Publication:
Building a Better Future: IFC Annual Report 2023 Financials

Loading...
Thumbnail Image
Files in English
English PDF (5.49 MB)
212 downloads
English Text (858.83 KB)
63 downloads
Published
2023-10-19
ISSN
Date
2023-10-19
Editor(s)
Abstract
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.
Link to Data Set
Citation
International Finance Corporation. 2023. Building a Better Future: IFC Annual Report 2023 Financials. © World Bank. http://hdl.handle.net/10986/40507 License: CC BY-NC 3.0 IGO.
Digital Object Identifier
Associated URLs
Associated content
Report Series
Other publications in this report series
Journal
Journal Volume
Journal Issue

Related items

Showing items related by metadata.

  • Publication
    Global Investment Promotion Best Practices 2012 : Seizing the Potential for Better Investment Facilitation in the MENA Region
    (World Bank Group, Washington, DC, 2013-02) International Finance Corporation; World Bank; Multilateral Investment Guarantee Agency
    The drop in foreign direct investment (FDI) flows to the Middle East and North Africa (MENA) region over the past three to four years stems in part from the aftermath of the recent global economic crisis, and in part from the uncertainties created by the political and social changes in the region that have characterized the so-called Arab Spring. However, the medium-term outlook may be more positive as greater governmental transparency and less cumbersome business environments are expected to foster FDI, stimulate entrepreneurship, and create jobs. The Global Investment Promotion Best Practices (GIPB) 2012 report presents well-timed and useful insights into the capacities of IPIs to perform their investment facilitation function. Thus a careful analysis of GIPB findings can be important in helping MENA Investment Promotion Intermediary's (IPIs) introduce targeted improvements that will enable them to increase FDI flows into the region. The GIPB 2012 assessment also detected a number of procedural hitches, such as difficulty in contacting an IPI or a relevant project manager in spite of repeated attempts, failure to provide acknowledgment of inquiry receipt, and problems locating investor e-mails. Following the recent upheavals experienced in the region, MENA IPIs should take full advantage of the outstanding opportunities offered by online and offline communication tools to mitigate investors' risk perceptions and influence their decisions through the provision of accurate and up-to-date information on the investment location. For the purpose of this report, the analysis of GIPB data has been complemented with qualitative and quantitative information collected through a survey of MENA IPI institutional and operational characteristics, including a number of in-depth telephone interviews with selected IPIs across the region.
  • Publication
    Ukraine : Opportunities and Challenges for Private Sector Development
    (World Bank, Washington, DC, 2014-01-13) International Finance Corporation
    Ukraine has untapped growth potential. Ukraine has one of the most fertile agricultural lands in the world, an attractive geographical location in Europe, bordering the European Union, the largest market in the world with a Gross Domestic Product (GDP) of more than $16 trillion, and a large domestic market of almost 50 million consumers. This note argues that the stunted growth of the private sector goes a long way in explaining Ukraine's poor growth performance. The tepid private sector growth is reflected in: the stagnant structure of the country's exports, where old industries such as steel, machine building and chemicals continue to predominate, operating at low levels of industrial productivity, which has grown at a much slow pace than in peer countries in the last decade; the low inflow of high value-added Foreign Direct Investment (FDI), especially in export-oriented manufacturing; and the relatively limited role of Small Medium Enterprises (SMEs) in the development of the economy. All of these factors suggest that the market-driven process of entrepreneurship, innovation and productivity does not seem to work properly, undermining Ukraine's growth prospects. The note identifies weaknesses in the regulatory environment, limited access to finance and lack of competition as the main constraints to private sector development and offers short-and medium-term policy reform options. The note is structured as follows. The first chapter uncovers the roots of the tepid private sector growth. The following three chapters focus on the three main constraints to private sector development, reviewing weaknesses on the business regulatory framework, access to finance, and competition, and providing recommendations. The last chapter concludes.
  • Publication
    Review of Denmark's Program for Better Business Regulation
    (Washington, DC, 2009-10) International Finance Corporation; Multilateral Investment Guarantee Agency; World Bank
    The report is organized as follows: the executive summary (I) pulls together all major conclusions and recommendations of the report. The following five sections then focus on key requirements of any successful regulatory reform program: (II) business regulation policy, (III) measurements and Targets, (IV) organization and procedures, (V) incentives for reform, and (VI) communication of results. Sections I-VI focuses on regulatory reform impacting directly on the private sector. The final section (VII) broadens the discussion and highlights potential benefits of further consolidating and integrating other regulatory reform efforts into a broader and coherent policy for regulatory quality and reform. Two annexes provide more details on two aspects of particular importance for the Danish regulatory reform program after 2010: measuring broader impacts of existing regulation, and regulatory advisory bodies.
  • Publication
    Doing Business in the East African Community 2011
    (World Bank, Washington, DC, 2011) World Bank; International Finance Corporation
    Doing business in the East African Community 2011 is a regional report that draws on the global doing business project and its database as well as the findings of doing business 2011: making a difference for entrepreneurs, the eighth in a series of annual reports investigating regulations that enhance business activity and those that constrain it. Doing business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 183 economies from Afghanistan to Zimbabwe over time. This report presents a summary of doing business indicators for the East African Community. It focuses on five economies: Burundi, Kenya, Rwanda, Tanzania and Uganda. Data in doing business 2011 are current as of June 1, 2010. The indicators are used to analyze economic outcomes and identify what reforms have worked, where and why. The methodology for the employing workers indicators changed for doing business 2011.
  • Publication
    Building a Future for Women in South Asia’s Plastics Waste Management
    (World Bank, Washington, DC, 2023-10-10) World Bank; International Finance Corporation
    This report focuses on the role of key stakeholders (policy makers, waste management practitioners, civil society, informal workers’ organizations, and the private sector) in contributing to pollution reduction in South Asia while also enhancing livelihood prospects for informal waste workers—the most vulnerable of whom tend to be women. The report also demonstrates how reducing pollution and enhancing livelihood prospects are commercially sound strategies for companies and investors. Through examining the role of women in South Asia’s plastic waste management systems and the challenges they face the report provides recommendations for collaborative action to improve and safeguard women’s livelihoods in this sector More specifically, it examines the role of women in South Asia’s plastic waste management systems and the challenges they face and provides recommendations for collaborative action to improve and safeguard women’s livelihoods in this sector. Plastic pollution requires ‘upstream’ (waste prevention, such as reuse and repair) and ‘downstream’ (waste management, including recycling) solutions (Pew and SYSTEMIQ 2020). Upstream and downstream solutions fall under the broad definition of ‘materials management’. The report focuses primarily on the ‘downstream’ aspect and key vulnerable actors, who face an imminent threat of displacement, but highlights the need to better understand and engage with vulnerable actors within upstream solutions as well.

Users also downloaded

Showing related downloaded files

  • Publication
    Guinea-Bissau Country Climate and Development Report
    (Washington, DC: World Bank, 2024-10-23) World Bank Group
    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) World Bank
    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
    Comoros Country Climate and Development Report
    (Washington, DC: World Bank, 2025-06-18) World Bank Group
    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
    Kyrgyz Republic Country Climate and Development Report
    (Washington, DC: World Bank, 2025-11-03) World Bank Group
    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.
  • Publication
    Mongolia Country Climate and Development Report
    (Washington, DC: World Bank, 2024-10-22) World Bank Group
    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.