investing impact -...

Investing for

Impact

Investing for Impact

Contents

IFC

Overview

Financial

Strength

Funding

Program

Core

Business

Portfolio

Contacts

IFC

Overview

Who We Are

• A member of the World Bank Group

• Owned by 184 member countries

• Six decades of experience providing investments,

advice and resource mobilization to private sector

companies in emerging markets

• Global presence in more than 100 countries and

working with over 2,000 private sector clients

5

IFC Overview

Uniquely Positioned Issuer

• Consistently rated AAA/Aaa

• 0% risk weighting under Basel framework

• Only supranational institution with fully paid

in capital

• Well capitalized: net worth exceeds a

quarter of $92 billion balance sheet

• Consistently recorded operating profits

every year since its founding

• Annual funding program of $17 billion for

FY18

6

IFC Overview

AaaLong-term rating

(November 2016)

Outlook: Stable

AAALong-term rating

(June 2017)

Outlook: Stable

• Ending extreme poverty: the percentage of people

living with less than $1.90 a day to fall to no more

than 3% globally by 2030

• Promoting shared prosperity: foster income growth

of the bottom 40% of population in developing

countries

Conciliation and arbitration

of investment disputes

Guarantees of foreign

direct investment’s non-

commercial risks

Interest-free loans and

grants to governments of

poorest countries

Loans to middle-income

and credit-worthy low-income

country governments

Loans, equity, and advisory

services to private sector in

developing countries

International Centre

for Settlement of

Investment Disputes

International

Finance

Corporation

International Bank

for Reconstruction

and Development

International

Development

Association

Multilateral

Investment

Guarantee Agency

Issues Bonds under:

IFC

Issues Bonds under:

World Bank

Five Institutions, One Group

The World Bank Group has adopted two ambitious goals:

7

IFC Overview

• IFC is a legally distinct entity of the

World Bank Group with its own

articles of agreement, balance

sheet and staff

• Owned by 184 shareholders:

governments of member countries

• More than 50% of capital is held

by AAA/AA sovereigns

• IFC does not pay dividends or

taxes; profits are channeled back

into investments in developing

member countries

Strong Shareholder Support

8

IFC Overview

United States, 22%

Japan, 6%

Germany, 5%

France, 5%

United Kingdom, 5%

India, 4%Russia, 4%Canada, 3%Italy, 3%

China, 2%

Netherlands, 2%

Brazil, 2%

Saudi Arabia, 2%

Belgium, 2%

Australia, 2%

Switzerland, 2%

Argentina, 2%

Spain, 1%

Indonesia, 1%

Mexico, 1%

164 other countries, 23%

Very solid franchise, supported by 184 member countries, and a track record of about 60 years… An unusually diverse composition of government

shareholders compared with most MLIs.

Standard & Poor’s | 27 June 2017

• Loans

• Equity

• Trade and commodity

finance

• Syndications

• Derivative and structured

Finance

• Blended finance

• Financial sector

• Investment climate

• Public-private partnerships

• Agribusiness

• Energy and resource

efficiency

• Mobilizing and managing

capital for investment

• Investing third-party capital in

a private equity format

INVESTMENTIFC ASSET MANAGEMENT

COMPANY

13 funds with $9.8 billion

under management

$19.3 billion committed in FY17

$55 billion committed portfolio

over $200 million

in advisory services income annually

Figures as of 30 June 2017

ADVICE

What We Do

9

IFC Overview

IFC’s Strategy

10

IFC Overview

Maximizing Development Impact, Maintaining Financial Sustainability

• Global Engagement

• Emphasizing Highest-

Impact Opportunities in

Each Region

• Particular Focus:

Africa, MENA, South Asia

• Climate Change

• Responding to Global

Downturn

• Fragility and Conflict

FOCUS INDUSTRIES FOCUS CHALLENGESFOCUS REGIONS

• Infrastructure

• Agribusiness

• Financial Inclusion

• Health and Education

Ending extreme poverty / Promoting shared prosperity

Investment Project Cycle

11

IFC Overview

Strategic Fit &

Early Review

Financial

& ESG

Appraisal

Investment

Review

Public

Disclosure

Board Review

& Approval

Commitment &

Disbursement

Project

Supervision

Projects must fit

IFC’s strategy

and

development

mandate

Comprehensive

due diligence by

a multi-

disciplinary team

to ensure

financial viability

and compliance

with ESG

standards

Key post-due

diligence

evaluation of a

project and

negotiation of

financing terms

All projects

publicly

disclosed for a

specified time

period before

submission to

the Board

Projects must

have economic,

financial, and

development

value and

reflect IFC's

commitment to

sustainability

Legal

arrangements

and disbursement

of funds after

completion of

conditions

precedent

Ongoing

dialogue with

the clients to

monitor

project, track

and evaluate

project’s

impact, and

identify

opportunities

or risks

• IFC invests in productive private enterprises targeting satisfactory economic returns and

development impact

• Credit risk in investment projects is actively managed throughout the project life cycle to verify full

business potential, risks, and opportunities associated with the investment through discussions with

the client and visits to the project site

All projects financed must adhere to IFC’s stringent environmental and social requirements

focusing on transparency and accountability. Specific performance standards cover:

Sustainability: Key to IFC’s Mission, Critical to Client Success

12

IFC Overview

Assessment and management of environmental and social risks and impacts

Labor and working conditions

Resource efficiency and pollution prevention

Community, health, safety and security

Land acquisition and involuntary resettlement

Biodiversity conservation and sustainable management of living natural resources

Indigenous peoplesCultural heritage

IFC’s Development Impact

Development Impact indicators are measured on

an annual basis.

In 2015, IFC’s 2,000 private sector clients provided:

• 2.4 million jobs

• power, water, and gas distribution to more than

123 million customers

• more than $400 billion in loans to micro, small,

and medium enterprises

• medical treatment to 32 million patients

• education to 4.6 million students

13

IFC Overview

Financial

Strength

Conservative Balance Sheet

16

In USD billions as of 30 June 2017

Financial Strength

Assets Liabilities and Capital

Liquid Assets (net) 39.2 Borrowings 54.1

Loans and Equity Investments

(net of $1.8 in reserves)

40.5 Other Liabilities 13.1

Net Loans 22.5 Net Worth 25.1

Equity Investments 13.5 Paid-in Capital 2.6

Debt Securities 4.5 Retained Earnings and Other 22.5

Other Assets 12.5

Total Assets 92.3 Total Liabilities and Capital 92.3

IFC AAA-rated Peer Group Comparison

17

Financial Strength

IFC International

Finance Corporation

IBRD International

Bank for Reconstruction

and Development

IADB Inter-American Development

Bank

ADBAsian

Development Bank

AfDBAfrican

Development Bank

EBRDEuropean Bank

for Reconstruction

and Development

EIBEuropean

Investment Bank

Business

Lends and invests equity in private enterprises in developing countries

Provides loans to public sector in developing countries

Development bank for Latin American and Caribbean economies

Fosters economic development and cooperation in the Asia Pacific region

Invests and lends to development projects in Africa

Development bank which lends to Eastern and Central European economies

Help finance balanced economic development in EU states

Ownership184 member countries

188 member countries

48 member countries, consisting of Latin America and OECD countries

67 member countries, of which 23 are OECD countries holding 64.6% of total

54 African member countries and 25 non-African member countries

66 members – 64 countries, the EU and the EIB

28 member states of the EU

Total Assets(USD billions)

$92 $406 $81 $126 $41 $62 $634

LiquidityLiquid Assets / Total

Assets42% 17% 34% 21% 40% 43% 15%

Leverage Total Liabilities / Total

Liabilities + Shareholders’ Equity (excluding callable

capital)

73% 90% 68% 86% 69% 68% 85%

Total Shareholders

Equity$25 $40 $27 $17 $9 $17 $73

Paid-in capital as % of total capital

100% 6% 4% 5% 6% 27% 9%

Net income before transfers

(USD millions)

$1,523 $260 $848 $7 $161 $1,036 $3,005

Source: Crédit Agricole CIB. Audited financial statements of each institution as of 31 December 2016, except for IFC and IBRD, where audited financial statements as of 30 June 2017 were used.

Figures for AfDB (in UA) were translated into US dollars using year-end exchange rate of 1UA= $1.43 and average exchange rate of 1UA=$1.43;

Figures for EBRD and EIB (reported in EUR) were translated into US dollars using year-end exchange rate of €1 = $1.11 and average exchange rate of €1 = $1.05.

Deb

t to

net

wo

rth

, ti

mes

0%

25%

50%

75%

100%

(percentage of estimated net cash

requirements for the next 3 years)

US

$ b

illio

ns

Leverage Risk-adjusted capitalLiquidity ratio

0

1

2

3

4

2.7xactual

$0

$5

$10

$15

$20 $23.6actual

$19.4min

4.0xmax

82%actual

45%min

Strong Fundamentals

18

Actual level figures as of 30 June 2017

Minimum and maximum thresholds based on triple-A rating methodology guidelines as agreed with rating agencies

IFC exercises prudent financial discipline

• IFC has one of the lowest leverage ratios of any

supranational

• Equity investments are funded by IFC’s net worth,

not its borrowings

Financial Strength

Extremely strong financial profile, as demonstrated by

our risk-adjusted capital ratio after adjustments of 23%

and stronger liquidity ratios than most peers


33%

67%

Consistent Asset Growth

19IFC’s fiscal year-end is 30 June

IFC’s total disbursed loans, equity, and net liquid assets at fiscal year-end

Financial Strength

IFC’s growth is financed predominantly by retained earnings:

0

5

10

15

20

25

30

35

40

45

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

US

$ b

illio

ns

Loans and Other Debt Equity Investments Net Liquid Assets

• $39.2 billion of net liquid assets - equivalent to 42% of total assets

• Proactive investment approach focused on capital preservation

• High quality liquid assets issued by, or unconditionally guaranteed by, governments,

government instrumentalities, supranationals, and high quality corporate issuers.

Includes instruments like ABS/MBS and deposits

• Market risk is hedged mainly through the use of derivatives, principally currency and

interest rate swaps and financial futures

• Diversification across multiple markets ensures a favorable risk return profile

Our funding and liquidity ratios for IFC indicate that it

would be able to fulfill its mandate as planned for at least

one year, even under stressed market conditions, without

access to the capital markets.


High Liquidity

20

Financial Strength

Asian, Russian Crises

Brazil Crisis

Argentina, Turkey Crises

EM growth Global Financial

CrisisEM growth Deleveraging

Track Record of Profitability

21

IFC’s fiscal year-end is 30 June

IFC has recorded operating profit in every year since its founding in 1956

Financial Strength

0

0.5

1

1.5

2

2.5

3

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

US

$ b

illio

ns

Operating profit

Core

Business

Portfolio

By company

• Risk-based loan pricing

• Loans match-funded to manage currency, interest rate

and maturity risks

• IFC manages single-name concentration in the portfolio

by means of an exposure limits framework, which sets

limits against nominal and economic capital exposures

• IFC's investment portfolio is well diversified in client

exposures

Limits on aggregated finance &

insurance exposure, which

restrict economic capital to the

sector to 50% of a country limit

Economic capital-based limits

on country exposure as a

percentage of total resources

available

Strict loan and equity portfolio diversification guidelines to reduce concentration risks

Risk-based limits for clients and

groups of connected clients set

based on individual credit rating

By risk sector By country

One of the IFC’s major credit strengths stems from its

highly diversified portfolio. High portfolio

diversification translates into lower concentration risk

than for either smaller private-sector-focused MDBs

or MDBs that lend to the public sector.

Moody’s | 30 November 2016

Portfolio Risk Management

24

Core Business Portfolio

• IFC has debt and equity exposure in

125 countries and over 2,000 companies

• Loan investments comprise 64% of IFC’s

committed investment portfolio

• Investments are combined with technical

assistance and resource mobilization to help

private sector advance development

Highly Diversified Global Portfolio

25



Regional committed portfolio diversification

Latin America and the

Caribbean21%

Europe and Central Asia

18%

Sub-Saharan Africa15%

East Asia and the Pacific

15%

South Asia13%

Middle East and North Africa

10%

Multi-Region

8%

• Five largest country exposures account

for 32% of total committed portfolio

• Top ten country exposures comprise 43% of

total committed portfolio

• Largest 25 country exposures comprise 65%

of IFC’s total committed portfolio

IFC's purpose-related exposures are well-diversified, both by geography and by sector.


Diversification of Portfolio by Country

26


Country committed portfolio diversification


India 10%

Turkey 8%

China 6%

Brazil 5%

Nigeria 3%

Pakistan 2%

Mexico 2%

Indonesia 2%

Bangladesh 2%

Colombia 2%

Argentina 2%

Ghana 2%

Egypt 2%

South Africa 2%Chile 2%

Kenya 2%

Panama 1%

Jordan 1%

Vietnam 1%

Mongolia 1%

Other countries/regions

40%

• IFC’s portfolio is highly diversified across a

wide range of industries and sectors

• Through its investments in financial

intermediaries IFC can extend its reach

to far more micro, small and medium

enterprises than we would be able to on

our own

Diversification of Portfolio by Industry

27


Industry committed portfolio diversification


Financial Markets34%

Infrastructure18%

Funds8%

Manufacturing7%

Agribusiness & Forestry

7%

Trade Finance6%

Health & Education

5%

Oil, Gas & Mining4%

Tourism, Retail & Construction4%

Telecom & IT3%

Other4%

As % of disbursed loan portfolio

• Low NPLs – Loans 60 days past due classified as non-accruing

• Entire portfolio reviewed on a quarterly basis

• Total reserves against losses equaled 6.1% ($1.48 billion) of the total disbursed loan portfolio as of

30 June 2017

Quality Loan Portfolio

28



IFC has been exempted from exchange

controls when commercial debtors have not


0%

5%

10%

15%

20%

25%

FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

NPLs Reserves

Funding

Program

The expansion of IFC’s balance sheet in recent years has led to growth in its funding program.

Growth of IFC’s Funding Program

31Figures in USD billions unless otherwise noted

Funding Program

$75

$50

$25

$19 $17

$10 $8

EIB IBRD ADB IADB IFC AfDB EBRD

Current funding programs of IFC and peers

1.7

2.8

6.0

10.0

11.0 11.3

12.813.7

14.9

17.315.8

16.217.0

$0

$5

$10

$15

$20

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

IFC's annual funding volume

* Targeted volume for FY18

• IFC has issued global benchmarks each year

since 2000

• IFC complements its public issuance by accessing

a variety of different markets such as green bonds,

Uridashi, private placements and discount notes

• First non-domestic issuer in China, India

Dominican Republic, Nigeria, Peru, Zambia,

Rwanda, Namibia and others

• As a US dollar-based institution, most borrowings

are swapped into variable-rate US dollars

Funding in Various Markets and Currencies

32

Borrowings by currency in FY17

Funding Program

Borrowings by market in FY17

Core Public36%

Other Public5%

FRN14%

MTN29%

Uridashi10%

Local currency* 5% US Retail 1%

USD60%

AUD10%

JPY6%

RUB5%

BRL5%

TRY 3%

INR 3%

MXN 2%

CNH 1%HKD 1% Other 4%

* Includes on-shore local currency trades

15 currencies:

SGD, ZAR,

NZD, UYU,

NGN, GEL,

RON, GHS,

COP, KZT,

CLP, PEN,

CRC, DOP

Top tier global credit

• IFC has issued US dollar benchmarks in global format since 2000

• Focus on timing, lead manager selection, price discovery, fair allocation,

and continued secondary performance

• Currently seven USD global transactions outstanding, $16.3 billion in volume (not including thematic

issuances)

USD Global Benchmark Market

33

Funding Program

Global benchmark pricing:

• IFC 1.125% Jul 2021, USD 2.5 billion,

launched at m/s + 20, T+17.45

• IFC 1.625% Jul 2020, USD 2.25 billion,


• IFC 1.750% Sep 2019, USD 3.0 billion,

launched at m/s +1, T+14.3

Recent SRI benchmark pricing:

• Social - IFC 1.75% Mar 2020, USD 500 million,

launched at m/s - 5, T+ 22.3

• Green - IFC 2.125% Apr 2026, USD 700 million,

launched in March 2016 at m/s + 44, T+29.5;

increased in July 2016 for USD 500 million, at

m/s + 31, T+22.25

• Green - IFC 1.250% Nov 2018, USD 500 million,


34

Americas

21%

Asia

32%

Central banks/

Official

institutions

36%

Banks

43%

Fund

managers

22%

USD3.0 billion September 2019 (issued July 2014)

USD Global Benchmark Distribution

Funding Program

EMEA

40%

USD2.25 billion July 2020(issued July 2015)

Asia32%

EMEA38%

Banks48%

Americas

30%

Central banks/

Official

institutions

47%

Fund managers 5%

USD2.5 billion July 2021(issued July 2016)

Central banks/ Official

institutions58%

Banks31%

Fund managers 11%

Americas27%

Asia51%

EMEA22%

Spreads of IFC and peers’ 5-year benchmark issues vs. US Treasuries

Funding Program

USD Global Benchmark: Performance vs. Treasuries

35

-50

0

50

100

150

200

Jul-2008 Jul-2009 Jul-2010 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016 Jul-2017

Basis

Poin

ts

IFC IBRD IADB EIB US Agency

Funding Program

USD Global Benchmark: Performance vs. Swaps

36

Spreads of IFC and peers’ 5-year benchmark issues vs. mid-swaps

-20

-10

0

10

20

30

40

50

Jul-2014 Jul-2015 Jul-2016 Jul-2017

Basis

Poin

ts

IFC IBRD IADB EIB US Agency

Funding Program

• AUD is a key market for IFC

• Attractive term funding to a growing

international investor base

• IFC’s commitment to AUD market reflected in:

• Establishment of a stand-alone AUD

Domestic Debt Issuance Program in 2007

• Kangaroo bonds outstanding: AUD9.4 billion

as of February 2017

• IFC bonds offer an attractive yield pickup vs.

Australian government bonds

• IFC’s AUD domestic issues are repo-eligible

with RBA

Outstanding IFC Kangaroo issuance

37

Issuance in domestic AUD market (Kangaroo)

Updated as of February 2017

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

July2017

June2018

July2019

July2020

February2021

August2022

August2023

April2025

July2026

AU

D b

illio

ns

Maturities

Funding Program

Asia

40%

AUD0.8 billion August 2022 (issued February 2017)

Kangaroo Distribution

38

AUD1.3 billion February 2021(issued July 2015)

AUD1.0 billion July 2026(issued January 2016)

Australia46%

Asia47%

EMEA 5%Americas 2%

Australia14%

Asia86%

Central banks / Official

institutions27%

Banks32%

Fund managers /

Insurers41%


institutions30%

Banks16%

Fund managers /

Insurers54%


institutions27%

Banks20%

Fund managers /

Insurers53%

Australia41%

Asia21%

EMEA18%

Americas20%

FY17 currencies

INR 32%

GBP 25%

NZD 15%

BRL 11%

CNH 10%

• In FY17, IFC raised a total of $635 million in other

public markets

• IFC is focused on broadening its presence in

other public markets though new issues and taps

• Established track record of accessing public

markets such as BRL, ZAR, RUB, CNH and TRY

• IFC has established a yield curve out to 15 years

in INR, and continues to support the

internationalization of the RMB

Other Public Markets

39


Funding Program

BRL40%

TRY19%

RUB14%

SEK14%

CNH13%

Green Bonds

40

Funding Program

• IFC’s Green Bond program was launched in

2010 and raised about USD 5.8 billion as at year

end FY17 through 79 bonds including:

• the market’s first benchmark-sized green

bonds issued in February and November

2013

• the first US focused retail green bond

program

• issue of 10-year green benchmark

• issues in emerging market currencies

such as CNH, ZAR, INR etc.

• IFC is a founding member of the Green Bond

Principles and sits on its Executive Committee

• Since 2015, IFC publishes its annual Green

Bond Impact Report based on the IFI

harmonized framework template for impact

reporting

Total green bond issuance by currency

Total green bond issuance by volume

USD 79%

BRL 6%

TRY 4%

AUD 3%

ZAR 3%

SEK 2%CNH 1%

INR 1% MXN 0.7%

NZD 0.4%EUR 0.4%

PEN 0.3%

1

6

35

3

18

24

19

0

5

10

15

20

25

30

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Num

ber o

f gre

en b

ond

issues

Volu

me (

US$ B

illions)

Social Bonds

41

Funding Program

• IFC’s new Social Bond Program combines

two of its pre-existing themed bond products -

the Banking on Women Bond theme and the

Inclusive Business Bond theme

• IFC’s Social Bonds finance IFC projects that

aim to address access to finance, essential

services, employment generation etc. to

underserved target populations in developing

countries such as low income communities

and women

• IFC has issued inaugural Social Bond

benchmark in FY17 and has introduced the

theme in its MTN and Uridashi offerings

Inclusive

Business Bonds

Supports private

enterprises that

incorporate the low

income populations into

their business models

and supply chains

Banking on

Women Bonds

Supports women-owned

small and medium

enterprises in emerging

markets

Social Bonds

Supports projects which provide access to

essential services, employment generation

including through the potential effect of SME

financing etc. for underserved populations

FY17 structures

FY17 currencies

• IFC aims to maintain its position as an active and

flexible issuer of plain vanilla and structured notes

• IFC currently allows:

• Interest rate linked, FX linked, equity index linked,

commodity linked, FRNs, Bermudan and European

callables, hybrids

• Minimum size US$3 million equivalent, maturities

ranging from 1 to 30 years

• Total MTN volume in FY17 was $4 billion in 20

currencies

• IFC has an active buyback program, serving as a

liquidity back-stop for IFC’s issuances

MTNs and Structured Notes

42


Funding Program

Zero callable50%

Zero bullet17%

Vanilla 18%

Fixed callable 5%

FRN 4%

Dual currency 2%

Deep discount 2% Step-up 1%

Floater-to-fixed 1%

PRDC 0.2%

USD 61%

BRL 8%

TRY 7%

RUB 6%

MXN 4%

HKD 3%

SGD 2%

NZD 2%UYU 2%

ZAR 2%NGN 1% AUD 1%

CNH 1% GHS 0.4%

KZT 0.3%CLP 0.3%

PEN 0.2%JPY 0.2%

COP 0.2%

CRC 0.1%

• Funding from Japan represents more than 10% of

IFC’s total issuance, with 6% from the Uridashi

market

• Tokyo and Singapore-based Treasury staff helps IFC

expand its name recognition among retail investors

• IFC has sold themed bonds (Green, Banking on

Women, and Inclusive Business) into Japan

• Issued 53 individual Uridashi transactions in FY17,

$1.3 billion equivalent

• IFC has an active Uridashi buyback program with

a minimum buyback size of JPY100 million

equivalent

Uridashi

43


Funding Program

FY17 structures

FY17 currencies

Equity linked 35%

Vanilla 31%

Equity / FX hybrid 21%

Deep discount 6%

Zero coupon 5%

Dual currency 2%

JPY 59%RUB 23%

MXN 10%

BRL 4%

TRY 4% ZAR 0.3%NZD 0.1%

• In March 2014, IFC launched the Impact

Notes program, offering notes to the US

retail market

• Alternative to GSEs, while offering more

attractive yields than US Treasuries

• Started issuing Green bonds in September

2014 and now IFC issues almost exclusively

in green format under the Impact Note

program

US Retail Market Bond Programs

44

Funding Program

• In October 2016, IFC launched the

Accelerated Return Notes program,

offering equity index-linked notes to the

US retail market

• Monthly issues linked to major US equity

indices: 3-to-1 upside exposure, 1-to-1

downside exposure to the index with 14

months maturity

• A total issuance of approx. USD 100 million

in FY17: linked to Russell 2000 and MSCI

EM indices

Impact Notes Program Accelerated Return Notes Program

• Launched in June 2009 to complement IFC’s Global

MTN Program and to expand the availability of short

term local currency finance

• Offers a high quality short-term investment

opportunity in USD, CNH or TRY

• During FY17, IFC issued a total of USD 12.6 billion

under global discount note programs - US$12.5 billion

in U.S. dollars, and CNH 150 million in Chinese yuan

• USD 3 billion authorized issuance limit for FY18

• Denominated in USD, CNH or TRY

• Maturities range from overnight

to 360 days

• Minimum order of $100,000

• Offered through 10 dealers

• Uncertified book-entry form

• IFC’s Fiscal Agent:

Federal Reserve Bank of New York

• Settlement via Fedwire

• Bloomberg Ticker: IFC<go>2 and

ADN<go>8

Discount Note Program

45

Funding Program

Focus on Domestic Capital Market Development

Brazil – Amazonian Bond

2007 – BRL 200 million due 2011

Wawasan-Islamic Bond

2004 – MYR 500 million due 2007

Colombia – El Dorado Bond

2004 – COP 269 billion due 2006



Dominican Republic –Taino Bond

2012 – DOP 390 million due 2017

Costa Rica – Irazu Bond

2014 – CRC 5 million due 2019

Dim Sum Bonds

2014 – CNH 1 billion due 2019

2014 – CNH 500 million due 2017 (Green)

2014-2015 – CNH 4.7 billion due 2017

2012 – CNH 500 million due 2014

2011 – CNH 150 million due 2016

46

Panda Bonds

2006 – CNY 870 million due 2013

2005 – CNY 1.3 billion due 2015

Peru – Inca Bond

2004 – PEN 50 million due 2007

Latin America

Malaysia

China

CFA Franc – Kola Bond

2009 – XAF 22 billion due 2014

2006 – XOF 22 billion due 2011

Zambia – Zambezi Bond

2013 – ZMW 150 million due 2017

Nigeria – Naija Bond

2013 – NGN 12 billion due 2018

Morocco – Atlas Bond

2005 – MAD 1 billion due 2012

Rwanda – Umuganda Bond

2014 – RWF 15 billion due 2019

Africa

Rwanda – Twigire Bond

2015 – RWF 3.5 billion due 2018

South Africa – ZAR Green Bond

2015 – ZAR 1 billion due 2024

Sukuk al Wakala

2015 – USD 100 million due 2020

Georgia – Iveria Bond

2015 – GEL 30 million due 2017

Armenia – Sevan Bond

2013 – AMD 2 billion due 2016

Masala Bond

2017 – INR 22.9 billion due 2022, 2024

2016 – INR 8.6 billion due 2024, 2031

2015 – INR 31 billiondue 2018, 2019

2013, 2014 – INR 72 billiondue 2016, 2019, 2021, 2024

Europe

Middle East

India

Russia – Volga Bond

2012 – RUB 13 billion due 2017

Green Masala Bond

2015 – INR 3 billion due 2020

Gulf Cooperation Council –Hilal Sukuk

2009 – USD 100 million due 2014

Masala Uridashi Bond

2016 – INR 300 million due 2019

Namibia – Namib Bond

2016 – NAD 180 million due 2021Dominican Republic –Taino Bond

2016 – DOP 180 million due 2023

Maharaja Bond

2016 – INR 1 billion due 2033, 2034

2014 – INR 6 billion due 2019, 2024, 2027-2034

Funding Program

Recognized Funding Program

47

Funding Program

2017

MTN Issuer of

the Year

2017

Most Innovative

Issuer

2017

Best SRI Bond:

IFC $700MM

2.125% April 2026

green bond

2017

Asia Structured

MTN Issuer of

the Year

2016

Best

Supranational

Borrower

Best Local

Currency Green

Bond: IFC ZAR

Green Bond

2016 2016

Best

Supranational

Sukuk

2016

Best Green

Bond Facility

2016

Green Bond Awards:

First $1 billion

Benchmark

Issuance

2016

Market Initiative of

the Year:

Impact Reporting

2016

Special Award

for Innovation:

IFC/Yes Bank

2016

Best Niche

Currency Issuer

Contacts

Funding and Investor Relations

IFC ∙ 2121 Pennsylvania Avenue NW ∙ Washington DC 20433 USA ∙ +1 202 473 8392

website: ifc.org/investors ∙ email: [email protected] ∙ Bloomberg: IFC<GO> ∙ twitter: @ifc_investors

IFC Treasury

50

Contacts

Jingdong Hua

Vice President and Treasurer

+1 202 473 1650

[email protected]

Monish Mahurkar

Director

Treasury Market Operations

+1 202 473 1634

[email protected]

London Singapore Tokyo Washington

Ben Powell

Head of Funding

+44 207 592 8531

[email protected]

Flora Chao

Senior Financial Officer

+65 6501 3636

[email protected]

Kenichiro Shiozawa


+81 3 3597 6699

[email protected]

Esohe Denise Odaro

Investor Relations Officer

+1 202 473 0954

[email protected]

Elena Panomarenko


+44 207 592 8532

[email protected]

Yuri Kuroki

Associate Financial Officer

+ 65 6501 3699

[email protected]

Marcin Bill


+1 202 473 7364

[email protected]

Zauresh Kezheneva

Financial Analyst

+1 202 473 4659

[email protected]

Management

Disclaimer

This document has been prepared for informational purposes only,

and the information herein may be condensed or incomplete. IFC

specifically does not make any warranties or representations as to

the accuracy or completeness of these materials. IFC is under no

obligation to update these materials.

This document is not a prospectus and is not intended to provide

the basis for the evaluation of any securities issued by IFC. This

information does not constitute an invitation or offer to subscribe

for or purchase any of the products or services mentioned. Under

no circumstances shall IFC or its affiliates be liable for any loss,

damage, liability or expense incurred or suffered which is claimed

to have resulted from use of these materials, including without

limitation any direct, indirect, special or consequential damages,

even if IFC has been advised of the possibility of such damages.

For additional information concerning IFC, please refer to IFC’s

current “Information Statement”, financial statements and other

relevant information available at www.ifc.org/investors.

August 2017

http://www.ifc.org/investors

investing impact -...

Documents