01. Annual Reports & Independent Evaluations
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Publication
Building a Better Future: IFC Annual Report 2023 Financials
(International Finance Corporation, Washington, D.C., 2023-10-19)This Management’s Discussion and Analysis (MD&A) discusses the financial results of the International Finance Corporation (IFC or the Corporation) for the fiscal year ended June 30, 2023 (FY23). The MD&A contains forward looking statements which may be identified by such terms as “anticipates,” “believes,” “expects,” “intends,” “plans”, “aims” or words of similar meaning. Such statements involve a number of assumptions and estimates that are based on current expectations, which are subject to risks and uncertainties beyond IFC’s control. Consequently, actual future results could differ materially from those currently anticipated. IFC undertakes no obligation to update any forward-looking statements. Certain reclassifications of prior years’ information have been made to conform with the current year’s presentation. -
Publication
IFC Annual Report 2023: Building a Better Future
(International Finance Corporation, Washington, D.C., 2023-10-19)IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets and developing economies. We work in more than 100 countries, using our capital, mobilization capacity, expertise, and influence to create jobs and raise living standards, especially for the poor and vulnerable. In fiscal year 2023, IFC committed a record 43.7 billion dollars to private companies and financial institutions in developing countries, leveraging the power of the private sector to improve people’s lives as economies grapple with the impacts of global compounding crises. -
Publication
MIGA Annual Report 2023
(Washington, DC, 2023-10-17)Celebrating thirty-five years since its founding, in FY23 MIGA issued a record 6.4 billion in new guarantees across forty projects. Through these projects, the Agency remained focused on encouraging private investors to help host governments manage and mitigate political risks. In FY23, as it did during the COVID-19 pandemic, MIGA demonstrated its agility to respond to crisis, employing multiple products during the year to assist the embattled people of Ukraine following Russia’s invasion. An institution of the World Bank Group, MIGA is committed to strong development impact and supporting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance. It also offers trade finance guarantees, as well as credit enhancement on obligations of sovereigns, sub-sovereigns, state-owned enterprises, and regional development banks. -
Publication
World Bank Annual Report 2023: A New Era in Development
(Washington, DC: World Bank, 2023-09-28)This annual report, which covers the period from July 1, 2022, to June 30, 2023, has been prepared by the Executive Directors of both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)—collectively known as the World Bank—in accordance with the respective bylaws of the two institutions. Ajay Banga, President of the World Bank Group and Chairman of the Board of Executive Directors, has submitted this report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors. -
Publication
Financial Inclusion: Lessons from World Bank Group Experience, Fiscal Years 2014–22
(World Bank, Washington, DC, 2023-08-28)This evaluation explores how and with what effect the World Bank Group has supported financial inclusion for the microenterprises, poor households, women, and other excluded groups. Financial inclusion is defined as the use of financial services by individuals and firms. It encompasses financial access—owning an account—and the use of financial services. There has been an impressive growth in account ownership globally, from 55% of adults in 2014 to 71% in 2021, although usage is more limited as some accounts are inactive. Critically, both financial access and the use of financial services remain major challenges for microenterprises, poor households, women, and other excluded groups. The objective of the evaluation is to assess whether the Bank Group has been doing the right things and whether it has been doing things right on financial inclusion. The evaluation captures lessons from the World Bank’s experience supporting financial inclusion for microenterprises, poor households, women, and other excluded groups and updates a 2015 financial inclusion evaluation. The evaluation includes a retrospective look at the drive for universal financial access and examines progress and challenges in women’s access to financial services. The evaluation also assesses the Bank Group’s support for digital financial services as vehicles for financial inclusion. Finally, the report examines the World Bank’s response to COVID-19 as it relates to financial inclusion. The evaluation proposes three recommendations: (i) The World Bank and IFC should further encourage account use by underserved groups, including women and rural poor people, and emphasize this more in their strategies and projects. (ii) The World Bank and IFC should design and implement more comprehensive approaches that address constraints in the enabling environment for DFS to reach underserved and excluded groups. (iii) To enhance learning on what works to increase the beneficial use of financial services at the MPWEG, the World Bank and IFC should collect outcome data across different underserved and excluded groups, initially on a pilot basis. -
Publication
The World Bank Group in the Kyrgyz Republic: Country Program Evaluation, Fiscal Years 2014–21
(Washington, DC: World Bank, 2023-08-10)This report assesses the relevance and effectiveness of the World Bank’s engagement in the Kyrgyz Republic between fiscal years 2014 and 2021. The Kyrgyz Republic is a landlocked, lower-middle-income country that is highly dependent on remittances and natural resources. Poverty levels declined from 37% in 2013 to 20% in 2019. However, the country’s population remains vulnerable, and broad-based economic growth was elusive over the evaluation period. The Kyrgyz Republic faces major development challenges including weak governance, barriers to private sector development, and low quality of essential local public services. This Country Program Evaluation assesses the relevance and effectiveness of the World Bank’s engagement in the Kyrgyz Republic between fiscal years 2014 and 2021. It evaluates the Bank’s contributions to the country’s development in priority areas, focusing on support for governance, private sector development, and essential local public services. The evaluation distills lessons from Bank Group experience to inform future Bank Group engagement in the Kyrgyz Republic. -
Publication
International Finance Corporation Platforms Approach: Addressing Development Challenges at Scale - An Independent Evaluation (Approach Paper)
(Washington, DC: World Bank, 2023-08-03)Recurring development challenges and new compounding crises affecting client countries and firms constrain the ambition of the International Finance Corporation (IFC) to contribute to attainment of the Sustainable Development Goals (SDGs) by 2030. The recurring challenges, including insufficient private sector participation in development financing, continue to affect emerging markets and developing economies and the firms within them. Two related initiatives—the IFC capital increase and the IFC 3.0 strategy—underpin IFC’s goal to contribute to the SDGs by 2030. IFC’s capital increase package was based on the IFC 3.0 strategy, which requires creating new markets through advisory and upstream services and mobilizing private capital from new sources and through new approaches (IFC 2017, 2018, 2020a). IFC has introduced a platforms approach to scale up its interventions in accordance with IFC 3.0 and the capital increase objectives. IFC defines platforms as thematic interventions—at a regional, global, or sectoral level—designed to address a specific development challenge (IFC 2022b). The main purpose of the evaluation is to assess whether the platforms approach offers IFC a means to achieve its capital increase and IFC 3.0 objectives while meeting the Board’s and clients’ expectations. -
Publication
International Finance Corporation Additionality in Middle-Income Countries: An Independent Evaluation April 17, 2022
(World Bank, Washington, DC, 2023-05-03)Additionality is a core feature of private sector development finance institutions (DFIs). It is the unique contribution that a DFI or a multilateral/ bilateral bank brings to a private investment project that is not offered by commercial sources of finance. The key idea is that the investment project should add value without crowding out private sector activity. Identifying and articulating project additionality is particularly important in middle- income countries (MICs) since financial markets in MICs are more developed, and private investment far exceeds official development assistance. This evaluation report examines the relevance and effectiveness of IFC’s approach to additionality in MICs and seeks to explain the factors that contribute to or constrain its realization. While the evaluation focuses on IFC’s additionality on the level of the project, it also applies the lens of country and sector context to draw additional learning. Thus, it considers whether additionality can occur beyond the level of a single project—for example, at the country and sector level. Both at the project level and beyond the project, the evaluation derives lessons and offers recommendations on how IFC can further strengthen its additionality. -
Publication
The World Bank’s Role in and Use of the Low-Income Country Debt Sustainability Framework: Independent Evaluation Group
(Washington, DC, 2023-05-02)This evaluation, requested by the Committee on Development Effectiveness of the Executive Board of the International Development Association (IDA), is intended to provide input and insight into the upcoming World Bank–International Monetary Fund (IMF) review of the Low-Income Country Debt Sustainability Framework (LICDSF) currently planned for fiscal year 2023. The sharp rise in debt stress among low-income countries and a changing global risk landscape leading up to and after the onset of the COVID-19 pandemic have pushed concerns with debt sustainability to the top of the global policy agenda. This evaluation assesses the World Bank’s inputs into the LIC-DSF and how it uses LIC-DSF outputs to inform various corporate and country-level decisions. Main findings and recommendations include: (i) Expectations of the World Bank in taking the lead on long-term growth prospects should be clarified. (ii) Recently increased attention to debt data coverage should be sustained and extended; greater attention is needed to assess data quality. (iii) The DSA should be more directly and consistently used to inform priorities for the identification of fiscally oriented prior actions in development policy operations and SDFP performance and policy actions. (iv) The World Bank should continue to give increasing attention in the LIC-DSF to the long-term implications of climate change, in terms of both growth and fiscal requirements of adaptation and mitigation. -
Publication
Evaluation Insight Note: Domestic Revenue Mobilization
(Washington, DC: World Bank, 2023-02-01)Domestic revenue mobilization (DRM) has become an increasingly important part of international and country-level policy agendas. This Evaluation Insight Note gathers insights from World Bank projects and operations supporting DRM through a detailed review of six Independent Evaluation Group (IEG) Project Performance Assessment Reports (PPARs). It synthesizes key issues that affected each project’s ability to sustain results across five countries (Croatia, Guatemala, Liberia, Pakistan, and Panama) and one state (Rio de Janeiro in Brazil). Interventions covered include four development policy operations (DPOs), one technical assistance loan, and one specific investment loan (now called investment project financing). Four insights from this synthesis are: 1) In the operations reviewed, political economy constraints were usually identified and analyzed at the time of approval and, for the most part, reasonable mitigation measures were identified ex ante; however, tax reforms were still derailed. 2) Prior actions in DPOs often benefited from being paired with investment projects or technical support from development partners. 3) Although coordinating with development partners was often discussed in project documents, extensive coordination occurred in only a few cases, with mixed results. 4) Results frameworks to track progress on DRM were often not well articulated, sometimes missing baselines or targets, being overly optimistic, or lacking clear results chains.