2015年-世界发展银行全球_IFC_Financials_2015___Private_Sector_Matters_for_Development_112页_4mb

IFC Summary: Private Sector Matters for Development

Core Content

The International Finance Corporation (IFC), a member of the World Bank Group (WBG), is the largest global development institution focused on the private sector in developing countries. Established in 1956, IFC is owned by 184 member countries and operates as a separate legal entity with its own financial structure and policies. IFC's mission is to foster sustainable economic growth by financing private sector investment, mobilizing capital in international markets, and providing advisory services.

Main Goals and Strategy

IFC aligns its strategy with the WBG's dual goals:

• End extreme poverty: Reduce the percentage of people living on less than $1.25 a day to 3% by 2030.
• Boost shared prosperity: Promote income growth for the bottom 40% of populations in every developing country.

To achieve these goals, IFC focuses on:

• Financing private sector projects through loans and equity investments.
• Mobilizing capital via various instruments such as loan participations, parallel loans, and structured finance.
• Offering advisory and risk management services to businesses and governments.

Key Financial Highlights (FY15 vs FY14)

Financial Performance Drivers

• Lower gains on equity investments and associated derivatives contributed to a net decrease of $383 million.
• Higher other-than-temporary impairments on equity and debt securities caused a decrease of $484 million.
• Lower income from liquid asset trading activities reduced income by $132 million.
• Higher provisions for losses on loans, guarantees, and other receivables led to a decrease of $83 million.
• Realized gains on equity divestments added $58 million, primarily from two major divestments in FY15.
• Foreign currency transaction gains increased by $72 million.
• Other net changes contributed an additional $25 million.

Financial Ratios (FY15)

Investment Products

IFC offers a range of financial products:

• Loans: Typically 7–12 years, with some up to 20 years. Mostly in USD, but increasingly in local currencies.
• Equity Investments: Usually 5–20% of a company’s equity, in the form of common or preferred stock, and other instruments like warrants and options.
• Debt Securities: Includes bonds, notes, and securitized obligations.
• Guarantees and Partial Credit Guarantees: Covers both commercial and non-commercial risks.
• Client Risk Management Services: Provides derivatives to hedge interest rate, currency, and commodity price risks.
• Structured Finance: Offers products like securitizations and Islamic finance to help clients access diverse funding sources.
• Blended Finance: Combines concessional funds with IFC's own resources to support development projects.

Investment Programs

Commitments

• Long-Term Finance: Increased from $9,967 million in FY14 to $10,539 million in FY15, a 17% growth.
• Core Mobilization: Rose from $5,143 million in FY14 to $7,133 million in FY15, reflecting IFC's broader mobilization efforts.

Disbursements

• Loans: $6,359 million in FY15, down from $6,702 million in FY14.
• Equity Investments: $2,299 million in FY15, up from $1,528 million in FY14.
• Debt Securities: $600 million in FY15, down from $669 million in FY14.

Disbursed Investment Portfolio

• Total disbursed investment portfolio: $36,401 million in FY15, down from $36,622 million in FY14.
• Disbursed loan portfolio: $23,252 million in FY15, down from $24,407 million in FY14.
• Disbursed equity portfolio: $10,581 million in FY15, up from $9,741 million in FY14.

Risk Management and Currency Strategy

IFC manages currency and interest rate risks through:

• Currency and interest rate swaps.
• Derivative instruments.
• Close matching of assets and liabilities in terms of currency and rate structure.

IFC does not accept host government guarantees and raises funds primarily through debt issuance in international markets, with a small borrowing window from IBRD.

Capital and Liquidity

• Total capital: $24,426 million in FY15.
• Undesignated retained earnings: $20,457 million.
• Designated retained earnings: $184 million.
• Capital stock: $2,566 million.
• Accumulated other comprehensive income (AOCI): $1,197 million.
• Non-controlling interests: $22 million.

Key Financial Trends

• IFC's financial performance was volatile in FY15 due to:
  • Economic downturns in certain regions.
  • Depreciation of investment currencies against USD.
  • Downward trend in oil prices.
• Despite these challenges, IFC managed to generate realized gains from equity divestments.
• The overall liquidity ratio remained within the target range of 65–95% of estimated future cash requirements.

Conclusion

IFC continues to play a pivotal role in private sector development in emerging markets. Its financial performance is influenced by both external macroeconomic conditions and investment-specific developments. While FY15 showed a decline in net income, IFC remains committed to its strategy of mobilizing capital, managing risks, and supporting sustainable growth through a variety of financial products and services.