 billion due 20202019 – UZS 316 billion due 2019, 2020
2020 – UZS 15 billion due 20202021 – UZS 363.3 billion due 2021
2025 – UZS 250.8 billion due 2030

Romania2017 – RON 70 million due 20182018 – RON 70 million due 20192019 – RON 120 million due 2020, 2021
2021 – RON 373.8 million due 2025, 2026
2023 – RON 606.5 million due 2025, 2026, 2027
Serbia2018– RSD 507 million due 2020

Latin America &The Caribbean
Colombia – El Dorado Bond2017 – COP 20.1 billion due 20202018 – COP 33.7 billion due 2022
Costa Rica – Irazu Bond2015 – CRC 5 million due 20192019 – CRC 5.7 billion due 2023
Dominican Republic – Taino Bond2017 – DOP 180.3 million due 2023
Mexico2024 – MXN 250 million due 2030

AfricaSouth Asia

East Asia and the PacificBotswana – Kgalagadi Bond2018 – BWP 260 million due 2021

Bangladesh Taka
2020 – BDT 1.6 billion due 2022, 2025
2024 – BDT 660 million due 2029

Cambodia2019 – KHR 12 million due 2021

Namibia – Namib Bond2016 – NAD 180 million due 2021
Nigeria – Naija Bond2013 – NGN 12 billion due 2018
Rwanda2014 – RWF 15 billion due 2019
(Umuganda Bond)2015 – RWF 3.5 billion due 2018
(Twigire Bond)2025 – RWF 13.3 billion due 2032
Zambia – Zambezi Bond2014 – ZMW 150 million due 20172024 – ZMW 427.2 million due 2028

Issuance after FY2014

India – Masala Bond2014 – INR 62 billion due 2016, 2019, 2021
2015 – INR 13.3 billion due 2019, 2024,
2027, 2028, 2029, 2030, 2031, 2032,
2033, 2034
2016 – INR 3.2 billion due 2020 (Green Bond)2016 – INR 4.1 billion due 2019, 2027, 2028
2029, 2030, 2031, 2032
2017 – INR 30.5 billion due 2022, 2024, 2033,
2034
2018 – INR 39.2 billion due 2022, 20242019 – INR 7.3 billion due 2021

China – Dim Sum Bonds
2014 – CNY 2 billion due 20172015 – CNY 1 billion due 20192023 – CNY 340 million due 2025
Myanmar2019 – MMK 26.5 million due 2021, 2023
Indonesia – Komodo Green Bond2019 – IDR 2 trillion due 2023
Philippines - Mabuhay Bond2018 – PHP 4.8 billion due 2033
(Green Bond)
Sri Lanka – Serendib Bond2022 – LKR 1 billion due 2028

41

Funding Program

Recognized Funding Awards
2024

2024

2023

2023

2022

Outstanding Leadershipin Sustainable FinanceSocial Bond of the Year –Supranational:
USD 1.5bn Social BondTop Deal Winner:
First JMD bond issued
by a supranational

Outstanding Leadershipin Sustainable Finance

SSA Social Bond of the Year:USD 500mn social FRN

2021

2021

2021

2021

2021

Top Deal Winner:
First SSA to price debt
offering using SOFR

Outstanding Leadershipin Sustainable Finance

SRI Deal of the Year, SSA Deal of
the Year and Local Currency Dealof the Year: SEK3bn Social Bond

Impact Report of the Year

SSA Social Bond of the Year:
USD1bn social bond and social
bond issuances in SEK

2021

2021

2020

2020

2020

Best Debt Capital Market
Investor Relations Team Award

Deal of the Year:
AUD200m 1.5% KangarooSocial Bond due 2035

Initiative of the Year

Deal of the Year:
EUR 20m Green NSV Bond

Editor’s Award:
IFC’s Collaboration with GPIF

2020

2019

2019

2019

2019

Deal of the Year:
USD 19m Currency-Linked
Social Notes due 2021

APAC Editor’s Award:
GPIF and WBG’s ESG
Contribution

Deal of the Year:
USD 12m 7.5% Synthetic Notes
due 2021 Linked to KHR

Impact Report of the YearBest Supranational
Dollar Deal of the Year42

Investing for Impact

Annex

43

AnnexFood Security

Enhancing Agriculture and Food Production in Uzbekistan
The modern grocery retail market remains nascentin Uzbekistan, comprising just 8 percent of total foodretail, in comparison to 75 percent in Eastern Europe.
That has hampered the growth and efficiency of thecountry’s agriculture and food processing sectors,
which are mainstays of its economy.

Photo: Shutterstock

In 2023, IFC provided up to $25 million to Anglesey
Food LLC, the country’s leading grocery retailer
operating under Korzinka brand. The financing will
help the company construct a state-of-the-art ‘green’
distribution center, which will facilitate expansionof Korzinka’s retail store network. That will help
create jobs, support farmers and local suppliers, andbroaden access to quality, affordable food, especiallyoutside the capital, Tashkent.
The financing package from IFC will help the foodretailer to continue its growth trajectory, thereby
increasing choices for customers, strengthening foodsafety, helping to boost the country’s key agriculture
and food production sectors and creating thousandsof new jobs in the supply chain. IFC will also help thecompany adopt green building practices and improve
gender equality in the workplace.

IFC is also working with Korzinka to help it obtain
two landmark global certifications:i)	The Excellence in Design for Greater Efficiencies(EDGE) green building certification for its new
distribution center; andii)	Economic Dividends for Gender Equality
certification (Gender EDGE) which setsbenchmarks for gender equality in workplaces.
Both certifications are set to be the firsts of theirkind in Central Asia. In addition, IFC is supporting
Korzinka and its local suppliers in improving foodsafety standards.
The project is part of a larger effort to support thedevelopment of Uzbekistan’s private sector, whose
growth is considered key to combating poverty andcreating economic opportunities.

44

AnnexGender and Inclusion

Empowering Women Entrepreneurs in the Himalayas
Small and medium enterprises (SMEs) are thebackbone of Nepal’s economy. They generate
22 percent of GDP and employ almost 2 million
people. Yet, access to finance remains a major
constraint for 44 percent of SMEs, with the SME
finance gap estimated to be around $3.6 billion.
The situation is worse for women-owned SMEs
(WSMEs) with 52 percent of them having limitedaccess to finance. Additionally, ranked as the 10th
most affected country by climate change by the
Global Climate Risk Index (2021), climate finance isvital for Nepal’s net-zero emissions target by 2045.

This is IFC’s largest investment – as well as
mobilization- in Nepal’s financial sector. The
investment will allow GIBL to support the SME
segment, helping businesses recover from theimpacts of the COVID-19 pandemic, especially
WSMEs and those in rural areas. IFC’s funding will
also contribute to climate mitigation efforts in Nepal
by increasing access to climate finance across several
areas, including clean transportation, climate-smart
agriculture, and solar projects.

Fifty percent of the loan proceeds will be earmarked
equally between climate and gender financing forthe bank’s SME and retail clients. The remaining
50 percent will be exclusively used for on-lending
to SMEs in the country. This is the first time any
development financial institution is providing genderfinancing to a bank in Nepal.

To help increase access to finance for smaller
businesses in Nepal, including WSMEs, and foster
climate-friendly projects, IFC invested $56 million
in Global IME Bank Limited (GIBL), the largest
commercial bank in the country. The aim is to boost
competitiveness in the SME finance market while
also improving financial inclusion, creating jobs,
and supporting the nation’s climate goals.

Most of the women who have enrolled themselves for caregiving training
are single women, or those who come from outside of Kathmandu insearch of employment.
Photo: IFC Narendra Shrestha

45Annex
Education

Improving Access to Quality Medical Education in Brazil
The unequal distribution of doctors currently
faced by Brazil is a pressing issue with far-reaching
implications for its healthcare system. To address
this obstacle, the country needs a concerted effort
to train more doctors, especially in the North andNortheast, where the shortage is most pronounced.
By increasing the number of doctors, Brazil could
significantly enhance the resilience of its healthcare
system and improve access to medical services.
In August 2024, IFC invested in Afya, a leader in
education and solutions for medical practices in
Brazil, to support the company’s expansion in the
country with a focus on regions that face low densityof doctors. This investment will improve access toquality tertiary medical education, thus helping
Brazil overcome its healthcare challenges.

Photo: Maria Navarro / Estacios Participacoes

This is IFC’s first sustainability-linked loan based onsocial targets in the education sector globally. The
price of IFC’s loan will be linked to Afya reaching
performance target levels in selected social key
performance indicators, including free medical
consultations for the community and quality ofeducation according to criteria set by Brazil’s Ministryof Education.

IFC’s long-term up to BRL500 million (approximately$90 million) loan will assist Afya’s expansion plan in
Brazil, including the integration into its operationsof medical schools in the North and Northeast
regions. With this loan, IFC aims to encourage theimplementation of innovative business models andleverage new technologies while supporting theoffer of lifelong learning, particularly among doctors.
In addition to the loan, IFC has advised Afya on
the creation of a sustainability-linked financeframework. This framework, validated by anindependent second-party opinion provider,helped the company define a focused sustainability
strategy, communicate its efforts to contributeto Sustainable Development Goals 3 (health andwell-being) and 4 (quality education), and have theadequate mechanisms to measure and benchmark
its sustainability performance targets over time.

46

AnnexClimate Change

Boosting Sustainable Infrastructure in Bulgaria and Romania
The buildings sectors in Bulgaria and Romania
significantly contribute to greenhouse gas emissions
due to underdeveloped infrastructure and a lackof modern energy-saving amenities. In Bulgaria,
buildings account for about 45 percent of nationalenergy consumption, while in Romania, the number
is estimated at around 36 percent.

This senior unsecured facility is innovatively
structured as a green loan with sustainability-linked
features, making it the first loan of this kind for
NEPIRC. The investment consists of a €225 million
senior loan from IFC’s own account, a syndicatedsenior loan of €115 million under IFC’s B Loan
program, and a senior loan of around €47 from IFC
acting in its capacity as the implementing entity for
the Managed Co-Lending Portfolio Program.

Economic uncertainty, rising interest rates, andincreased construction costs have slowed down the
supply of new retail property stock and the transition With this investment, IFC aims to attract increased
to green buildings in the two countries.
investments to accelerate the decarbonization of
the retail property sector in the region, promote
IFC invested €387 million in NE Property B.V. (NEPC),
a subsidiary of NEPI Rockcastle (NEPIRC), to drive the sustainable finance, and strengthen key players,
green transition in the commercial building sector of ultimately making the sector more resilient andaligned with the climate goals of Bulgaria &Bulgaria and Romania. Providing vital financing to
Romania and other European countries of NEPIRC’s
a key retail real estate player amid current financial
operations.
conditions can effectively address local challenges
such as high pollution, energy intensity, and the needfor decarbonization.

Photo: RossHelen / Shutterstock

IFC’s substantial investment equips this leading
owner and operator of shopping centers in Central
and Eastern Europe with the necessary funds toensure business continuity and advance an ambitious
energy-friendly development pipeline.

47

AnnexHealthExpanding Vaccine Manufacturing in Africa
Biovac is one of the few vaccine companies in Africawith product development capabilities. It currently
supplies about 80 percent of South Africa’s routine
pediatric vaccines and since 2003 has delivered over
450 million vaccine doses to public hospitals, clinics,
and depots in South Africa, Angola, Botswana,Eswatini, Lesotho, Mozambique, and Namibia.
To support increased vaccine production, andenhance pandemic preparedness in Africa, IFC
provided an investment and advisory support
package for Biovac, a leading South Africanbiopharmaceutical company.
IFC’s $7 million-rand equivalent loan will support
Biovac’s existing production of a range of vaccines
including HPV, meningococcal disease, cholera, andvarious pediatric vaccines.
In addition to the loan, IFC has signed a collaborationagreement with Biovac to provide project
development support for the pharmaceuticalcompany’s plans to build a new multi-vaccine
production plant in Cape Town.

The new plant will enable Biovac to ramp up its
production capacity from a current 150 million
doses to about 560 million vaccine doses annually.
The financing will also help Biovac to develop local
capacity for producing traditional bacterial-based
vaccines as well as messenger RNA (mRNA) – based
vaccines, bolstering African vaccine value chains,and helping reduce the continent’s dependence on
vaccine imports.
IFC’s investment will enable Biovac to strengthen its
balance sheet and manufacturing capabilities andsupport its plans to raise additional capital for its
expansion strategy. IFC’s investment is aligned withits broader effort to support vaccine production in
Africa and strengthen Africa’s healthcare sector.

Photo: Ricardo Mayer / Shutterstock

IFC announced its first partnership with Biovac in
2022, as part of a consortium of nine development
finance institutions. The partnership was aimed
at financing the expansion of Biovac’s vaccine
manufacturing capacity and enabling the productionof the COVID-19 vaccine and other vaccines.

48

Annex
Fragility

Strengthening Food Security in Yemen
Yemen, the poorest nation in the Middle East andNorth Africa, is grappling with one of the world’s
highest malnutrition rates even before the conflict
escalated in 2015. Since then, the situation has
deteriorated significantly. The United Nations
estimates that 24 million Yemenis – 80 percent of the
population – are at risk of hunger and disease, with
14 million in dire need of acute humanitarianassistance.
The country faces persistent food shortages and isamong the highest at risk for food insecurity andmalnutrition globally, as reported by the World Food
Programme.
In response, IFC announced a financing package
aimed at bolstering one of Yemen’s largest foodconglomerates, enhancing its production anddistribution of essential food items such as flour andmilk. This initiative is critical as Yemen confronts
a humanitarian crisis and the looming threat offamine.
IFC provided and mobilized up to $75 million in debt
financing for the Hayel Saeed Anam Group (HSA),

to utilize the funds as working capital for its six foodcompanies in the dairy, flour, and sugar sectors.
This marked IFC’s first investment in Yemen’s
agribusiness sector in over a decade.
The financing package comprised a loan of up to$55 million from IFC’s own account and a syndicatedloan of up to $20 million from FMO, the Dutch
Entrepreneurial Development Bank. It also included
a first-loss guarantee of up to 50 percent from theInternational Development Association’s Private
Sector Window.
This financial support from IFC is expected toalleviate food shortages and bolster supply chain
resilience, ensuring the continuous provision of
staple foods throughout Yemen.
The collaboration with HSA aligns with IFC’s broader
strategy to empower businesses in fragile andconflict-affected states, with the goal of generating
employment, reducing poverty, and creating
economic opportunities for both refugees and hostcommunities.

49

AnnexDigitalization

Driving the Digital Economy and Job Creation in the Maldives
Despite a liberalized telecom market, with
87 percent coverage on fiber-to-the-home andto national households, and 125 percent mobile
market penetration, the development of digital
infrastructure in Maldives remains challenging given
the country’s highly scattered islands, many of which
are sparsely populated. Prices for mobile services in
the Maldives, especially for data, are more than inother South Asian countries due to higher costs of
network rollout and international connectivity.

IFC’s latest round of funding of $19.1 million takes its
total investment in Dhiraagu to $35 million since June
2022 and marks an important step toward making
the Maldives a global digital hub. It will enable thecompany to be part of the SMW6 submarine cableconsortium and roll out the country’s first directly
connected and owned international submarine cablesystem.

A new investment will help connect the Maldivesto the internet global super high-way via the stateof-the-art South-East Asia-Middle East-West
Europe (SMW6) submarine cable system, with IFC
supporting Dhivehi Raajjeyge Gulhun PLC (Dhiraagu),
the largest telecommunications and digital service
provider in the country. This will help strengtheninternational connectivity, improve efficiency ofservices and boost digital services across the country.
IFC’s earlier investment of $15.9 million in Dhiraagu wasaimed at supporting the company’s working capitaland capital investment program to enhance internet
experience, including investments in 5G services andhigh-speed fibre broadband to more islands.
As the sector rapidly grows and advances
technologically, IFC continues to be one of theleading development financiers in the digital
infrastructure space across emerging markets,
supporting all aspects of the ecosystem.

Photo: Ciril Monteiro / Shutterstock50

Investing for Impact

Contacts

51

Contacts

IFC Treasury
Management
John Gandolfo
Vice President and Treasurer
jgandolfo@ifc.org

Communications
Tom Ceusters
Director
Capital Markets and Investments
tceusters@ifc.org

Flora Chao
Global Head of Funding
fchao@ifc.org

Funding

Irena Guzelova
Senior Communications Officer
iguzelov@ifc.org

Hlazo Mkandawire
Communications Officer
hmkandawire@ifc.org

Investor Relations

Washington D.C.

LondonSingapore

Washington D.C.

Tokyo

Yuri Kuroki
Head of Funding for Americas
ykuroki@ifc.org

Elena Panomarenko
Head of Funding for Europe
epanomarenko@ifc.org

Marcin Bill
Head of Funding for Asia Pacificmbill@ifc.org

Ayelet Perlstein
Head of Investor Relations
aperlstein@ifc.org

Yutaka Yasui
Senior Financial Officer
yyasui@ifc.org

Zauresh Kezheneva
Financial Officer
zkezheneva@ifc.org

Roland Maassen
Associate Financial Officer
rmaassen@ifc.org

Hiroyasu Hirano
Financial Officer
hhirano@ifc.org

Obert Limbani
Associate Financial Officerolimbani@ifc.org

LondonMarsha Monteiro
Financial Analyst
mmonteiro@ifc.org

Laura Stirling
Digital and Communication
Coordinatorlstirling@ifc.org

Discount Notes
Umpai Israngkura Na Ayudhya
Senior Financial Officer
uisrangkuranaayudhya@ifc.org

IFC ∙ 2121 Pennsylvania Avenue NW ∙ Washington DC 20433 USA
website: ifc.org/investors ∙ email: investors@ifc.org ∙ Bloomberg: IFC<GO> ∙ LinkedIn: IFC Treasury & Mobilization

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Investing for Impact

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For additional information concerning IFC, please refer to IFC’s current“Information Statement”, financial statements and other relevant information
available at www.ifc.org/investors.

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