2014年-世界发展银行全球_IFC_Financials_and_Projects_2014___Big_Challenges_Big_Solutions_132页_5mb

IFC Financials and Projects Summary - 2014

Core Content Overview

The International Finance Corporation (IFC) is a key member of the World Bank Group (WBG), established in 1956 and owned by 184 member countries. Its primary mission is to promote sustainable growth in developing countries through private sector financing, capital mobilization, and advisory services. In FY14 (year ended June 30, 2014), IFC reported a net income of $1,483 million, reflecting a significant increase compared to previous years, despite volatility in financial performance due to various factors.

Main Strategic Focus Areas

• Strengthening frontier markets
• Addressing climate change and environmental/social sustainability
• Supporting private sector growth in infrastructure, health, education, and food supply chains
• Developing local financial markets
• Building long-term client relationships in emerging markets

Key Financial Performance Metrics

Income Highlights

• Income before net unrealized gains and losses on non-trading financial instruments and grants to IDA: $1,782 million in FY14, up from $909 million in FY13 and $2,013 million in FY12.
• Allocable Income: $1,614 million in FY14, a 52% increase from FY13 ($1,060 million).
• Net Income Attributable to IFC: $1,483 million in FY14, compared to $1,018 million in FY13 and $1,328 million in FY12.

Financial Ratios

• Return on average assets (GAAP basis): 1.8% in FY14, 1.3% in FY13.
• Return on average capital (GAAP basis): 6.4% in FY14, 4.8% in FY13.
• Overall liquidity ratio: 78% in FY14, up from 77% in FY13.
• External funding liquidity level: 359% in FY14, up from 309% in FY13.
• Debt to equity ratio: 2.7:1 in FY14, 2.6:1 in FY13.

Investment Products and Services

IFC offers a range of financial products and services to support private sector development in developing countries:

Loans

• Typically for 7–12 years, with some up to 20 years.
• Primarily in USD, but with a growing focus on local currency financing.
• Interest rates are usually variable or fixed and swapped into variable.
• Loan participations and parallel loans are key tools in mobilizing additional capital.

Equity Investments

• Typically between 5–20% of a company's equity.
• Denominated in the local currency of the investment.
• Instruments include common or preferred stock, put and call options, profit participation, and conversion features.

Debt Securities

• Includes bonds, notes, securitized debt obligations, and preferred shares.
• May be mandatorily redeemable or puttable by IFC.

Guarantees

• Covers both commercial and non-commercial risks.
• Available for debt instruments and trade obligations.
• Repayment in USD when a guarantee is called.

Client Risk Management

• Offers derivative products to hedge interest rate, currency, and commodity price exposures.
• Facilitates access to risk management products for clients through intermediation with derivatives market makers.

Blended Finance

• Combines concessional funds with IFC's own resources to finance specific projects.
• Encourages private sector participation in development initiatives.

Core Mobilization

• Refers to capital mobilized from entities other than IFC due to its involvement in raising resources.
• Includes loan participations, parallel loans, structured finance, and investments in funds managed by IFC's wholly owned subsidiary, IFC Asset Management Company (AMC).
• Core Mobilization Ratio: 0.30 in FY14 (down from 0.35 in FY13).
• Total Core Mobilization: $5,143 million in FY14, compared to $6,504 million in FY13.

Investment Commitments

• Total Commitments in FY14: $22,404 million, a 10% decrease from FY13 ($24,853 million).

• IFC Commitments: $17,261 million in FY14, compared to $18,349 million in FY13.

• Breakdown of IFC Commitments:

  • Loans: $7,579 million
  • Equity investments: $2,324 million
  • Guarantees: $7,007 million (Global Trade Finance Program) + $321 million (Other)
  • Client risk management: $30 million

• Core Mobilization Breakdown:

  • Loan participations: $2,043 million
  • Parallel loans: $730 million
  • Managed Co-Lending Portfolio Program (MCPP): $320 million
  • Other mobilization: $606 million
  • AMC investments: $830 million
  • Other initiatives: $614 million

Risk Management and Currency Strategy

• IFC minimizes foreign exchange and interest rate risks by matching currency and rate bases of assets and liabilities.
• Uses currency and interest rate swaps, and other derivative instruments for risk management.
• Does not accept host government guarantees for its exposures.
• Maintains a liquidity policy to cover at least 65–95% of next three years' estimated net cash requirements.

Capital and Reserves

• Total Resources Required: $18.0 billion in FY14, up from $16.8 billion in FY13.
• Total Resources Available: $21.6 billion in FY14, compared to $20.5 billion in FY13.
• Strategic Capital: $3.6 billion in FY14, compared to $3.8 billion in FY13.
• Deployable Strategic Capital: $1.4 billion in FY14, compared to $1.7 billion in FY13.
• Reserves against losses on loans: 6.9% of total disbursed loan portfolio in FY14.

Summary of Financial Highlights (2010–2014)

Notes on Financial Reporting

• IFC's financial statements are prepared in accordance with US GAAP.
• The consolidated financial statements include notes to explain accounting policies, significant transactions, and financial ratios.
• IFC has adopted new reporting practices for short-term finance (STF) starting in FY15, which would have reduced FY14's reported STF commitments by $4.3 billion.