Publication: IFC and Luxembourg, Partners in Private Sector Development
Loading...
Published
2024-03-14
ISSN
Date
2024-03-19
Author(s)
Editor(s)
Abstract
In FY18-22, Luxembourg provided cumulative funding of close to thirteen million to support IFC Advisory Services. Luxembourg supported various IFC programs focused on improving the business enabling environment, corporate governance, financial and compliance risk management and creating new markets for climate financing, as well as local capital resource mobilization. In October 2022, IFC and the Ministry of Finance of Luxembourg announced the new Luxembourg-IFC Partnership Program (LIPP), which will provide €9 million for IFC’s advisory and upstream activities in order to support low- and middle-income countries in market creation and private sector investment. IFC also maintains a strong partnership with the Luxembourg Stock Exchange (LuxSE), dating back to 1986, when IFC first listed a security at the exchange. Given IFC’s pioneering role in green finance and its commitment to accelerating sustainable growth in developing countries, the collaboration has grown particularly strong over the past years, reflecting LuxSE’s own efforts to unlock sustainable capital.
Link to Data Set
Citation
“International Finance Corporation. 2024. IFC and Luxembourg, Partners in Private Sector Development. © World Bank. http://hdl.handle.net/10986/41202 License: CC BY-NC-ND 3.0 IGO .”
Digital Object Identifier
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication IFC and the Netherlands, Partners in Private Sector Development(Washington, DC: World Bank, 2024-03-14)The Netherlands is amongst IFC’s largest donors, with over 214 million contribution in the last four years. The Netherlands is one of the few partners that contributes to both IFC’s advisory services and IFC’s blended finance facilities. The blended finance facilities supported by the Netherlands include the Global SME Financing Facility, the Private Sector Window of the Global Agribusiness and Food Security Program, the MENA Private Sector Development Facility, and the Prospects Partnership. The Netherlands was one of the few partners who supported the Global Trade Liquidity Program of IFC during the global financial crisis. The Netherlands Development Finance Company (FMO), the country’s entrepreneurial development bank, is the third largest IFC syndications partner globally with an active committed exposure of 847 million, mainly through B-Loans. In 2009, FMO was one of the first three signatories to the Master Cooperation Agreement and is the only DFI eligible to participate in IFC’s B-loan program.Publication IFC and Ireland, Partners in Private Sector Development(Washington, DC: World Bank, 2024-03-19)IFC’s main government counterparts are the Ministry of Finance, Irish Aid, and Enterprise Ireland. In FY19-23, Ireland provided cumulative funding of over five million in support of IFC Advisory Services, of which close to two million was committed in FY23. To date, Irish funding has supported several strategic IFC initiatives aimed at promoting private sector development in emerging markets, including in conflict-affected states in Africa, as well as gender equality and inclusion. In September 2019, IFC listed its first Canadian dollar green bond on the Euronext Dublin, the first time IFC has listed a green bond on Dublin’s stock exchange. In October 2018, IFC and the Ireland Strategic Investment Fund (ISIF) signed a Memorandum of Understanding to work together to generate growth opportunities for Irish companies in emerging markets, with an initial focus on the food and agriculture sectors.Publication IFC and New Zealand, Partners in Private Sector Development(Washington, DC: World Bank, 2024-03-14)New Zealand is an important contributor to IFC’s Advisory programs through Ministry of Foreign Affairs and Trade (MFAT). MFAT funding focuses, among others, on the East Asia and Pacific region, with a strong focus on the Pacific Islands. As of June 30, 2023, New Zealand’s cumulative historical contribution to IFC’s Advisory and Upstream Services was 41.3 million US dollars. In November 2022, IFC issued its first New Zealand dollar-denominated social bond in the Kauri market, raising NZ$300 million to support underserved communities in developing countries including women entrepreneurs and low-income households in need of access to essential services.Publication IFC and Israel, Partners in Private Sector Development(Washington, DC: World Bank, 2024-02-01)IFC has a longstanding relationship with Israel’s Ministry of Finance and the Ministry of Economy and Industry. Israel’s Ministry of Economy and Industry contributed close to two million to IFC’s TechEmerge Health Program in India, Brazil and East Africa between FY16 and FY21. TechEmerge was launched by IFC in January 2016 in Tel Aviv to connect innovative proven technology companies from around the world with companies in emerging markets to conduct local pilot projects and build commercial partnerships. The goal of the TechEmerge’s Health program is to drive innovation to improve healthcare delivery and patient outcomes in emerging markets. IFC works closely with the Foreign Trade Administration at the Israeli Ministry of Economy & Industry on the organization of business development events. Since FY19, IFC has also been collaborating with Start-Up Nation Central, an Israeli non-profit in the innovation space, to explore business opportunities for Israeli start-ups in emerging markets. In 2019 and 2020, IFC held awareness raising events with Start-Up Nation Central to promote the Financial Times/IFC Transformational Business Awards, a premier program recognizing private sector companies that make a difference in addressing development challenges.Publication IFC and France, Partners in Private Sector Development(Washington, DC: World Bank, 2023-09-01)IFC maintains a strategic relationship with France through the French Treasury, Proparco and the Agence Française de Développement (AFD). IFC, with the support of the French Treasury, serves as the Secretariat of the Alliance for Entrepreneurship in Africa (AforE), a partnership that supports a stronger private sector, entrepreneurship and the growth of small and medium-sized businesses across Africa. In December 2023, IFC and Proparco signed two hundred million trade finance risk-sharing agreement under AforE to strengthen food security in several African countries. In May 2020, IFC and Proparco signed a Joint Collaboration Framework Agreement to create markets, mobilize private sector investment, and support economic recovery in developing countries in the wake of the COVID-19 global crisis. The agreement helps build a pipeline of bankable and high-impact projects aimed at attracting investors into developing countries and promote greater reciprocity in project co-financing arrangements.
Users also downloaded
Showing related downloaded files
Publication Mongolia Country Climate and Development Report(Washington, DC: World Bank, 2024-10-22)Mongolia’s development prospects are uniquely challenged by both the impacts of climate change and the global shift toward a low-carbon economy. The country’s efforts toward decarbonization pose significant challenges given the structurally high-emission intensity of its economy. While challenging, climate action also presents Mongolia with opportunities to achieve important development benefits. The effects of climate risks and the shift away from coal will have diverse impacts across different regions, communities, and socioeconomic levels. The report assesses the critical interconnections between Mongolia’s development ambitions and climate change action and identifies ways to transition to a more economically diversified, inclusive, and resilient development path. It highlights key climate and transition risks affecting Mongolia’s future development and presents a pathway to enhance climate mitigation and adaptation. The report also makes a case for strengthening policies to enhance resilience to climate change and ensure a just transition, particularly for the most vulnerable. The report is structured as follows: section 1 gives introduction. Section 2 delves into the linkages between development and climate in Mongolia and presents model-based findings on the economic and poverty impacts of climate change under different scenarios. Section 3 covers four in-depth sectoral analyses. The first two mainly focus on adaptation to climate change in the agriculture and water sectors. The third considers prospects for the extraction sector, while the fourth sectoral analysis focuses on decarbonizing power and heat generation. Section 4 shifts the focus to how the government can boost resilience for climate-vulnerable populations. Section 5 outlines options for mobilizing private and public financing and private investments to support the green transition. Section 6 examines the existing institutional and governance structure for climate action and presents recommendations to improve its effectiveness, and section 7 concludes with a framework for prioritizing the policy actions outlined in this report.Publication Comoros Country Climate and Development Report(Washington, DC: World Bank, 2025-06-18)The Union of the Comoros (The Comoros) has significant vulnerability to climate change-related risks but has considerable opportunities to strengthen preparedness and resilience against these challenges. According to the Notre Dame Global Adaptation Index, the Comoros is the 29th-most vulnerable country to climate change and the 163rd most ready to adapt (out of 191). The Comoros archipelago is exposed to many natural hazards that adversely affect the country’s natural capital, people, and physical infrastructure. In 2014, the economic cost of climate-related disasters was estimated at 5.7 million dollars annually, equivalent to 9.2 percent of Gross Domestic Product (GDP). Between 2018 and 2023, as many as 11 tropical depressions or cyclones impacted the country, with Cyclone Kenneth causing the greatest damage, equivalent to 14 percent of GDP, resulting in total economic growth falling from 3.6 percent in 2018 to 1.9 percent in 2019. More than 345,000 people (40 percent of the population) were affected by the cyclone, with 185,000 people experiencing severe impacts and 12,000 people displaced. However, there is an opportunity for the country to grow more robust and shock-responsive, and to establish pre-positioned funding mechanisms to enhance future crisis response efforts. For the Comoros, adaptation and climate-resilient development are the key climate change focus areas, with the country projected to face 836 million dollars 2050 in additional costs due to climate-related impacts. Current plans to adapt to the impacts of climate change in the Comoros include efforts to improve water management, strengthen coastal protection, and develop climate-smart agriculture practices. Given the country’s reliance on its natural resource base for economic growth and mobility, protection of these resources from climate change will be essential for promoting resilient growth and development. In addition to growing the adaptive capacity of the country’s natural resource sectors, strategic economic diversification will be important to help minimize future climate impacts, and development activities will need to be undertaken in such a way as to attract low-carbon co-benefits. The Union of the Comoros is committed to addressing climate change through its Nationally Determined Contribution (NDC) and national priorities. The country’s NDC (which was revised in 2021 for a ten-year horizon) sets ambitious targets, with a goal of reducing greenhouse gas emissions by 23 percent by 2030. The country also plans to significantly increase the share of renewable energy in its energy portfolio, reaching 33 MW by 2030. This will not only promote low-carbon development but also reduce the country’s dependency on imported oil and coal, which currently make up 95 percent of the energy mix. Additionally, the Comoros has declared its intention to increase CO2 removals by 47 percent by 2030, compared to BAU.Publication Guinea-Bissau Country Climate and Development Report(Washington, DC: World Bank, 2024-10-23)Guinea-Bissau is endowed with a wealth of natural resources, with the highest natural capital per capita in West Africa (US3,874 dollars per capita), which could be leveraged for sustainable and resilient growth. However, Guinea-Bissau faces significant development hurdles, such as high poverty rates, political instability, and economic challenges, including an over-reliance on cashew nuts. Rural poverty has increased, and the nation's infrastructure, education, and health care systems are underdeveloped. Climate change poses a severe threat, potentially impacting agriculture, fisheries, and infrastructure. Without adaptation, it could lead to a significant cut in real GDP per capita (minus 7.3 percent by 2050) and increase in poverty (with up to over 200,000 additional poor by 2050, that is, 5 percent of the expected population, in the worst scenario). The country's low greenhouse gas emissions are expected to rise, mainly due to agriculture and land-use changes, with deforestation being a major contributing factor. Although Guinea-Bissau is a low emitter, it has high mitigation ambitions, targeting a 30 percent reduction in greenhouse gas emissions by 2030. The Nationally Determined Contribution outlines significant climate actions, with initiatives focused on forest conservation, sustainable agriculture, and community development. However, the country's political instability, institutional weaknesses, and limited financial resources pose challenges to implementing these climate commitments, which depend heavily on external funding. The financial sector's underdevelopment and vulnerability to external shocks limit its ability to support green investments, though reforms could enhance resilience. Guinea-Bissau must consider its climate financing as development financing and vice-versa, engage the private sector, and integrate climate goals with national development plans to ensure a sustainable future. Concessional climate financing is vital due to the underdeveloped financial sector and the government’s limited borrowing capacity. Addressing Guinea-Bissau's vulnerability to climate change and its structural issues requires a cohesive approach that integrates development and climate strategies. This could involve improving governance, diversifying the economy, protecting natural capital, developing human capital, and investing in sustainable agriculture and infrastructure. The transition to a more sustainable and inclusive development pathway that supports economic growth is possible, but requires focusing on key strategic sectors, enhancing institutional capacity, and creating the conditions to mobilize finance. As a highly vulnerable country, there are myriad needs in the different sectors; however, to be more efficient and effective, Guinea-Bissau should prioritize actions in a few sectors, especially actions on biodiversity, agriculture, and social protection. Low carbon development, especially in energy and forestry sectors, could provide cost-efficient solutions and attract climate finance, including from the private sector, which will support the overall development agenda.Publication Jobs in a Changing Climate: Insights from World Bank Group Country Climate and Development Reports Covering 93 Economies(Washington, DC: World Bank, 2025-11-05)The World Bank Group’s Country Climate and Development Reports (CCDRs) provide a crosscutting look at how countries’ development prospects, and the job opportunities they offer to their people, can be threatened by climate impacts and supported by climate policies. Climate change and policies affect jobs through impacts on productivity, energy and material efficiency, and physical, human, and natural capital. They can also transform employment opportunities, especially through complementary measures that help workers and firms adapt to and benefit from new technologies and production practices. Prepared by the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), CCDRs integrate country perspectives, climate science and economic modeling, private sector information, and policy analysis to assess how countries can successfully grow and develop their economies and create jobs despite increasing climate risks and while achieving their climate objectives and commitments. Each CCDR starts from the country’s development priorities, opportunities, and challenges, and is developed in close consultation with governments, businesses, and civil society, ensuring the recommendations reflect national priorities. By combining evidence on adaptation, resilience, and emissions pathways, CCDRs highlight where climate action can reinforce development and job creation, and where targeted policies are needed to manage risks and smooth labor market transitions. Taken together, these elements can help create local jobs, ensure economic transitions are just and inclusive, and equip workers and firms to navigate the disruptions and opportunities of a changing climate and changing technologies.Publication Kyrgyz Republic Country Climate and Development Report(Washington, DC: World Bank, 2025-11-03)This Country Climate and Development Report (CCDR) on the Kyrgyz Republic aims to support the country’s development goals amid a changing climate. The CCDR considers two policy scenarios up to 2050: the business-as-usual (BAU) and high-growth scenarios. As it quantifies the likely impacts of climate change on the Kyrgyz economy between now and 2050, the report highlights key government actions to best prepare for and adapt to climate impacts (referred to as “with adaptation” measures), with a particular focus on the time horizon up to 2030. The CCDR also outlines a path to net zero emissions by 2050 (referred to as “with mitigation” measures, “decarbonization,” or, simply, “net zero 2050”), highlighting associated development co-benefits.