2022

Partners in
Developmen t
In Morocco, Casablanca’s tramway system is expanding
with support from a $100 million IFC financing package
and advisory support from Japan.

IFC helped Madagascar launch a modern
tagging and online identification system tocombat zebu theft, transform the cattle industry
and increase herders' income in the country.
Photo: Dujardin Delacour & Cie

IFC Tokyo Office

ifc.org/japan

Fukoku Seimei Bldg.,14F,
2-2-2 Uchisaiwaicho, Chiyoda-ku, Tokyo
Tel: (+81) 3-3597-6657

Published in July 2022

IFC and

Photo: Leonid Andronov/Shutterstock.com

Hydraulic station operating a drip irrigation system
which supplies water to citrus groves in Morocco.
Photo: François du Chatenet/IFC

Creating Markets,
Creating Opportunities

The International Finance Corporation (IFC), a member of the WorldBank Group, is the largest global development institution focused on
the private sector in emerging markets. For over 60 years, IFC has
been helping countries mobilize private sector solutions and financeto solve the world’s most pressing development challenges.
Japan is the second largest shareholder of IFC, and an essential
partner in IFC’s global mission to create markets and opportunities
across the developing world. Japan was the largest contributor to
IFC’s 2018 capital increase, and it has been a first mover on theencashment. Japan’s support of IFC and its mission is all the more

Together, IFC and Japan engage on three key levels:
GOVERNMENT AND DFIs

PRIVATE SECTOR

CAPITAL MARKETSThe Government of Japan

Japanese companies are projectJapan is a major market for IFC’s

provides donor funding, manages

sponsors and co-investment

funding operations, with Japanesetrust funds, and conducts policy

partners of IFC across diverse

retail and institutional investors

dialogue with IFC. Japaneseregions and industries. They also

providing critical capital to IFC

development finance institutions

partner with IFC through staff

and the IFC Asset Management(DFIs) co-invest with IFC on

and knowledge exchanges.

Company.

development projects.

critical given the severity of COVID-19 and the need to deploy greater
resources to emerging market economies hard hit by the pandemic.

2

3

Putting IFC
at the Heart ofDevelopment
IFC helped launch the World Bank Group Offshore Wind Development
Program, which works with emerging market governments toaccelerate the adoption of offshore wind power.
Photo: Marc Studer/Shutterstock.com

IFC by the Numbers
More than$368
billioninvested since our founding
in 1956

102
offices in 95 countries$

64.1
billioncommitted global investment
portfolio as of end FY21

Around$23.2
billionlong-term financing in FY22,
of which $10.6 billion mobilized
from other partners

About

4,300

2,000

staff globally

private sector clients

IFC creates opportunities to deliver investments with

IFC’s blueprint for this is to be proactive, not reactive.

high development impact. In fiscal year 2022, we invested

We are committed not just to financing projects but$32.8 billion in private companies and financial

also to creating markets in the world’s poorest andinstitutions in developing countries, leveraging themost fragile countries. IFC 3.0 integrates new ways ofpower of the private sector to end extreme poverty andsolving development challenges; allowing us to play toboost shared prosperity.

our strength as the world’s largest mobilizer of private
sector investment in emerging markets.

Our corporate strategy IFC 3.0, in place since December
2016, has become even more relevant as we help member

It is a comprehensive, 21st century architecture forcountries recover from the shock of COVID-19, which

delivering on the founding mission that we embarked

triggered an unprecedented outflow of capital fromon in 1956–to further economic development by

emerging markets. Many governments have limited

encouraging the growth of productive private enterprisefiscal space to cushion the blow so for us to build backin member countries, particularly in less developed

better–with an inclusive, sustainable and resilient

areas.

recovery–it will be crucial to bring the private sector
back to developing countries.

It puts development at the heart of IFC and moves us
closer to achieving our ultimate goal: putting IFC at theheart of development.

45

Dr. Rania Al-Mashat, Minister of International Cooperation, Arab Republic of Egypt, speaks
with IFC Managing Director Makhtar Diop at the event “Transitioning Economies,
Transforming Climate: Financing Climate Action for a Green and Inclusive Future” at the2022 Spring Meetings of the World Bank Group and International Monetary Fund.

Japan joined IFC as a founding member in 1956, and over the years it

Photo: Ian Foulk/World Bank

has evolved from an aid recipient, to donor, to financier providing
essential support to IFC. Japan’s partnership has been crucial in
IFC’s work to create markets and opportunities that help countries
mobilize private sector solutions and finance to solve development
challenges.
The Government of Japan provides high-level oversight and support
for IFC. Japan’s Minister of Finance is a member of IFC’s Board ofGovernors, while Japan is represented on the Board of Directors, whichhelps guide IFC’s programs and activities. Japan also delivers
Japanese parliamentarians discussed IFC activities with IFC Managing
Director Makhtar Diop in June 2021

important donor funding through the Comprehensive Japan Trust Fund(CJTF), which provides technical assistance to developing countries
while supporting industries and regions of strategic importance toJapan.

The Powerof Partnership
DFI Collaboration
Development finance needs vastly outweigh what

The Japan Bank for International Cooperation (JBIC)

IFC can provide, and by partnering with others, we

is another important DFI working with IFC. JBIC is a

can accomplish far more than we ever could alone.

major investor in the IFC Asset Management Company,

IFC collaborates with Japanese development financewhich mobilizes and invests in sustainable companies

institutions to maximize our development impact inacross emerging markets for attractive returns andpoor and fragile countries.

impact. In 2020, IFC and JBIC signed a Memorandumof Understanding, which ensures continuing and closer

The Japan International Cooperation Agency (JICA)

cooperation between the institutions in financing

is a key DFI partner for IFC. JICA delivers technicalprojects in poor and fragile countries.

cooperation, ODA loans, and grant aid to developing

6

countries. It also offers concessional private sector

Nippon Export and Investment Insurance (NEXI), theloans and equity investments for eligible projects

official export credit agency of Japan, is a third key

with Japanese interests or significant development

DFI partner for IFC. In 2020, IFC and NEXI also

impact. In 2017, IFC and JICA signed a Memorandum

signed a Memorandum of Understanding to jointlyof Cooperation, and by March 2022, the aggregate

advance private-sector-led development in poor andamount of co-financing with JICA had reached $1.64

fragile countries. The MOU enables IFC and NEXI tobillion, surpassing the target of $1.5 billion agreed

explore opportunities to jointly support economic andby the parties.

social development in common regions of operation.

IFC Headquarters in Washington, DC.
Photo: Joseph Rebello/IFC

7

1 Cambodia*

Investments with HighDevelopment Impact

IFC, JICA, and partners arranged a financing package for a solar power
developer Prime Road Alternative (Cambodia) Co. IFC's first solar power
project in Cambodia is expected to help lower electricity rates in Cambodia.

2 Vietnam*
IFC provided a $30 million loan, including climate-related concessional
financing, to support the construction of a modern waste-to-energy plantby T&J Green Energy Company Limited, a joint venture between JFE
Engineering Corporation and Thuan Thanh Environment JSC, a local
recycling company in Bac Ninh Province, Vietnam.

3 Indonesia
IFC and SMBC have been strategic partners of Bank Tabungan Pensiunan
Nasional Tbk to support small and medium-sized enterprises and women
entrepreneurs in Indonesia.

IFC has been a co-investment partner with Japanese companies for over 20 years.

4 Serbia*

Since 1997, IFC has partnered with Japanese companies on more than 100 projects

IFC is financing Europe’s first large-scale environmental infrastructure
public-private partnership–a landmark waste-to-energy project inwith a total committed portfolio of around $8 billion.

Belgrade co-sponsored by Itochu Corporation.

5 Africa
IFC, Mitsui & Co., Google, and Convergence Partners invested in CSquared,
a partnership focused on deploying wholesale, carrier-neutral, open-access

4

fiber optic networks across Sub-Saharan Africa.

6 Mexico*
IFC, JICA, and partners arranged a financing package for Infraestructura
Energética Nova S.A.B. de C.V. (IEnova) to support climate change

9

7

1

mitigation projects, including the development of non-conventional
renewable energy.

7 Morocco
An IFC loan is backing a new tramway that will cut travel times and help

5

the Casablanca-Settat region upgrade several hundred kilometers of ruralroads. The loan is supported by an Advisory Services program, fundedby the Comprehensive Japan Trust Fund, which provides technical expertise

8

6

2

11

3

on road maintenance.

8 Southeast Asia (Malaysia)
IFC and Mitsui & Co. (Asia Pacific) Pte. Ltd., a subsidiary of Mitsui & Co.
jointly invested $60 million through a third-party allotment in MiCare Sdn

10

Total

Bhd, a leading medical-claims administrator in Southeast Asia.

7,792

9 Iraq*
IFC arranged a $360 million loan to Basrah Gas Company, a joint venture

Global2,431
31%

between an Iraqi State-owned South Gas Company, Shell and Mitsubishi
Corporation, for a gas flaring reduction project. The financing package
comprises loans from IFC’s own-account and co-lending program, as

East Asia &the Pacific
2,356
30%

well as a syndicated loan by 8 international banks, including SMBC.

Sub-Saharan Africa
263 3%

10 Argentina*
IFC provided a $80 million corporate loan to NSG UK Enterprises, a wholly

IFC Long-Term Investment
Commitments, by Region
with Japanese Sponsors($Million, for IFCʼs own
account as of end FY22)

owned subsidiary of Nippon Sheet Glass Co., to support its expansion ofoperations through the construction of a new climate-friendly float glass
production line.

11 Colombia
IFC and JICA arranged a loan to a Colombian regional bank Banco
Davivienda S.A., to improve financial access for women-owned micro, small
and medium-sized businesses in Colombia.

South Asia
455 6%
Middle East &North Africa
597
8%Europe &Central Asia
1,026
13%
Latin America &the Caribbean663
9%Construction workers lay rebar at the EcoHome 3 project inHanoi, Vietnam. The project will become an EDGE-certified building,an internationally-recognized green building certification system

8*Climate change-related

developed by IFC to steer construction in rapidly urbanizing economies
onto a low-carbon path.
Photo: Dominic Chavez/IFC

9

Waste-pickers spend long days collecting recyclable material at the Vinča
landfill in Serbia. IFC is working with partners to clean up this site andbuild a modern waste-to-energy facility.

An Innovative Transaction
in Morocco

Photo: Dominic Chavez/IFC

With support from Japan, IFC’s Upstream approach has
helped Morocco find an innovative solution for its vast
infrastructure finance needs. After two years of policy

Funding Solar Powerin Mexico
IFC is one of the largest financiers of the power sector in

A Pioneering PPP in Serbia
In Serbia, IFC, Itochu Corporation, and others are teaming

contracted in 2017 to deliver the PPP, pledging €300

on an innovative waste-to-energy project to clean up

million of new investment in waste infrastructure. Two

Europe’s largest unsanitary landfill. Opened in theyears later, it received financing from IFC, the1970s, the toxic site has become a 50-meter-high pile

European Bank for Reconstruction and Development,of untreated garbage that pollutes the land, water, and air.

and the Austrian Development Bank, allowing
construction to begin in October 2019.

But the genesis of the deal stretches back more thanhalf a decade. That’s when IFC signed an agreement

The project is Serbia’s first large-scale municipal

to help Belgrade explore private sector solutions to

infrastructure PPP–setting a model for addressing

its growing waste management problem. IFC staff

similar challenges in other emerging andhelped Serbian official shore up what was then a new

middle-income countries, where unsanitary landfills

law governing public-private partnerships (PPPs),

have often been kept in operation due to a lack of

and worked to design and tender contracts for thefunding. In an era when government budgets are

new facilities. These efforts fall under what we at IFC

stretched thin, this creativity helps direct capital andcall working Upstream.

expertise into projects that make life better for

dialogue with the government alongside the World Bank,IFC in partnership with the Government of Japan, helped
set the groundwork for a vibrant new subnational financing
program that does not require sovereign guarantees.
A $100 million loan from IFC is backing a new tramway inemerging markets, committing $6.7 billion in own accountCasablanca [see front cover] that will cut travel times by

and mobilized funds since fiscal year 2018 to power

35 percent during working hours and help thesector-related projects. To support Mexico’s efforts to cut

Casablanca-Settat region upgrade several hundred

greenhouse gas emissions and help diversify the country’s

kilometers of rural roads in remote communities,

energy supply, IFC arranged a $400 million senior loanconnecting some 400,000 people to schools, hospitals,

package to Infraestructura Energética Nova S.A.B. deand other services. It marks the first time in Morocco that

C.V. (IEnova) to finance four solar power plants with a total

a local subnational government has raised commercial

capacity of 376 megawatts across Mexico. JICA partneredfinancing without a sovereign guarantee–opening doors

with IFC in delivering the finance, committing $100 million

for other regions and subnational governments to do theof the funds.

same and meet Morocco’s ambitious decentralization
agenda.

IEnova is one of the largest private sector energy
companies in Mexico, with operations in natural gas,

The loan was supported by an Advisory Services program

power generation, and refined products storage segments.

funded by the Comprehensive Japan Trust Fund that

This was IFC’s first financing in Mexico certified under theprovides technical expertise on road maintenance, as well

Green Loan Principles, which provide a framework andas on environmental and social governance for quality

guidelines to confirm that the proceeds of the loan are

infrastructure projects. Japan is now supporting IFC toused for climate-friendly projects. For JICA, the loan wasscale this work to the Moroccan Region of Fes-Meknes,

its first under the Green Loan Principles and part of its

where IFC is assisting the region with a similar roadbroader work to support climate change initiatives acrossmaintenance strategy and environmental and

Latin America.

social-related activities.

everyday people.
After a two-year bidding process, a special purpose
corporation led by Itochu and Suez S.A. of France was

10Strategyin Action

A new waste-to-energy plant under construction at the Vinča landfill
in Serbia. The project, scheduled to be completed in 2022, is being
delivered under a long-term public-private partnership.
Photo: courtesy of ITOCHU.

11

An IFC investment helped a local bank launch Indonesia’s first-evergender bond, increasing women entrepreneurs’ access to finance.
Photo: Chris Stowers/Panos

Investing for Impact
through IFC’s Funding Program

IFC raises funds in international capital markets

loan portfolio is funded through our Social

green bond issuance project after a historicfor private sector lending and to safeguard

Bond Program, which finances projects that

trade with Japan’s Government Pension

IFC’s triple-A credit ratings by ensuring

aim to alleviate social issues, and our Green

Investment Fund.

adequate liquidity. Issuances include

Bond Program, which finances climate-friendly

benchmark bonds in core currencies, thematic

projects.

Impactful and profitable equity investments
are crucial to achieving IFC’s development

issuances to support strategic priorities suchas climate change, and issuances in

Our goal is to continually provide much-needed

objectives and securing our long-term

emerging-market currencies to support theliquidity to the nascent sustainable bondfinancial sustainability. The IFC Assetdevelopment of capital markets.

market. In light of COVID-19 and the social

Management Company (AMC) mobilizes andchallenges borne from coronavirus, social

manages capital for businesses in developing

In fiscal year 2022, IFC raised $9.1 billion frombonds are now front and center of the thematiccountries and frontier markets.

158 trades across 27 currencies. Japan has

bond market, and demand is higher than ever.

been a critical market for IFC funding

In FY20, IFC issued an AUD 200 million social

Created in 2009, AMC provides leading

activities, consistently representing aboutbond placed exclusively with Nippon Lifeinstitutional investors with unique access to

10% of IFC’s total issuance which include

Insurance, while Sumitomo Life Insurance

IFC’s emerging-markets investment pipeline,

public, private, and Uridashi bonds.

invested in an AUD 100 million social bondwhile also expanding the supply of long-termfrom IFC.

capital to these markets. AMC enhances IFC’s

The launch of the Sustainable Development

development impact and generates profits for

IFCʼs value proposition
for investors
A supranational with fully paid-in capital and ample retained
earnings
Owned by governments of 185 member countries with morethan 50% of capital held by AAA/AA sovereigns
Strong financial profile with substantial capital and highliquidity
Highly diversified global portfolio with debt and equity
exposure in more than 120 countries and about 2,000
companies
0% risk weighting under Basel Framework
Consistently rated AAA/Aaa (stable outlook) by S&P and
Moody’s

IFCʼs strong financial
fundamentals

Goals has brought the world together on a

Moreover, IFC was one of the earliest issuers

investors by leveraging IFC’s global platformmission to end poverty, fight inequality, andof green bonds. Since we began our programand investment standards. As of June 2021,

tackle climate change. A growing number ofin 2010, we have helped catalyze the market

AMC had raised $10.1 billion across 12 funds.

investors has begun to embed environmental,

and unlock capital from the private sector to

AMC is also developing new co-investment

IFC has one of the lowest ratios of debt to net worth of anysocial, and governance (ESG) standards into

fund climate-smart projects. In 2020, IFC

vehicles to restore equity capital flows to

supranational

their investment decisions. A subset of IFC’s

passed the $10 billion mark for our cumulative

emerging markets in the post-COVID-recovery.

IFC’s growth is financed predominantly by retained earnings
Duration of funding matches maturity of IFC’s loan portfolio
IFC’s equity investments are funded by its net worth

1213

Masato Motoki

Careers with
Impactis an environmental specialist in the Bangkok office. As a member of the ESG
team, he is responsible for environmental and social due diligence of infrastructure
and manufacturing and services investments in East Asia and the Pacific. He
applies IFC’s Performance Standards, a global benchmark for sustainability ininternational finance, and also shares his knowledge and experience indiscussions with the United Nations, other development assistance organizations,
IFC’s Tokyo office, and local universities.

At IFC, staff are our most important asset, bringing

contributions to our mission. The projects for which

innovative solutions with impact and global best

they received awards included the Low-Income IDA andpractices to our clients worldwide. Their knowledge,

FCS Countries Catalyzing Private Investment in Agriculture

skills, diversity, and motivation are key to ourin Ethiopia Project, the IDA/FCS Global Trade Financecomparative advantage.

Program, the Mazar Independent Power Project, andthe India NBFC Insurance Facility.

Chiemi Nakano
is a financial sector economist in Washington, DC, responsible for development
impact assessment of investment operations in the Latin America and Caribbean
region. She uses the Anticipated Impact Measurement and Monitoring (AIMM)
system that IFC introduced in 2017 to analyze project-level outcomes and effects

Around 100 Japanese nationals work at IFC. Locatedat IFC offices across the globe and working in such

To promote IFC as an attractive career destination forfields as investment, finance, risk, operations, andtalented Japanese nationals, IFC conducts an annual

economics, Japanese staff are instrumental in helping

recruitment drive in Japan and regularly participates in

IFC deliver on our mission of creating markets andcareer fairs and other recruitment events across theopportunities in developing countries.

country. To learn more about working at IFC, visit

on market creation. As an economist, she believes it is important to analyze thedevelopment impact of IFC’s operations as part of the World Bank Group mission,
maximizing synergies between public and private sector solutions.

ifc.org/careers
In fiscal year 2020, nine Japanese staff were recognizedwith IFC corporate awards for their excellent

Growth in the Number

Aya Imaiof Japanese Staff at IFC
Japanese staff(including secondments)

89

100

57

59

2015

2016

69

joined IFC's Financial Institutions Group in 2019 after working in management

90

consulting and M&A advisory in the private sector. As an Associate Investment

75

Officer based in IFC’s Dakar office, she is involved in new investments and the55

management of existing investments in the West and Central Africa region.

〜50
2017

2018

2019

2020

Most recently, her team has been working on equity and debt investments to2021

fintech startups, as well as risk-sharing facilities to commercial banks with highpotential to offer greater access to finance to small and medium-sized

London :1

enterprises, women entrepreneurs, and agricultural cooperatives. Aya believes
IFC provides a positive atmosphere in which anyone’s knowledge and expertise

Vienna : 2

can be shared openly regardless of one’s position.

Tashkent :1
Rabat :1
Dakar :2

New Delhi : 5
Cairo:1

Washington, DC : 48*

Tokyo :9

Hanoi :1

*Includes 2 HR WBG s taf f

Mexico City : 2

Jun Nitta

Bangkok :1
Nairobi : 4

Singapore :9

joined IFC’s Asset Management Company (AMC) after working for a financial

Jakarta :1

focus on the financial services sector, including commercial banks, insurance

institution. He is the head of several private equity funds managed by AMC thatcompanies, and fintech in emerging markets. Since 2015, he has been working

Japanese staff at IFC offices

Johannesburg :1
Sydney :1

around the world
As of December 31, 2021

14

in AMC’s Singapore office, where he is involved in sourcing, structuring, andpost-investment value creation of private equity investments, mainly in Asia. He
finds this aspect of his job very attractive because he can contribute to theeconomic development of emerging countries.

15

Creating theConditions for Private
Sector Investment
With IFC’s support, nearly 500 schools across the West Bank will install solar arrays,
making it easier for these girls in Jericho to study year-round.
Photo: Frederic Courbet/Panos

IFC creates opportunities to deliver investments

Working Upstream, we target sectors with significant

with high impact that solve countries’ development

gaps. We are working across the World Bank Group

challenges. This requires IFC to go in early andto help craft policy and regulatory conditions, with aclear line of sight to future investments. Rather thanAchieving the Sustainable Development Goals will

This capital increase more than triples the paid-in

collaborate proactively with World Bank and MIGA

require up to $4 trillion a year–far more than donor

capital that IFC has received since inception, and it

colleagues to create opportunities for new investment.

just responding to requests for financing, we take thecountries can provide through official development

will allow IFC to scale up its impact in meeting clients’Since there are not enough bankable projects

initiative to develop bankable projects as sector policy

assistance, and far more than debt-burdened

business goals and improving peoples’ lives.

addressing development priorities, our approach isreforms emerge. This involves crafting innovative private

to create them–not only projects, but markets as well.

sector solutions that will improve people’s lives,

public-sector resources. It is essential, therefore, toJapan was instrumental in delivering the IFC capital

We have taken this approach before, but never atassessing their feasibility, and mobilizing investors tomobilize private capital at a far greater scale, and inincrease. It was the largest contributor to the increasesuch scale and ambition as now, in all regions andwork with us to make them happen.

a much wider set of countries than ever before.

and following its implementation, Japan’s shareholding

all industries. We call this approach working Upstream.

developing countries can finance from their own

at IFC is expected to increase from 6.33% to 7.18%.
That’s why the World Bank Group has redefined its
approach to development finance, working in new ways

As part of the capital increase agreement, IFC has

to help countries maximize finance for development bypledged to more than double annual investments byleveraging the private sector and making the most of2030 and more than triple own-account investments in

scarce public resources.

the poorest and most fragile countries. Our focus willremain on Sub-Saharan Africa and South Asia, which

Supporting this vision, World Bank Group shareholders

account for most of the world’s poor. We will also triple

endorsed a historic $13 billion capital increase, with

our amount of annual climate-related financing and$7.5 billion for the World Bank and $5.5 billion for

quadruple annual own-account financing dedicated to

IFC in April 2018.

women and women-owned small and medium-sized

Photo: Shutterstock

enterprises.

16

IFC Ambitionsfor 2030

17

IFC 3.0 strategy has never been more important
than today, as the developing world continues tostruggle with the crippling economic impact of the
global COVID-19 pandemic–and aspires to takeadvantage of an opportunity to build a better
version of the world we live in.

Driving Momentum
on Impact Investing

As part of a larger World Bank Group crisis response
package announced in March 2020, IFC beganproviding $8 billion in fast-track financing for existingclients whose operations and ability to comply withpayment obligations were impacted. Having learned
from past shocks, including the global financial crisisof 2008, we know that moving fast to help keep

IFCʼs $8 Billion Pandemic
Response Package

2billion$ 2billion$ 2billion$

companies solvent is a key to saving jobs and limiting
economic damage. Our pandemic response package
is structured around the three broad themes of relief,$

2billion

restructuring, and recovery.

Real Sector Crisis
Response Facility

Global Trade
Finance Program

Working Capital
Solutions Program
Global Trade
Liquidity Program &Critical Commodities
Finance Program

Photo：S hut ters tock

Food and energy crises, supply chain
disruption, rising inflation and growing
concerns over indebtness and financial
markets have emerged as new threats toTogether with international financial institutions andemerging countries, in addition to theprivate partners, IFC led the launch of the Operating

pandemic and climate change. To respond to

Principles for Impact Management, a framework drawing

these crises, IFC is working closely with thea distinct line between impact investing–investing withWorld Bank and MIGA to take fast, decisive

an intent to create specific, measurable policy–and otherand robust actions.

forms of sustainable and responsible investing.
In April 2019, a group of 60 global investors signed on
to the Operating Principles, an important step in
mobilizing the private sector for development finance.
JICA signed the Principles later that year, becoming thefirst Japanese entity to do so.
The signatories, which number 160 as of June 2022, areworking to align impact measurement systems into acommon core of metrics that will improve the ability ofinvestors to compare impact performance across funds
and institutions. Signatories must annually disclose thealignment of their impact management systems with
the Operating Principles and pursue regular
independent verification.

Moving towards
Recovery
Recognizing a vast unmet need for funding to address

In February 2021, IFC announced a $400 million

the health impacts of COVID-19, IFC developed a $4

Base of the Pyramid Program (BoP) to support

billion Global Health Platform (GHP) as part of its

viable small businesses that have been hardest hit

COVID restructuring phase. The GHP, for which Japanby the pandemic. Through the BoP, IFC will target

announced $10 million in support, aims to increase

microfinance institutions, non-bank financial

access for developing countries to critical health-careinstitutions, and banks that are focused on micro,

supplies, such as face masks, ventilators, andsmall, and medium-sized enterprises. And, unlike

vaccines, and help those countries boost their own

the original fast-track financing, the BoP is open to

manufacturing capacity.

both new and existing IFC clients.

IFC supported the development of the Tafila Wind Farm, a pioneering renewable
power project in Jordan, to diversity the country's energy supplies.

18

Photo: Dominic Chavez/IFC

19