2008年-世界发展银行全球_IFC_Annual_Report_2008___Creating_Opportunity_Volume_2_IFC_2008_Financials_Projects_and_Portfolio_184页_28mb

IFC 2008 Financials, Projects and Portfolio Summary

I. Overview of IFC

The International Finance Corporation (IFC) is a member of the World Bank Group, established in 1956 to promote private sector development in developing countries. It operates as a separate legal entity from IBRD, IDA, MIGA, and ICSID, with its own financial structure, management, and staff. Membership is restricted to IBRD member countries, and as of June 30, 2008, IFC had 179 member countries.

IFC's primary financial products include loans and equity investments, with smaller debt securities and guarantee portfolios. It plays a catalytic role in mobilizing additional funding from other investors through mechanisms such as loan participations, underwritings, and guarantees. IFC does not accept host government guarantees and raises most of its funds through international capital markets.

The financial statements are prepared under US GAAP, with IFC planning to transition to IFRS. The operating income for FY08 was $1,438 million, while net income was $1,547 million. The operating income declined from FY07 due to a challenging global economy but showed strong contributions from all product lines.

II. Financial Performance Highlights

Key Financial Ratios (FY08 - FY04)

Net Income and Operating Income

• Net Income (FY08): $1,547 million
• Net Income (FY07): $2,490 million
• Net Income (FY06): $1,264 million
• Operating Income (FY08): $1,438 million
• Operating Income (FY07): $2,589 million
• Operating Income (FY06): $1,409 million

Financial Performance Summary

• Operating income in FY08 was $1,151 million lower than FY07 but still reflected strong contributions from all main product lines.
• Net income includes operating income and net unrealized gains and losses on non-trading financial instruments.
• IFC's total assets reached $49,471 million in FY08, with a significant portion allocated to loans, equity investments, and debt securities.

III. Investment and Advisory Services

Investment Programs

• Total Commitments (FY08): $11.4 billion
• Total Commitments (FY07): $8.2 billion
• Disbursements (FY08): $7.7 billion
• Disbursements (FY07): $5.8 billion

The disbursed investment portfolio at June 30, 2008, was $21.1 billion, including:

• Loans: $15.3 billion
• Equity Investments: $4.3 billion
• Debt Securities: $1.5 billion

Investment Portfolio Composition

• Loans comprised 73% of the disbursed investment portfolio (63% of the carrying value).
• Equity investments accounted for 20% of the disbursed portfolio (31% of the carrying value).
• Debt securities represented 7% of the disbursed portfolio (7% of the carrying value).
• Quasi-equity instruments totaled $3,424 million, including $2,679 million as loans, $69 million as equity investments, and $676 million as debt securities.

B-loans and Resource Mobilization

• B-loan Commitments (FY08): $3,250 million
• B-loan Commitments (FY07): $1,775 million

The resource mobilization ratio for FY08 was 0.42, meaning for every $1 of IFC investment, $0.42 was mobilized from other financial institutions.

Resource Mobilization Mechanisms

IFC mobilizes additional funding through:

• Loan participations
• Parallel loans
• Partial credit guarantees
• Securitizations
• Risk sharing facilities

Advisory Services

Advisory services are an important and growing part of IFC's business, contributing to its additionality by improving the business environment for private enterprises. The advisory services cycle includes:

1. Business development
2. Early review
3. Appraisal
4. Implementation/supervision
5. Project completion
6. Evaluation

IV. Financial Instruments and Risk Management

Currency and Interest Rate Management

• IFC's capital base and assets/liabilities (excluding equity investments) are primarily denominated in US dollars.
• IFC closely matches the currency, rate, and maturity of its liabilities with assets to minimize foreign exchange and interest rate risks.
• It uses currency and interest rate swaps, and other derivative instruments to manage residual risks.

Equity Investment Details

• Equity investments are typically in common or preferred stock, not mandatorily redeemable.
• The carrying value of equity investments grew to $7.3 billion in FY08, up from $3.2 billion in FY07.
• IFC adopted SFAS No. 159 and SFAS No. 157 in FY08, leading to an increase in the carrying value of equity investments by $3.2 billion.

Guarantees and Partial Credit Guarantees

• IFC offers guarantees to cover client obligations on bonds and loans, sharing risk with the client.
• Guarantee fees are consistent with IFC's loan pricing policies.
• Guarantees signed (FY08): $1.8 billion
• Guarantees signed (FY07): $1.0 billion

Structured Finance

• Structured finance includes partial credit guarantees, securitizations, and risk sharing facilities.
• Structured finance commitments (FY08): $1,403 million
• Structured finance commitments (FY07): $2,083 million

Loan Participations and Parallel Loans

• Loan participations (FY08): $40 million
• Loan participations (FY07): $29 million

V. Strategic Priorities

IFC's strategic priorities include:

1. Focusing on frontier markets, including SMEs and agribusiness.
2. Building long-term partnerships with emerging players in developing countries.
3. Addressing climate change and environmental sustainability.
4. Tackling constraints to private sector growth in infrastructure, health, and education.
5. Developing local financial markets through institution building and innovative products.

These priorities align with the World Bank Group's overall goals.