20800 public disclosure authorized - world bank · public disclosure authorized ... disbursed loan...

20800Volume 2

INTERNATIONAL FINANCE CORPORATION m

1999 ANNUAL REPORT ANNEX

Mfanageements Discussion and Analysis

Financial Statlements

Investm ent Iortfolio

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1999 Financial HighlightsOPERATIONAL RESULTSNew projects approved 255Total financing approved, $5.3 billion

including syndications and underwritingFinancing approved for IFCs own account $3.5 bilLionTotaL financing committed, $3.6 billion

including syndications and underwritingFinancing committed for IFC's own account $2.8 billionDisbursed Loan and equity portfolio $10.0 bilLion

for IFC's own account on June 30Total project costs of commitments $13.3 billion

RESOURCES AND INCOMENet income $249 milLionPaid-in capital $2.3 bilLionRetained earnings $3.0 biLLionBorrowings for the fiscal year $4.3 billion

Corporate Information ContentsSince its founding in 1956, IFC has committed MANAGEMENT'S DISCUSSION AND ANALYSISmore than $26.7 billion of its own funds and has Overview Iarranged $17.9 bilLion in syndications and under- Financial Summary 1wrting for 2,264 companies in 135 developing Client Services 2countries; IFC coordinates its activities with the Treasury Services 5other institutions in the Wortd Bank Group- Risk Management and Financial Policies 6the International Bank for Reconstruction and Resutts of Operations 10Development, the International Development FINANCIAL STATEMENTSAssociation, and the Multilateral Investment Report of Independent Accountants 13Guarantee Agency-but is legally and financially Repotco Ineen 13Balance Sheet 14independent. Its 174 member countries provide its Statement of Income 15share capital and collectively determine its policies. Statement of Comprehensive Income 16

Statement of Changes in Capital 16Statement of Cash Flows 17

Note: The 1999.Regional Reports, Project Approvals, Statement of Capital Stock and Voting Power 18and other information on IFC operations during the1999 fiscal year appear under separate cover in the Notes to Financial Statements 201999 Annuat Report. INVESTMENT PORTFOLI

Currency is given in US doltars throughout untess Statement of Cumulative Gross 38otherwise specified. -Commitments (by country)

Investment Portfolio Summary 401999 Investment Portfotio 41

MaagemtsDi and A St0nafeL i C S SoDf a dAX, nancial Condition and ResultsofOpti o nn

1. OVERVIEW

The International Finance Corporation (IF or the Corporation) is an international organization, established in 1956, to further

economic growth in its developing member countries by promoting private sector development. IIF( is a member of the WVorld Bank

Group, which also includes the International Bank for Reconstruction and Development (IBRI) o r the WWorld Bank), the International

Development Association (IDA) and the Mlultilateral Investment Guarantee Agency ( MI.G.A.). It is a legal entity separate and distinct

from the WN,orld Bank, IDA and M.l.G.A. with its own Articles of Agreemenit, share capital, financial structure, management and staff

Mlembership in IFC is open only to member countries of the WVorld Bank. As of lune 30, 1999 IFC's entire share capital was held by

174 member countries.

ItC's principal products are loans and equity investments. Unlike most multilateral development institutions, IF(' does not accept host

government guarantees on its loans or equity investments. IFC raises virtually all of the funds for its lending anid equity investment activi-

ties through the issuance of debt obligations in the international capital markets, while maintaining a small borrowing window with the

WVorld Bank. During the year ended JuLne 3t), 1999 (FY99), IF(t was authorized to borrow up to $200 million equivalent under the facility

with the WNorld Bank, representing 3.661o of the FY99 authorized borrowing ceiling of $5,S0t) million.

IFC's capital base and its assets and liabilities are primarily in US dollars. The (Corporation seeks to minimize nmarket risk (foreign

exchange and interest rate risks) by closely matching the currency, rate bases and maturity of its liabilities in various currencies with assets

with the same characteristics. 'I'he Corporation controls residual market risk by utilizinig currency and interest rate swaps and other deriv-

ative finanicial instruments.

II. FINANCIAL SUMMARY

From year to year, IFC's net income is affected bv a number of factors, principall [Lhe magniitude of provision for losses against its loans

and equity investments, loans in nonaccrual status and income generated from its equity portfolio. IFC has been consistently profitable

since its inception in 1956 and net income for FY99 was $249 million as compared with $246 million for the year ended June 30, 1998

(FY98) after reaching a record high of $432 million in the vear ended June 30, 1997 (FY97).

Ttle Corporationi's net income for the past five fiscal years eiidinig June 30 is presented below:

NET INCOME

Year ended June 30

.. .. . ... .. .. ... . . .. . ... . 500432

34 ' 4003

. . . . . . . . . . . . . . . . . 4 4 300'24. 3- ' 00

.. ~~~~~. ... . .. . . .... .. . . . .. . . .. 200..... 2_00_

FY95 FY96 FY97 FY98 FY99

MET INCOME

The table below presents selected financial data for the last five fiscal years (in millions of US dollars, except where stated):As of and for the years ended June 30

1999 1998 1997 1996 1995

Net income highlights:Interest income 1,139 1,133 991 869 733

W > (>~f which:Interest and financial fees from loan investments 607 583 580 521 468Income from deposits and securities 532 550 411 348 265

2 Charges on borrowings (670) (651) (536) (489) (394)Income from equity investments 265 314 344 242 132

Of which:Capilal gains 166 218 196 155 82Mividends 99 96 148 87 50

Provision for losses on loan and equity investments (333) (481) (266) (151) (162)Net noninterest income (152) (103) (101) (125) (121)Effect of accounting change - 34 - - -

Net income 249 246 432 346 188

Balance sheet highlights:lotal assets 33,456 31,621 28,975 22,640 18,228Liquid assets, net of associated derivatives 10,075 9,434 7,615 6,582 4,801Loan and equity investments 10,039 8,976 8,423 7,817 7,262Reserve against losses on loan and equity investments (1,825) (1,522) (1,076) (876) (777)Borrowings withdrawn and outstanding 12,429 11,162 10,123 8,956 7,994Fotal capital 5,344 5,084 4,737 4,158 3,603

Key financial ratios:Return on average assets1 1.2% 1.4% 1.7% 1.7% 1.7%Return on average net worth2 4.8% 5.0% 9.7% 8.9% 5.5%Cash and liquid investments as a percentage of next

three years' estimated net cash requirements 106% 77% 85% 86% 77%I)ebt to equity ratio3 2.33:1 2.25:1 2.08:1 2.04:1 1.98:1Capital adequacy ratio4 48% 49% 48% 45% 41%Total reserve against losses to total disbursed portfolios 18.2% 17.0% 12.8% 11.2% 10.7%

1. Return on average assets is defined as net income for the fiscaL year as a percentage of the average of total assets at the end of such fiscal yearand the previous fiscaL year.

2. Return on average net worth is defined as net income for the fiscal year as a percentage of the average of total net worth (excluding paymentson account of pending subscriptions) at the end of such fiscal year and the previous fiscat year.

3. Debt to equity ratio is defined as the ratio of outstanding borrowings plus outstanding guarantees to subscribed capital plus retained earnings atthe end of the fiscaL year.

4. CapitaL adequacy ratio is defined as the ratio of capital (incLuding paid-in capital, retained earnings and generaL Loss reserve) to risk-weightedassets, both on- and off-balance sheet.

5. Total reserves against tosses to totaL disbursed portfoLio is defined as reserve against losses on loan and equity investments as a percentage ofthe total disbursed loan and equity portfolio at the end of the fiscal year.

III. CLIENT SERVICES

IFC, together with private investors, assists in financing the establishment, improvement and expansion of private sector enterprises bymaking investments where sufficient private capital is not otherwise available on reasonable terms. IFC seeks to create investment oppor-tunities by bringing together domestic and foreign private capital and experienced management and thereby helping to create conditionsconducive to the flow of private capital, domestic and foreign, into productive investments in its developing member countries. Thus,IFC plays a catalytic role in mobilizing additional project funding from other investors and lenders, either through cofinancing or throughloan syndications, underwritings and guarantees. In addition to project finance and resource mobilization, IFC offers financial and tech-nical advisory services to private businesses in developing member countries and also advises member governments on private sectordevelopment matters.

IF(C's investments are normally made in its developing member countries. The Articles of Agreement mandate that IFC shall invest inproductive private enterprises. The requirement for private ownership does not disqualify enterprises that are partly owned by the publicsector, if (I) such enterprises are organized under local commercial and corporate law, operate free of host government control in a mar-ket context and according to profitability criteria, and/or (2) are in the process of being totally or partially privatized. The Corporationapplies stringent tests of enterprise soundness, project viability and developmental impact in determining the eligibility of projects forits investments.

Investment Process and Portfolio Supervision

IFC's investment process can be divided into several main stages: (1) identification and appraisal; (2) Board approval; (3) documentnegotiation; (4) commitment; (5) disbursement; and (6) supervision. The initial four stages are carried out under the responsibility ofthe Vice President, Investment Operations, while the fifth and sixth stages are overseen by the Vice President, Portfolio Management andAdvisory Operations.

The Corporation carefully supervises its projects to monitor project performance and compliance with IFC's internal policies andprocedures. IFC's Board of Directors is informed of such matters and of recommended courses of action through internal reportingat regular intervals.

Investment Program Summary

Investment ApprovaLs and Commitments

New investments approved by IFC for its own account for the fiscal years ended June 30, 1999 and 1998 were as follows:

Sector June 30, 1999 June 30,1998

(in millions of US dollars)

Loans $ 2,149 $ 2,334Equity 738 731Quasi-equity 450 254Other 168 93

Total $ 3,505 $ 3,412

Number of investments 255 304

Approvals pending commitment at June 30, 1999 were $3.1 billion ($3.3 billion-June 30, 1998). During the year ended June 30, 1999the Corporation entered into commitments totaling $2.8 billion as compared with $2.7 billion for the year ended June 30, 1998, anincrease of 4%. Commitments pending disbursement at June 30, 1999 were $2.9 billion ($2.5 billion-June 30, 1998). IFC disbursed$2.1 billion in the year ended June 30, 1999 ($2.1 billion-year ended June 30, 1998). At June 30, 1999 IFC's disbursed and outstandinginvestment portfolio was $10.0 billion, an increase of 12% over the June 30, 1998 disbursed and outstanding portfolio of $9.0 billion.

Disbursed and Outstanding Loan and Equity Portfolio

The Corporation's disbursed investment portfolio is widely diversified in sector and geography. The following two tables present thedistribution of the investment portfolio by sector and region as of June 30, 1999 and June 30, 1998:

DISTRIBUTION OF DISBURSED PORTFOLIO BY SECTOR

Sector June 30,1999 June 30, 1998

Financial services 22% 22%Infrastructure 18 18Mining and extraction 12 11Food and agribusiness 11 12Manufacturing 7 7Cement and construction materials 6 6Chemicals and petrochemicals 5 6Timber, pulp and paper 5 4Textiles 4 5Hotels and tourism 3 3Oil refining 2 2Industrial and consumer services 2 1Other 3 3

100% 100%

DISTRIBUTION OF DISBURSED PORTFOLIO BY REGION

Region June 30, 1999 June 30, 1998

Latin America and Caribbean 38% 38%Asia 27 27Europe 17 16Central Asia, Middle East and North Africa 11 12Sub-Saharan Africa 7 7

100% 100%

Additional information on IFC's investment portfolio as of and for the years ended June 30, 1999 and 1998 can be found in Note D to theCorporation's Financial Statements for the fiscal year ended June 30, 1999.

Investment Products

Loans

t L L W Loans account for the bulk of the financing provided by IFC, representing 77% of the Corporation's disbursed and outstanding investmentporttolio as of June 30,1999, unchanged from June 30, 1998. Project financing ("greenfield" projects, expansions and modernizations) is

>, L the Corporation's main investment activity. IFC also provides corporate credits to selected companies to finance ongoing programs ofXs. L investments. In addition, the Corporation facilitates financing through financial intermediaries to fund certain project, sectoral and general

purpose financing as well as for specialized products such as leasing, trade and mortgage finance. These financial intermediaries functioneither as IFC's borrower, in which case they on-lend to private sector companies at their own risk, or as IFC's agent, in which case theCorporation makes direct loans to individual private sector companies identified by the agent.

IFC's loans are medium to long term (typically amortizing loans carrying final maturities of 7 to 12 years) and are available primarily in avariet y of convertible currencies (principally US dollar, Euro, Swiss franc and Japanese yen) at fixed or variable interest rates. Beginning inFY99. IFC also offers local currency loan products to certain clients, provided the Corporation is able to hedge its local currency exposurethrough mechanisms such as cross-currency swaps or forward contracts. Loan pricing reflects such factors as IFC's cost of funds, marketconditions and country and project risks. Variable rate loans are generally tied to the 6-month LIBOR index in each currency. The major-itv of IFC's loans are variable rate US dollar loans tied to the 6-month US dollar LIBOR index, and most other loans are normally trans-formed, using currency and interest rate swaps, into US dollar variable rate loans. At June 30, 1999 91% (91%-June 30, 1998) of theCorporation's loans were US dollar-denominated.

At June 30, 1999 total loans disbursed and outstanding were $7.7 billion ($6.9 billion-June 30, 1998). The currency composition of theloan portfolio at June 30, 1999 and 1998 weas as follows:

June 30, 1999 June 30, 1998


US dollars s 7,051 S 6,259Euro 550 481Japanese yen 59 55Swiss franc 53 62Other currencies 20 17

Total $ 7,733 $ 6,874

Equity and Quasi-Equity

Equity investments accounted for 23% of the Corporation's disbursed portfolio at June 30, 1999, unchanged from June 30, 1998. IFC'sequity investments are typically in the form of common or preferred stock and are usually denominated in the currency of the country inwhich the investment is made.

In addition to traditional equity investments, the Corporation provides financing through a variety of quasi-equity instruments, such assubordinated or convertible loans. Quasi-equity investments constitute a small but growing portion of the Corporation's investmentportfolio. Depending upon their characteristics, quasi-equities may be classified as either loans or equity investments in the Corporation'sbalance sheet. At June 30, 1999 the Corporation's quasi-equity portfolio totaled $995 million ($852 million-June 30, 1998), of which$913 million was classified as loans ($761 nillion-June 30, 1998) and $82 miillion ($91 million-June 30, 1998) was classified as equityinvestments in the Corporation's balance sheet.

Client Risk Management Services

IFC provides its clients with access to asset and liability management tools such as interest rate, currency- and commodity-indexed swaps,caps and floors and other derivative financial instruments by intermediating between market counterparties and its clients. IFC has alsoprovided risk-sharing structures and guarantees which allow its clients to transact directly with market counterparties. The Corporationrequires that all transactions be for hedging purposes only.

Guarantees

'I he Corporation's guarantee is available for both debt instruments and trade obligations of clients and typically covers commercial aswell as nonicommercial risks. Guarantee fees are calculated so as to be consistent with IFC's loan pricing policies. IFC will provide localcurrency guarantees but only if the Corporation is able to fund its commitment in local currency terms, for example, by hedging its expo-sure in the swap market.

Resource Mobilization Activities

'IThe Corporation mobilizes finance for the private sector in developing member countries by encouraging private sector companies andfinancial institutions to participate in IFC's investment projects. This usually takes the form of an equity investment or co-financed lend-ing to a project that also receives IFC financing.

The Corporation also mobilizes funds directly through mechanisms such as loan syndications. IFFC's syndications involve arrangements

whereby banks and other financial institutions purchase participations in an IFC loan to a client company. The loan participations are

sold without recourse to IFC; thus, participants accept the same commercial risks as IFC. IFC always retains a portion of the loan for its

own account and, as the only lender of record, administers the entire loan including the portion subject to participation. IFC charges fees

to the borrower for its syndication services consistent with those prevailing for comparable services in the financial markets. During the

year ended June 30, 1999 IFC approved $1.8 billion in syndicated loans ($2.5 billion-year ended June 30, 1998).

Underwritings and Investment Banking Services

IFC provides underwriting and placement services of equity, quasi-equity and/or debt securities for private sector companies in IFC's 5

developing member countries and structuring and underwriting of country funds and pooled investment vehicles such as private

investment funds. In this role, IFC is often a core investor. The Corporation does not conduct any sales activities within the United

States or directed at US investors in connection with securities offerings of private sector companies or pooled investment vehicles. The

Corporation prices these services in conformity with market standards and practices, in coinjunction with internatioinal securities firms

and financial intermediaries. Underwriting and other capital market services requiring a financial commitment from IFC are subject to

the same investment criteria and limits applicable to its loan and equity investments.

Advisory Activities

The Corporation provides three general types of advisory services to member countries as well as to individual enterprises: (1) special

advisory services on project structuring and financial packaging; (2) financial advisory services provided to member governments or to

private sector clients; and (3) policy advice to governments on capital markets development and private sector development, including

privatization and foreign investment. The Corporation also assists governments with developing the legal framework for privatizing their

state-owned sectors, as well as with the sale of individual enterprises. Thle Corporation charges fees for its advisory services consistent

with market rates charged for comparable services. The amount of such fees was $33 million for the year ended June 30, 1999 ($66 mil-

lion-year ended June 30, 1998).

Specialty Targeted Assistance

IFC has established a number of vehicles through which it can provide specially targeted assistance to areas of high developmental

priority. These include its business advisory services serving sub-Saharan Africa, Central America and the Caribbean, the South Pacific

islands, Cambodia, the Lao People's Democratic Republic and Vietnam; its Technical Assistance Trust Funds, which provide technological

assistance; and the Foreign Investment Advisory Service, which advises governments on foreign direct investment.

IV. TREASURY SERVICES

Liquid Assets

IFC invests surplus liquidity in highly rated instruments issued or unconditionally guaranteed by governments of countries or other

official entities including government agencies and instrumentalities, or by multilateral organizations as well as AAA-rated corporate

securities, including mortgage- and asset-backed securities. Surplus liquidity is also placed in time deposits and other unconditional

obligations of banks and financial institutions. IFC manages market risk associated with liquid assets investments through the usc of

derivative financial instruments, principally currency and interest rate swaps.

IFC's liquid assets are invested in three separate portfolios. The first portfolio (PI) consists of proceeds from market borrowings that have

been swapped into floating rate US dollar obligations. It is managed by IFC's Treasury Department against a 6-month US dollar LIBOR

bcnchmark. The second portfolio (P2) is comprised primarily of the Corporation's paid-in capital and accumulated earnings that have

not been invested in equity and quasi-equity investments or fixed-rate loans. Prior to July 1, 1999 IFC outsourced management of the P2

portfolio to IBRD's Treasury, but has since assumed direct management of the portfolio. P2 is managed against a 3-year duration bench-

mark. The third portfolio (P3), consisting of funds actively managed by external managers appointed by IFC against a 6-month US dollar

LIBOR benchmark, is invested in global fixed-income assets and mortgage-backed securities. Under guidelines in effect as of June 30,

1999 the P3 portfolio was not permitted to exceed 10% of the total value of liquid assets at any time (under current guidelines, increased

to 12%). The PI and P2 portfolios are accounted for as available for sale portfolios. The P3 portfolio is accounted for as a trading port-

folio. All liquid assets are managed according to an investment authority approved by IFC's Board of Directors and investment guidelines

approved by IFC's Finance Committee, a subcommittee of the Management Group.

As of June 30, 1999 the market value of IFC's liquid assets portfolio (net of associated derivative financial instruments and securities lend-

ing activities) amounted to $10.1 billion, up from 59.4 billion at June 30, 1998. As of June 30, 1999 the market values of Pt, P2 and P3

were, respectively, $6.2 billion, $3.1 billion and $0.8 billion.

Capitalization

IFC's capitalization as of June 30, 1999 and June 30, 1998 is shown below:

June 30, 1999 June 30, 1998


BorrowingsBorrowings from market sources S 12,080 S 10,708Borrowinigs from the World Bank 350 454

6 Capital and retained earningsPaid-in capital 2,350 2,337Retainied earnings 2,998 2,749

Other (4) (2)

Total capitalization $ 17,744 $ 16,246

Borrowings

F(C relies on the international capital markets as the major source of its borrowings. 1)uring the year ended June 30, 1999 theCorporation borrowed $4.5 billion ($3.9 billion-year ended June 30, 1998). Under the Articles of Agrcemenet, the Corporation mayborrow 'In the public markets of a member country only with approvals from such member and the member in whose currency theborrowing is denonin1ated.

IFC diversifies its borrowings by currency, country, source and maturity to provide flexibility and cost effectiveness. Outstanding marketborrowings have remaining maturities ranging from less than one to slightly less than 30 vears with a weighted average life of 7.3 years atJune 30, 1999 (6.7 years-June 30, 1998). As of June 30, 1999 I[FC's outstanding borrowings totaled S12.4 billion ($11.2 billion-June 30,1998), including $0.4 billion fromi the World Bank ($0.5 billion-JuLLe 30, 1998).

Market borrowings have generally been swapped into floating rate obligations denominated in US dollars. As of June 30, 1999 theCorporation had gross payables from borrowing-related currency swaps of $9.1 billion ($8.5 billion-June 30, 1998) and from borrowing-related interest rate swaps in the notional principal amount of $4.3 billion ($3.2 billion-June 30, 1998). After considering the effect ofthese derivative financial instruments, 1000% (99%-Junc 30, 1998) of the Corporation's market borrowinigs were US dollar-deinoiminiated.

The weighted average cost of market borrowings after currency and interest rate swap transactions was 5.1 % at June 30, 1999 comparedwith 5.3('O at Junie 30, 1998.

Capital and Retained Earnings

As of Jlure 30, 1999 IFC's net worth (presented as 'total Capital in the Corporation's balance sheet) amounted to $5.3 billion, up from theJune 30, 1998 level of $5.1 billion, including S3.0 billion ($2.7 billion-June 30, 1998) in retained earnings.

As of June 30, 1999 and 1998, IFC's authorized capital was $2.45 billion, of which $2.37 billion was subscribed ($2.36 billion-June 30,1998) and $2.35 billion was paid in ($2.34 billion-June 30, 1998). IFC's subscribed capital increases as share allocations made underthe 1992 capital increases are subscribed by members during the remaining subscription period. Likewise, paid-in capital will increase asmenmbers pay for shares. Because virtually all members elect to pay in installments for shares subscribed, there will be differences betweenIFC's subscribed and paid-in capital. As of June 30, 1999 IFC's paid-in capital of $2.35 billion ($2.34 billion-June 30, 1998) represented99% of its subscribed capital (99% June 30, 1998).

V. RISK MANAGEMENT AND FINANCIAL POLICIES

IFC assumes various kinds of risks in its private sector development business. I'he Corporation's operations and activities are principallysubiect to commercial or project risk, credit risk, market risk, liquidity risk and operational risk. Active management of these risks is anessential part of the Corporation's operations and a key determinant of its ability to maintain1 a stable capital and earnings base.

IFC has adopted several key financial policies and a number of prudential policies in order to manage and control commercial or projectrisk and liquidity risk associated with its investment portfolio. IFC uses derivative financial instrumenits to manage market risk associatedwith its bo)rrowing, lending and liquidity managemiienit activities, and in connection with its client risk management products.

'I'he Notes to the Corporation's Financial Statements for the fiscal year ended June 30, 1999 (including, without limitationl Notes B, G, Kand L thereto) describe the Corporation's risk managenment activities and the use of derivative instruments.

Key Financial Policies

IF(C operates under the following key financial policies, which have been approved by its Board of D)irectors:

(1) IFC's disbursed equity plus quasi-equity investments (net of loss reserves) may not exceed 100% of IFC's net worth, and IFC'sdisbursed cquity investmcnts (nct of loss rcserves) may not cxceed 50%.6 of IFC('s net worth;

(2) IFC( must maintain at all times a level of liquidity, including liquid assets and undrawn borrowing commitments from theW`orld Bank, sufficient to cover at least 65% of its estimated net cash requirements for the next three years;

(3) The currency. rate basis and maturity of IFC's loan assets and borrowings are required to be closely matched; and

(4) IFC must maintain at all times a level of capital (including paid-in capital, retained earnings and general loss reserve) equal to atleast 30% of risk-weighted assets.

In addition, under IFC's Articles of Agreement, as long as IFC has outstanding borrowings from the WNorld Bank, IFC's leverage, as mea-sured by the ratio of IFC's debt (borrowings plus outstanding guarantees) to IFC's equity (subscribed capital plus retained earnings) maynot exceed 4.0 to 1.

Managing Commercial (Project) Risk

IFC is prohibited from accepting host government guarantees of repayment on its investments and therefore incurs the commercial risk ofits investments. In addition to the key financial policies specified above, the Corporation's investments are subject to a number of opera-tional or prudential limits, including limitations on single project exposure, single country exposure and segment concentration. Thus, IFCdoes not normally finance for its own account more than 25% of a project's cost. The Corporation's equity investment in a company doesnot normally represent more than 35% of such company's total share capital, provided further that IFC is not the single largest shareholder.An investment in a single project or entity may not exceed 3% of IFC's total investment portfolio, with equity and quasi-equity investments(as defined below) in a single project or entity not exceeding 3% of the Corporation's net worth plus general reserves. Total investments in asingle country will not normally represent more than 12% of IFC's total investment portfolio or 25% of its net worth, whichever is lower,and the Corporation's total exposure in any industry should not exceed 8% of the total investment portfolio.

The quality of IFC's investment portfolio is monitored according to established supervision procedures. The portfolio management unitsof individual investment departments are responsible for the day-to-day monitoring and management of commercial risk associated withprojects originated by the departments, including monitoring and evaluating credit quality of the borrowers.

Loss Reserves Policy

IFC maintains a conservative loss reserves and revenue recognition policy. IFC does not recognize income on loans where collectibility isin doubt or payments of interest or principal are past due more than 60 days unless management anticipates that collection of interest isexpected in the near future.

IFC's loss reserves policy reflects management's judgment as to identifiable impairment on specific loans and equity investmenits onwhich such impairment is judged to be other than temporary. IFC considers a loan as impaired when, based on current information andevents, it is probable that it will be unable to collect all amounts due according to the loan's contractual terms. The reserve against lossesfor impaired loans represents management's judgment of the present value of expected future cash flows discounted at the loan's effectiveinterest rate. IFC establishes a reserve against losses for equity investments when a decrease in value of the investment has occurred, belowits US dollar equivalent cost, which is considered other than temporary. In addition to the reserve on specific investments, the reserveagainst losses includes an estimate of potential losses resulting from risks that cannot be specifically identified, as further described inNote A to the Corporation's Financial Statements for the fiscal year ended June 30, 1999. The reserve against losses is maintained throughannual charges to income. Investments written off, as well as any subsequent recoveries, are recorded through the reserve.

The quality of IFC's portfolio has been negatively affected by the Asian crisis during FY98 and its contagion effect. A key indicator ofportfolio performance, the amount of nonaccruing loans as a percentage of the disbursed loan portfolio, rose to 11.t% at June 30, 1999as compared with 9.2% at June 30, 1998. The principal amount outstanding on nonaccrual loans totaled $857 million at June 30. 1999,an increase of 35% from the June 30, 1998 level of $633 million.

As of June 30, 1999 IFC's total reserve against losses amounted to $1,825 million ($1,522 million-June 30, 1998) equivalent to 18.2%/o ofIFC's disbursed loan and equity investment portfolio (17.0%Yo-June 30, 1998). The five-year trend of loss reserves is presented below:

RESERVE AGAINST LOSSES AS A PERCENTAGE OF TOTAL PORTFOLIO

Year ended June 30

. . . . . . .. . . . . . . . . . . . . . . . 0:2% - 180/

.0.%. . . . . . . . . 12%

11.25,. l.7° . . . . . . . . . . . ..... ........................... 10%

FY95 FY96 FY97 FY98 FY99

- TOTAL RESERVES AS A % OF TOTAL PORTFOLIO

DIuring the vear enided June 30, 1999 the portfolio was further affected by continuing economic problems in emerging markets, although

the impact was less serious than in FY98. In that year, a number of key portfolio performance indicators deteriorated, such as loans innonaccrual status, the interest collection rate on loans and the number of loans in arrears. Further, currency devaluations and stock mar-ket declines have continiued to affect the value of IFC's equity investmrents. The environment of the past two years resulted in historically

~ high levels of reserves against losses at June 30, 1999.

w Managing Liquidity Risk

Tu he Corporation's Liquidity Policy requires the Corporation to maintain at all times sufficient liquidity (including liquid assets and8 undrawdn borrowiing commitnments from the World Bank) to cover at least 65% of its estimated net cash requirements for the next three

years. As a prudential mcasure, the Corporation maintains an operating liquidity target of not less than 70% of three years' net cashrequiremiienits, including projected disbursement and debt service requirements. At June 30, 1999 the Corporation's liquidity level stoodat S10.1 billion (or 10606 of its projected net cash requirements for three years).

Managing Market Risk

MNarket risk refers to changes in values of financial instruments or positions due to movements in interest or exchange rates, or liquidityfactors. 'The Corporation uses derivative financial instruments to manage market risk (principally interest rate and exchange rate risk)that arises primarily in the context of IFC's liquid assets and borrowinig activities.

Liquid Asset Investment Activities

As described above, IFC's liquid assets are invested in three separate portfolios: Pt ($6.2 billion as of Jule 30, 1999), managed by IFCTreasurv; P2 (83.1 billion as of June 30, 1999), managed by IBR) 'Ireasury until June 30, 1999 and thereafter by IFC Treasury; and P3($0.8 bi:llion as of June 30, 1999), managed by external managers appointed by IFC.

'I'he Corporation's matched-funding policy requires that all loans be funded at the time of Board approval with borrowings bearing similarinterest rate, currency and maturity characteristics. As the Corporation's loan assets are predominantly denominated in floating rate USdollars, the PI and P3 portfolios are invested, directly or synthetically, in floating rate US dollar instruments. The matched-funding policylimaits the Corporation's exposure to unmatched interest rate and exchange risks. As discussed below, residual market risks are managed ona portfojio basis by the Asset and Liability Management Unit. P2 is invested in fixed rate US dollar denominated instruments.

LUnder I FC's InsVestmelt Guidelines, the Corporation's liquid assets are invested primarily in debt or asset-backed instruments issued bysovereigns, agencies or AAA-rated corporates. The Corporation also places deposits with highly rated commercial banks and financial

institutions. IFC uses a variety of derivative financial instruments in its liquidity management activities for hedging purposes, to take

advantage of profitable trading opporttinities, and as a proxy for cash securities. The derivative financial instruments used include short-

term, over-the-counter foreign exchange forwards (covered forwards), interest rate and currency swaps and exchange-traded futures and

options on fixed-income instrtuments.

Asset and Liability Management Activities

tn addition to interest rate risks arising from liquid assets, IFC faces residual market risks in its overall asset and liability management.

While IFC's matched funding policy provides a significant level of protection against currency and interest rate risk, the Corporation is

exposed to currency risk due to the receipt of spread income in currencies other than US dollars or other events such as changes in the

level of iton-US dollar reserves against loans. IFC manages the currency risk described above bv monitoring the aggregate position in each

lending currency and eliminating the net asset or liability position in excess of S I million equivalent through spot sales or purchases.

In addition to currenlcy risks, IFC faces interest rate risks from two sources: (I) assets that are fully matched funded at inception can

becomc mismlatched over time due to writedowns, prepayments or rescheduling, and (2) LIBOR reset dates on assets can differ from

those on liabilities. Interest rate risk due to reset date mismatches is limited by synchronizing the reset dates on assets and liabilities and

managin,g residual risks on an aggregate basis. Interest rate risk arising from mismatches due to writedowns, prepayments and reschedul-

ilgs, and residual reset date mismatches is monitored monthly by measuring the change in the present value of assets and liabilities in

each currency for a one percentage point change in interest rates. A review trigger of $5 million equivalent has been established on this

measure for interest rate exposure in the aggregate and in each currency.

Borrowing Activities

IEC uses derivative financial instrtuments, primarily currency and interest rate swaps, in connection with its borrowing activities, in order

to lower the Corporation's overall funding costs bv creating synthetic variable rate US dollar borrowinigs and to hedge market risks arising

from bond issues. In general, and consistent with the Corporation's matched funding policy, the Corporation issues securities in various

capital markets that offer the most attractive funding opportunities and uses derivative financial instruments to convert the associated

liabilities into obligations denominated in variable rate US dollars, the Corporation's principal lending currency. The Corporation alsoenters into conmplex structured derivatives to hedge offsetting structures embedded in many of its borrowings, stuch as borrowiings payable

in multiple currencies, or borrowings ssith principal and/or interest determined by reference to a specified index such as a stock market

index, a reference interest rate, a commodits index or one or more foreign exchange rates.

Lending Activities

Derivative financial instruments are also used in connection with the Corporation's lending activities to minimize the level of interest rate

and currency exchange risk in non-US dollar lending.

Managing Credit Risk

Credit risk refers to the potential for a borrower or a counterpartv to a transaction with IFC to default on its financial obligations to the

Corporation. Credit risks arising in connection with IlC's treasury activities are monitored and controlled in accordance with credit risk

guidelines established by the Financial Policy & Planning unit. Credit risk also arises in connection with the Corporation's loan and equity

investments. The risk of borrower default is discussed above, under Mlanaging Commercial (Project) Risk. 9

Credit Risk in Treasury Operations

Counterparty credit risk is the principal residual risk to the Corporation arising from liquid assets and borrowing activities. For over-

the-counter derivative financial instruments, the Corporation limits credit risk by restricting its transactions to a list of authorized

counterparties, placing limits on the volume of transactions with individual counterparties and negotiating collateral arrangements with

the counterparties. For exchange-traded instruments, IFC limits credit risk by restricting transactions to a list of authorized exchanges,

contracts and dealers, and by placing limits on the Corporation's o pen interest rate position in each contract.

Credit Risk in Client Risk Management Activities

IFC enables its clients to take advantage of certain asset and liability management tools involving derivative financial products, by

intermediating between market counterparties and its clients. Where it has done so, the Corporation minimilizes its credit risk exposure

by conducting credit appraisals of clients and minimizes its market risk by entering into offsetting positions with highly rated market

counterparties.

Counterparty Credit Risk

IFC's credit policies restrict eligibility of counterparties and set diversification caps on exposure to individual counterparties, sovereigns

and countries. They are revised annually at the beginning of each fiscal year and approved by IFC's Finance Committee. During the year,

institution-specific limits are updated monthly based on changes in counterparty size and/or credit status.

IFC's extensive use of derivative financial instruments carries credit risk which arises from the potential for a counterparty to default at

a time when the derivative contract has a positive value to IFC. IFC measures derivatives exposure to counterparties in terms of "worst

case" potential exposure based on simulations of market variables which are updated monthly to reflect market movements. IFC currently

restricts counterparty eligibility to banks and financial institutions with a minimum rating of A. In order to limit exposure to counter-

parties, IFC signs collateral agreements with counterparties that require the posting of collateral when net exposure exceeds certain

predetermined thresholds, which decreases as a counterparty's credit rating deteriorates. Because counterparties can be downgraded

during the life of a transaction, the agreements provide an option for IFC to terminate all swaps if the counterparty is downgraded

below investment grade.

Managing Operational Risk

Operational risk is the potential for losses arising from internal activities or externial events caused by breakdowns in informatioTn sys-

tems, communications, physical safeguards, business continuity, supervision, transaction processing and the execution of legal, fiduciary

and agency responsibilities. IFC, like all financial institutions, is exposed to many types of operational risks. 'rhe Corporation seeks to

mitigate such risks by maintaining a comprehensive system of internal controls that is designed not only to identify the parameters of

various risks but also to monitor and control those areas of particular concern. The Corporation has adopted the COSO' control frame-

work and a self-assessment methodology to evaluate the effectiveness of its internal controls, and it has an ongoing program in place to

cover all significant operations. In each of the last three fiscal years. IJC has obtained an attestation report from its external auditors on its

assertion that as of June 30 of each of the fiscal years, its system of internal control over financial reporting met the criteria for effective

internal control described in COSO and that the Corporation's assertion is fairly stated in all material respects.

During the year ended lune 30. 1999 several ongoing initiatives emphasized the area of operational risk management, including the

adoption of a new information technology system to replace numerous systems in areas such as financial accounting and administrative

expense processing (the Systems Renewal Project). The Corporation has also recently appointed a new global custodian to centralize

custodianship of its liquid assets and equity portfolios and, therebv, to streamline and enhance existing controls and reporting.

1 COSO refers to the Internal ControL-Integrated Framework formulated by the Committee of Sponsoring Organizations of the TreadwayCommission which was convened by the US Congress in response to the weLl-publicized irregularities that occurred in the financial sectorduring the late 1980s.

Economic and Monetary Union in Europe

Since January 1, 1999, in the normal course of business as a multicurrency organization, IFC has been conducting Euro-denominated

transactions in pavinig and receiving, liquid asset investments, debt issuance and in its loan and equity investment portfolio activities.

IF( has adoptcd a gradual approachi to redenomiinlatinig nationial currency balance sheet items to Euro during the transitioni period. The

I incremental cost of Euro conversion was immaterial to the Corporation's financial statements and has been included in the Corporation's

administrative expenses.

Year 2000 Issues

10 The Ycar 2000 issue is the result of computer programs and embedded process control chips using two digits rather than four to define

the applicable year. Information systems or automated process control devices that are unable to properly interpret dates beyond 1999

could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability

to process transactions correctly and promptly, a temporary failure of building internal infrastructure, or a temporary failure of one or

more public infrastructure segnents UpOIn whichI the business operations depend. Year 2000 issues affect the Corporation's hardware,

databases and software associated with critical financial and administrative automated information systems, the headquarters building

technical infrastructure, vendors, suppliers and contractors, and include the Year 2000 preparedness of IFC's client companies.

The primary goal of the Corporation's Year 2000 Project is to ensure that the Corporation's vital business processes will operate in the

next millennium by being Year 20()0 compliant. Additional goals are to protect IFC irom legal liability stemming from its own unpre-

paredness or that of vendors, suppliers and correspondent banks; to ensure that IFC client companies understand the nature and urgency

of the Year 2000 issue, and consequcnces of noncompliance; and to assist IFC client companies in dealing effectively with such issues.

'I'he Corporation's Year 2300 Project has been in active operation for more than two-and-a-half years. At present, IFC believes that the

Year 2000 Project is on schedule and sufficiently resourced. Regular mneetings with the Year 2000 Project Office are held and a monthly

report on the status of the project is provided to the Corporation's President and Management Group. Moreover, the Corporation's

MNanagement Group is apprised of the project's status through detailed quarterly reports, and semiannual reviews of the Year 2000 Project

are reviewed by the Corporation's Audit Committee.

T'he cost of completing the Corporation's Year 2000 program is estimated at approximately $3.0 million, including $2.0 million for client

companiy readiness assessments and related activity. In addition, the cost of the General Ledger Module portion of the aforementioned

Systems Renewal Project was $1.0 million.

IFC requires contingency plans for all mission-critical systems needing repair or replacement due to Year 2000 problems. For IFC's inter-

nal systems at headquarters, the contingency plan is to repair or replace the old application systems before end-June 1999. Most of IFC's

internal svstems have already been tested and found to be Year 2(000 compliant by design. Some of IFC's compliance activities are coordi-

nated w ith, and dependent upon, the Systems Renewal Project for the replacement of certain core administrative support systems. 1'his

project wvent into production as of July 15, 1999. Integration testing of all mission-critical systems is scheduled to be completed by the end

of August 1999. Moreover, the cut off date for normal modifications testing is December 1, 1999, after which all systems will be frozen

until end-January 2000.

IFC's iicld offices have been providecd with a Contingency Planniiig Guide to develop practical measures to ensure continuity of functions

and programs, based upon local country and regional risks. These plans address provisioning for continued office operations and staff

needs and were distributed in July 1999. 'The Corporation has encouraged all of its client companies to develop contingency plans, or

adapt existing plans, to prepare for this unique event. In the second half of August 1999 IFC will have issued a guideline monograph to

every client company in the investment portfolio. This serves to augment the overall awareness effort, and supplements previous Y2K-

related guidelines sent to clients (all with appropriate legal disclaimers).

VI. RESULTS OF OPERATIONS

Il-C's net income can be seen as broadly comprising a spread on interest earning assets, income from the equity investment portfolio,

provisions for loan and eqIuitv investments, noninterest income and noninterest expense. Since the Corporation seeks to minimize its

exposure to currenicy and interest rate risk through the use of derivative financial instruments, the three main factors that affect net

income are the impact of nonaccruals and the interest collection rate on loan interest income; the performance of the equity portfolio;

and the level of provisions for losses on loan and equity investments. The following paragraphs detail significant variances between FY99

and FY98.

Net Income

The Corporation's net income for FY99 was $249 million, marginally higher than FY98's net income of $246 million. In spite of the stableoverall level of net income, several components of net income have varied significantly in FY99 as compared with FY98.The decrease inprovisions for losses from $481 million to S333 million was offset by:

* the decrease in net interest income from S482 million to $469 million;

* the decrease in income from equity investments from $314 million to S265 million;

* the increase in noninterest expense from $230 million to $254 million; and

* the decrease in noninterest income (including the effect of the accounting change in FY98) from $160 million to $102 million. KNet Interest Income

IFC's primary interest earning assets are its loan portfolio and its liquid assets portfolios. With charges on borrowings taken into account,net interest income declined by $13 million or 3% from $482 million in FY98 to $469 million in FY99.

Interest and financial fees from loans for FY99 were $607 million, compared with $583 millioni for FY98, an increase of 4%. The growth inthe disbursed and outstanding loan portfolio of 129/6 was substantially offset by a 3% reduction in interest collection rates resulting fromthe growth in loans in nonaccrual status from $633 million at June 30, 1998 to $857 million at June 30, 1999.

Income from deposits and securities for FY99 was $532 million, slightly lower than the $550 million recorded in FY98. The liquid assetsportfolio, net of derivatives and securities lending activities, grew from $9.4 billion to $10.1 billion and interest rates rose, especiallyduring the second half of FY99. However, the S9 million increase in interest income, and a $12 million increase in realized gains in theCorporation's trading portfolios, were offset by $22 million of realized losses in the available for sale portfolios ($17 million realized gainsin FY98). which primarily occurred on sales during the second half of FY99.

The Corporation's charges on borrowings rose by $19 million during FY99 from $651 million to $670 million, reflecting a growth in theborrowings portfolio (after the effect of associated derivative financial instruments), offset by a reduction in average borrowings costs.

Income from Equity Investments

The Corporation generated capital gains for FY99 of $166 million as compared with $217 million for FY98, a decline of 230%. Dividendincome was relatively stable at $99 million for FY99 as compared with $96 million for FY98. Overall income from the equity investmentportfolio declined by $49 million, or 16%, from S314 million in FY98 to $265 million in FY99.

During FY97 and the early part of FY98, IFC was able to liquidate a number of individual equity investment holdings to realize capitalgains due to a relatively strong environment in the emerging markets. Subsequent to various crises in late FY98 and early FY99, this trenddid not continue and led to the decline in realized capital gains in FY99.

Provisions for Losses

The income charge for provisions for losses of $333 million in FY99 was significantly lower than the historically high level of $481 millionin FY98, a decline of $148 million or 31/%. At June 30, 1999 the Corporation's total reserves against losses on loan and equity investmentswere 18.2% of the disbursed and outstanding portfolio (I17.0%-Iune 30, 1998). Provisions were lower in FY99 because impairment dur-ing FY99 was less severe than in FY98. This trend continued through FY99, so that provisions recorded during the second half of the yearwere lower than in the first half ($73 million as compared with $26t) million).

Noninterest Income

Noninterest income of $102 million for FY99 was lower than FY98 ($160 million), principally due to the FY98 nonrecurring income of$34 million resulting from the change in accounting for other postretirement benefits. Also contributing to the decline were lower servicefees of $33 million for FY99 as compared with $66 million for FY98. This was a result of less favorable market conditions for IFC's techni-cal and advisory assistance services and resource mobilization services.

Offsetting these factors, there was an increase in income from the expected long-term return from Staff Retirement Plan assets and fromthe change in the Corporation's share of net assets held for postretirement benefits, from $54 million in FY98 to $64 million in FY99.

Noninterest Expense

Administrative expenses (the principal component of noninterest expense) rose 170%o from $213 million in FY98 to $250 million in FY99.This increase was in line with budget funding of the anticipated growth in the investment portfolio and the move into smaller invest-ments in frontier countries within IFC's portfolio. In addition, the Corporation instigated a number of new initiatives in FY99 to fundthe Year 2000 Project, the implementation of the Euro and continued funding of its Africa Enterprise Fund and Small and MediumEnterprise Fund.

12

Financial StatementsReport of Independent AccountantsFinancial Statements including Notes

Deloitte ToucheTohmatsu

(International Firm)555 12th Street NW 13Washington, DC

Report of Independent Accountants

President and Board of GovernorsInternational Finance Corporation

We have audited the accompanying balance sheets of the International Finance Corporation, as of June30, 1999 and 1998, including the statements of capital stock and voting power, as of June 30, 1999, andthe related statements of income, comprehensive income, changes in capital and cash flows for the yearsthen ended. These financial statements are the responsibility of the International Finance Corporation'smanagement. Our responsibility is to express an opinion on these financial statements based on ouraudits.

We conducted our audits in accordance with generally accepted auditing standards in the United States ofAmerica and International Standards on Auditing. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position ofthe International Finance Corporation as of June 30, 1999 and 1998, and the results of its operations andits cash flows for the years then ended in conformity with generally accepted accounting principles in theUnited States of America and with International Accounting Standards.

July28, 1999

Beijing London Mexico City Moscow New YorkParis Tokyo Toronto

Balance Sheetas of June 30, 1999 and June 30, 1998 (US$ thousands)

1999 1998

ASSETS

Due from banks $ 54,162 $ 113,165Time deposits 2,423,049 4,353,758

Securities-Note B

'Irading 669,705 434,487Available for sale 8,023,837 5,835,435

Securities purchased under resale agreements 198,335 9,870Receivables and other assets-Note C 1,583,279 1,476,435

Loan and equity investments disbursed and outstanding-Note DIoan investments 7,732,690 6,873,878

Equity investments 2,306,606 2,101,944

Total investments 10,039,296 8,975,822

Less: Reserve against losses for loan and equity investments (1,825,105) (1,521,918)

Net investments 8,214,191 7,453,904

Derivative instruments-Notes B, K and LReceivables from currency and interest rate swaps 12,265,444 10,964,235Receivables from covered forwards 24,160 979,398

'rotal assets $33,456,162 $31,620,687

LIABILITIES AND CAPITAL

LiabilitiesPayables and other liabilities-Note F $ 1,293,530 $ 1,137,095Sec urities sold under agreements to repurchase and payable

ior cash collateral received 1,319,269 1,492,164Borrowings withdrawn and outstanding-Note G

From market sources 12,079,565 10,708,070From International Bank for Reconstruction and Development 349,852 453,648

l'otal borrowings 12,429,417 11,161,718

D)erivative instruments-Notes B, K and L

Payables for currencv and interest rate swaps 12,987,498 11,725,924Payables for covered forwards 24,228 952,015

Deferred income 58,032 67,501

Total liabilities 28,111,974 26,536,417

('apital(Capital stock, authorized 2,450,000 shares of $1,000 par value each-Note H

Subscribed 2,374,130 2,364,123Less: Portion not yet paid (24,351) (27,509)

Total capital stock 2,349,779 2,336,614

Payrnents received on account of pending subscriptions 1,803 1,825Accumulated other comprehensive income (5,828) (3,340)Retained earnings 2,998,434 2,749,171

Total capital 5,344,188 5,084,270

Total liabilities and capital $33,456,162 $31,620,687

The notes to financial statements are an integral part of these statements.

Statement of Incomefor the years ended June 30, 1999 and June 30, 1998 (US$ thousands)

1999 1998Interest income

Interest and financial fees from loan investments-Note I $ 606,674 $ 583,035Income from deposits and securities-Note B 531,792 549,818

Total interest income 1,138,466 1,132,853

Interest expenseCharges on borrowings-Note G 669,709 650,660

Total interest expense 669,709 650,660

Net interest income 468,757 482,193

Income from equity investmentsCapital gains on equity sales 165,908 217,482Dividends and profit participations 99,295 96,451

Total income from equity investments 265,203 313,933

Net interest income and income from equity investments 733,960 796,126

Provision for losses on investments 332,942 480,952

Net interest income and income from equity investments afterprovision for losses on investments 401,018 315,174

Noninterest incomeService fees 33,384 65,854Income from Staff Retirement Plan-Note 0 63,637 42,505Increase (decrease) in share of net assets held for postretirement benefits-Note P (51) 11,578Other income 4,992 6,160

Total noninterest income 101,962 126,097

Noninterest expenseAdministrative expenses-Note Q 250,018 212,720Translation adjustments, net (3,199) 5,807Other expenses 3,484 7,131Contributions to special programs-Note J 3,414 3,962

Total noninterest expense 253,717 229,620

Operating income 249,263 211,651Effect of accounting change-Note P - 34,100

Net income $ 249,263 $ 245,751

The notes to financiaL statements are an integral part of these statements.

Statement of Comprehensive Incomefor the years ended June 30, 1999 and June 30, 1998 (US$ thousands)

16

1999 1998

Net income $ 249,263 $ 245,751Other comprehensive income

Unrealizcd holding gainis (losses) on available for sale securities arising during period (25,200) 12,799Less: reclassificationi adjustmelIt for (gains) losses on available for sale securities

incliided in net income 22,712 (18,829)

Total comprehensive income S 246,775 $ 239,721

Statement of Changes in Capitalfor the years ended June 30, 1999 and June 30, 1998 (US$ thousands)

1999Payments

Accumulated receivedother on account

Retained comprehensive of pendingearnings income Capital stock subscriptions Total capitaL

Beginning balance $2749,171 S (3,340) $2,336,614 $ 1,825 $5(,)84,270Net incomne 249,263 249,263tither comprehenisive income (2,488) (2,488)

Capital stockPayments received for capital stock subscribed 13,1 65 13,165Refunid of overpayiuents for capital stock sLubscribed (22) (22)

Ending balance $2,998,434 $ (5,828) $2,349,779 $ 1,803 $5,344,188

1998Payments

Accumulated receivedother on account

Retained comprehensive of pendingearnings income CapitaL stock subscriptions TotaL capital

Beginning balance $2.5()3,42() $ 2,691) $2,228,851 S 1,91)8 $4,736,869Net illcoieIC 245,751 245,751)ther comprehelinsie incomlle (6,030) (6,0(30))

Capital stocklpaynments received for capital stock subscribed 1(06,399 1116,399Pavocrits received on account of pcidinlg siibscripticins 1,398 1,398Reallocation of paymncnts on account of pendinig

subst riptioins to capital stock subscribed 1,364 11364)Refund of overpasyments for capital stock subscribed (117) 1117)

Ending balance $2,749,171 $ (3,340) $2,336,614 $ 1,825 $5,084,270


Statement of Cash Flowsfor the years ended June 30, 1999 and June 30, 1998 (US$ thousands)

1999 1998

Cash flows from loan and equity investment activitiesLoan disbursements $ (1.812,947) $ (1,675,930)Equity disbursements (289,423) (377,795)Loan repayments 877,606 1,277,123Equity redemptions 2,633 5,227Sales of equity investments at cost 110,054 149,336

Net cash used in investing activities (1,112,077) (622,039)

Cash flows from financing activitiesDrawdown of borrowings 4,481,196 3,947,244Repayment of borrowings (3,061,075) (1,767,417)Capital subscriptions 13,165 10(7,763

Net cash provided by financing activities 1,433,286 2,287,590

Cash flows from operating activitiesNet income 249,263 245,751Adjustments to reconcile net incoomc to net cash provided by operating activities:

Provision for losses on investments 332,942 480,952Translation adjustments, net (3,199) 5,8(07Change in accrued income on loans, deposits and securities 5,592 4,445Change in pavables and other liabilities 230,9(08 (56,142)Change in receivables and other assets (833,531) (321,653)

Net cash provided by operating activities (18,025) 359,160

Change in liquid assets 3(03,184 2,024,711

Effect of exchange rate changes on liquid assets 130,724 (19,819)Net change in liquid assets 433,908 2,004,892Liquid assets at beginning of year 10,736,845 8,731,953

Liquid assets at end of period $ 11,170,753 $10,736,845

Liquid assets is composed of:Due from banks $ 54,162 $ 113,165Time deposits 2,423,049 4,353,758Securities held in trading portfolio 669,705 434,487Securities held in available tor sale porttolio 8,023,837 5,835,435

Total liquid assets $ 11,170,753 $ 10,736,845

Supplemental disclosureChangc in ending balances resulting from exchange rate fluctuations:

Loans outstanding $ 17,187 S (43,937)Borrowings (153,366) (878,720)Currency swaps (34) (719,424)

The notes to financiat statements are an integral part of these statements.

Statement of Capital Stock and Voting Poweras of June 30, 1999 (US$ thousands)

Capital stock Voting power Capital stock Voting power

Amount Percent Number Percent Amount Percent Number PercentMembers paid of total of votes of total Members paid of total of votes of total

Afghanistan $ 111 361 .02 El Salvador $ 11 261 .01

Albania 1,302 .06 1,552 .06 Equatorial Guinea 43 293 .01Algeria 5,010 .21 5,260 .22 Eritrea 935 04 1,185 .05

Angola 1,353 .06 1,603 .07 Estonia 1,434 06 1,684 .07Antigua and Barbuda 13 1 263 .01 Ethiopia 127 01 377 .02Argentiria 38,129 1.62 38,379 1.60 Fiji 287 .01 537 .02

Armenia 992 .04 1,242 .05 Finland 15,697 .67 15,947 .67

Australia 42,185 1.80 42,435 1.77 France 121,015 5.15 121,265 3.07

Austria 19,741 .84 19,991 .84 Gabon 1,268 05 1,518 .06Azerbaiian 2,367 .10 2,617 .11 Gambia, The 94 - 344 .01Bahamas, The 335 .01 585 .02 Georgia 861 .04 1,111 .05

Bahrain 1,746 .07 1,996 .08 Germany 128,908 5.49 129,158 5.40Bangladesh 9,037 .38 9,287 .39 Ghana 4,630 .20 4,880 .20

Barbadcs 361 .02 611 .03 Greece 6,898 .29 7,148 .30Belarus 5,162 .22 5,412 .23 Grenada 74 324 .01

Belgium 50,610 2.15 50,860 2.13 Guatemala 878 .04 1,128 .05Belize 101 351 .01 Guinea 339 .01 589 .02Benin 119 .01 369 .02 Guinea-Bissau 18 n 268 .01Bolivia 1,902 .08 2,152 .09 Guyana 1,392 06 1,642 .07Bosnia and Herzegovina 620 .03 870 .04 Haiti 822 .03 1,072 .04Botswana 113 363 .02 Honduras 432 .02 682 .03Brazil 39,479 1.68 39,729 1.66 Hungary 10,932 .47 11,182 .47

Bulgaria 4,867 .21 5,117 .21 Iceland 42 292 .01Burkina Faso 836 .04 1,086 .05 India 81,342 3.46 81,592 3.41Burtndi 100 350 .01 Indonesia 28,539 1.21 28,789 1.20Cambodia 339 .01 589 .02 Iran, Islamic Republic of 1,444 .06 1,694 .07(Cameroon 885 .04 1,135 .05 Iraq 147 .01 397 .02

Canada 81,342 3.46 81,592 3.41 Ireland 1,290 .05 1,540 .06Cape Verde 15 265 .01 Israel 2,135 .()9 2,385 .10Central African Republic 119 .01 369 .02 Italy 81,342 3.46 81,592 3.41Chad 1,364 .06 1,614 .07 Jamaica 4,282 .18 4,532 .19Chile 11,710 .50 11,960 .50 Japan 141,174 6.01 141,424 5.91China 24,500 1.04 24,750 1.03 Jordan 941 .04 1,191 .05Colombia 12,606 .54 12,856 .54 Kazakhstan 4,637 .20 4,887 .20Comoros 14 n 264 .01 Kenya 4,041 .17 4,291 .18Congo, Dem Rep of 2,159 .09 2,409 .10 Kiribati 12 262 .01Congo, Republic of 131 .01 381 .02 Korea, Republic of 15,946 .68 16,196 .68Costa Rica 952 .04 1,202 .05 Kuwait 9,947 .42 10,197 .43C6te d'lvoire 3,544 .15 3,794 .16 Kyrgyz Republic 1,720 .07 1,970 .08Croatia 2,882 .12 3,132 .13 Lao People's Dem Rep 278 01 528 .02Cyprus 2,139 .09 2,389 .10 I,atvia 2,150 .09 2,400 .10Czech Republic 8,913 .38 9,163 .38 Lebanon 135 01 385 .02Denmark 18,554 .79 18,804 .79 Lesotho 71 321 .01Djibouti 21 271 .01 L.iberia 83 333 .01Dominica 42 292 .01 Libya 55 305 .01Dominican Republic 1,187 .05 1,437 .06 Lithuania 2,341 10 2,591 .11Ecuador 2,161 .09 2,411 .10 Luxembourg 2,139 09 2,389 .10Egypt, Arab Republic of 12,360 .53 12,610 .53 Macedonia, FYR of 270 .01 520 .02

continued on next page

Statement of Capital Stock and Voting Poweras of June 30, 1999 (US$ thousands)

19Capital stock Voting power Capital stock Voting power

Amount Percent Number Percent Amount Percent Number PercentMembers paid of total of votes of total Members paid of total of votes of total

Madagascar $ 432 .02 682 .03 Sevchelles $ 27 277 .01Malawi 1,822 .08 2,072 .09 Sierra Leone 123 .0l1 373 .02Malaysia 15,222 .65 15,472 .65 Singapore 177 .01 427 .02Maldives 16 266 .01 Slovak Republic 4,457 .19 4,707 .20Mali 451 .02 701 .03 Slovenia 1,585 .07 1,835 .08Marshall Islands 663 .03 913 .04 Solomon Islands 37 287 .01Mauritania 214 .01 464 .02 Somalia 83 333 .01Mauritius 1,665 .07 1,915 .08 South Africa 15,948 .68 16,198 .68Mexico 27,589 1.17 27,839 1.16 Spain 37,026 1.58 37.275 1.56Micronesia, Fed States of 744 .03 994 .04 Sri Lanka 7,135 .31 7,385 .31Moldova, Republic of 744 .03 994 .04 Sudan 111 361 .02Mongolia 144 .01 394 .02 Swaziland 684 .03 934 .04Morocco 9,037 .38 9,287 .39 Sweden 26,876 1.14 27,126 1.13Mozambique 322 .01 572 .02 Switzerland 41,580 1.77 41,830 1.75M4yanmar 666 .03 916 .04 Syrian Arab Republic 194 .01 444 .02Namibia 404 .02 654 .03 Tajikistan 1,212 .05 1,462 .06Nepal 822 .03 1,072 .04 Tanzania 1,003 .04 1,253 .05Netherlands 56,131 2.39 56,381 2.36 Thailand 1(0,941 .47 11,191 .47New Zealand 3,583 .15 3,833 .16 Togo 8()8 .03 1,058 .04Nicaragua 715 .03 965 .04 Tonga 34 284 .01Niger 147 .01 397 .02 Trinidad and Tobago 4,112 .17 4,362 .18Nigeria 21,643 .92 21,893 .91 Tunisia 3,566 .15 3,816 .16Norway 17,599 .75 17,849 .75 Turkey 14,545 .62 14,795 .62Oman 1,187 .05 1,437 .06 Turkmenistan 810 .03 1,060 .(4Pakistan 19,380 .82 19,630 .82 Uganda 735 .03 985 .04Palau 25 275 .01 Ukraine 8,9(07 .38 9,157 .38Panama 1,007 .04 1,257 .05 United Arab Emirates 4,033 .17 4,283 .18Papua New Guinea 766 .03 1,016 .04 United Kingdom 121,015 5.15 121,265 5.07Paraguay 436 .02 686 .03 United States 569,379 24.23 569,629 23.80Peru 6,898 .29 7,148 .30 Uruguay 3,569 .15 3,819 .16Philippines 11,405 .49 11,655 .49 Uzbekistan 3,873 .16 4,123 .17Poland 7,236 .31 7,486 .31 Vanuatu 55 305 .01Portugal 8,324 .35 8,574 .36 Venezuela 27,588 1.17 27,838 1.16Romania 2,661 .11 2,911 .12 Vietnam 446 .02 696 .03Russian Federation 81,342 3.46 81,592 3.41 Yemen, Republic of 715 .03 965 .04Rwanda 306 .01 556 .02 Zambia 1,286 .05 1,536 .06St Kitts and Nevis 638 .03 888 .04 Zimbabwe 2,120 .(9 2,370 .10St Lucia 74 324 .01Samoa 35 285 .01 Total June 30,1999 $2,349,779 100.00+ 2,393,279 100.00+Saudi Arabia 30,062 1.28 30,312 1.27Senegal 2,299 .10 2,549 .11 TotalJune30,1998 $2,336,614 100.00+ 2,380,114 100.00+

* Less than .005 percent.+ May differ from the sum of the individual percentages shown because of rounding.


Notes to Financial StatementsPURPOSE

: I'he Interniationial Finance Corporation 'the Corporation), an international organization, was established in 1956 to further economic

developmefat in its member countries bv encouraging the growth of private enterprise. The Corporation is a member of the World Bank

Group, which also includes the International Bank for Reconstruction and Development (IBRD), the International D)evelopment

Association and the Multilateral Investnment Guarantee Agency (MIGA). The Corporation's activities are closely coordinated with and

conaplenent the overall development objectives of the other World Bank Group institutions. The Corporation, together with private

investors, a,sists in finanicing the establishment, improvement and expansion of private sector enterprises by making loan and equity

investments where sufficient private cap tal is not otherwise available on reasonable terms. The Corporation's share capital is provided by

its membIIer counltries. It raises most of the funds for its investment activities through the issuance of notes, bonds and other debt securi-

ties in the internationial capital markets. The Corporation also plays a catalytic role in mobilizing additional project funding from other

insvestors and lenders, either through cofinancing or through loan syndications. underwritings and guarantees. In addition to project

finance and resource mobilization, the (orporation offers an array of financial and technical advisory services to private businesses in the

developi ng world to increase their chances of success, and also advises governments on how to create an environment hospitable to the

growth of private enterprise and foreign investment.

NOTE A-SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED POLICIES

I'he accounting and reporting policies of the Corporation conform with generally accepted accounting principles in the United States

(L'S (AAP) and with International Accountinig Standards (IAS).

Financial statements presentation-Certain amounts in the prior year have been reclassified to conform to the current year's presentation.

Use of estimates-T[he preparationi of tne financial statements in conformity with US GAAP and 'AS requires management to make

estimates anad assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements and the reported amounts of inconae and expense during the reporting period. Actual results could

differ fro:maa these cstimates. A significanit degree of Judgment has been used in the determination of the adequacy of the reserve against

losses, and in the determinationi of net periodic pension inconme. There are inherent risks and uncertainties related to the Corporation's

operations. The possibility exists that changing econiomic conditionis could have an adverse effect en the financial position of the

(.orporatioin.

Translation of currencies-Assets and liabilities not denominated in United States dollars (US dollars or $), other than disbursed equity

investnaents, are expressed in US dollarsat the exchange rates prevailing at June 30, 1999 and June 30, 1998. Disbursed equity investments

are expressed in lUS dollars at the prevailing exchange rates at the time of disbursement. Income and expenses are translated at the rates of

exchange prevailing at the time of the transaction. 'I'ranslation gains and losses are credited or charged to income.

Loan and equity investments-L.oan and equity investnaents are recorded as assets when disbursed. Loan investments are carried at the

prinicipal antounts outstanding. It is the Corporation's practice to obtain collateral securitv such as, but not limited to, mortgages and

third-party guarantees. Equity investmuents are carried at cost. On occasion the Corporation enters into put and call option agreements

in connection with equity insvestnients.

Reserve against losses for loan and equity investments-The Corporation considers a loan as impaired when, based on current infor-

iamatioia and events, it is probable that the Corporation will be unable to collect all amounts due according to the loaia's contractual terms.

The reserve against losses for impaired loans represents naanagement's judgment of the present value of expected future cash flows dis-

counted at the loan's effective interest rate. The Corporation estahlishes a reserve against losses for equity investments when a decrease in

valuc of the investnaents has occurred which is considered other than temporary. The reserve against losses for loan and equity invest-

iaierits iniludes an estimaate of potenltial losses oii loan and equity investmenits not specifically identifiable. The reserve is established

through annual charges to iiaconme in the form of a provision for losses on investmeiats. Investments written off, as well as any subsequent

recoveries, are recorded through the reserve.

Revenue recognition on loan and equity investments-Dividends and profit participations are recorded as income when received in

freely convertilble currencies. Gains on the sale of equity investmelnts are iaieasured against the average cost of the investrnents sold and are

recorded as iniconme wheni received in freely convertible currencies.

Interest inconae and conianitnaent fees on loan investments are recorded as income on an accrual basis. All other fees are recorded as

inconme wshel received in freely convertible currenicies. The Corporation does not recognize income on loans where collectibilits is in

doubt or payrmaeiits ot iiilerest or principal are past due naore thafi 60 days uialess managermient aiaticipates that collection of interest will

occur in the near future. Any interest accrued on a loan placed in nonaccrual status is reversed out of income and is thereafter recognized

as iriconac otly vs heni the actual payvnent is receixved. Interest not previously recognized but capitalized as part of a debt restructuring is

recorded as deferred income and credited to income only when the related principal is received. Fee income and costs associated with loan

origiiaatioia are recognized whena incurred, as the net of these amounats is not material.

Liquid assets-As part of its overall portfolio managenment strategy, to diversify its credit exposure to commercial banks and to obtain

higher returns, the Corporation invests in government and agency obligations, time deposits and asset-backed securities according to the

Corporation's credit risk and duration policies. Government and agency obligations include highly rated fixed rate bonds, notes, bills and

other obligations issued or unconditionially guaranteed by governments of countries or other official entities including government agen-

cies and instrumentalities or bv multilateral organizations. The Corporation converts these fixed rate government and agency obligations

into variable rate US dollar instruments by entering into currency and interest rate swaps.

On July 1, 1997, the Corporation transferred $978 million of its securities classified as trading securities to the available for sale portfolio.

Securities classified as available for sale, which are those securities that may be sold prior to maturity as part of asset and liability manage- 2

ment or in response to other factors, are carried at fair value with any changes in fair value reported in other comprehensive income.

Securities classified as trading are carried at market value with any changes in fair value reported in income from deposits and securities.

Interest and dividends on securities and amortization of premiums and accretion of discounts are reported in income from deposits and

securities. Realized gains and losses on securities classified as available for sale or trading, which are computed by the last-in first-out

method, are included in income from deposits and securities.

The Corporation classifies due from banks, time deposits, and securities classified as trading and available for sale (collectively, liquid

assets) as an element of liquidity in the statement of cash flows because of their nature and the Corporation's policies governing the level

and use of such investments.

Repurchase and resale agreements-Repurchase agreemenits are contracts under which a party sells securities and simultaneously

agrees to repurchase the same securities at a specified future date at a fixed price. Resale agreements are contracts under which a party

purchases securities and simultaneously agrees to resell the same securities at a specified future date at a fixed price. Securities purchased

under resale agreements, securities sold under agreements to repurchase and securities payable for cash collateral received are valued at

cost, on the basis that cost approximates market value.

Borrowings-To diversify its access to funding and reduce its borrowing costs, the Corporation borrows in a variety of currencies and

uses a number of borrowing structures, including inverse floating rate and zero coupon notes. Generally, the Corporation simultaneously

converts such borrowings into variable rate US dollar borrowings through the use of currency and interest rate swap transactions. Under

certain outstanding borrowing agreements, the Corporation is not permitted to mortgage or allow a lien to be placed on its assets (other

than purchase money security interests) without extending equivalent security to the holders of such borrowings.

Derivative financial instruments-In the normal course of business, the Corporation is a partv to derivative financial instruments with

off-balance-sheet risk used to manage its exposure to fluctuations in currency and interest rates. These instruments include currency and

interest rate swaps, covered forwards, commodity-indexed swaps, comm1lodity-incdexed options anid forward contracts on its own behalf

and for clients, guarantees for third parties, futures contracts and short sales. In addition, the Corporation issues warrants, and purchases

matching over-the-counter options to hedge these transactions.

Except for those related to deposits and securities, derivative financial instruments are accounted for on the accrual basis. Income or

expense are recognized over the life of the associated instrument as an element of charges on borrowings or service fees, depending on the

purpose for which the financial instrument associated with the derivative financial instrument is used. Derivative financial instruments

associated with the trading and available for sale portfolios are recorded in the balance sheet at fair value, consistent with the recording of

the underlying financial instrument.

The cash settlement value of warrants and associated options are reported gross on the balance sheet and are included in receivables and

other assets and payables and other liabilities. Income and expense from warrants and associated options are recognized as an element of

charges on borrowings.

Intermediation services-Where it acts as an intermediary on currency and interest rate swaps, options, or forward contracts, the

Corporation miniimizes its exposure to credit risk by performing credit reviews of the clients and minimizes its exposure to currency

and interest rate risks by entering into offsetting swap, option, or forward contract positions with highly rated market counterparties.

Resource mobilization-The Corporation mobilizes funds from commercial banks and other finanicial institutions (Participants)through loan participations which are sold by the Corporation, without recourse, to Participants. These loan participations are adminis-

tered and serviced by the Corporation on behalf of the Participants. The disbursed and outstanding balances of the loan participations

are not included in the Corporation's balance sheet.

Introduction of the Euro-Effective January 1, 1999 eleven member states of the European Union adopted the Euro as their common

currency and the European Currenicy Unit was automatically redenominated into the Euro. Amounts stated in Euros appearing herein

for both the current and prior periods have been recast from the legacy currencies regardless of the timing of the redenomination of the

instruments concerned. Recasting has had no impact on the TS dollar equivalents reported in these financial statements, except insofar

as in the footnotes that disclose currency analvses of balance sheet amounts legacy currency items have been aggregated and single Euro

amounts are disclosed in their place. Caution is advised when analyzing the information in the footnotes concerned as the data may not

be readily comparable to similar data disclosed by other organizations in similar footnotes.

Accounting and reporting developments-In June 1996, the Financial Accounting Standards Board (FASB) issued Statement ofFinancial Accounting Standards (SFAS) No. 125, Accountingfor Transfers ofAssets and Servicing ofFinancialAssets andExtinguishmentsof Liabilities, which requires new accounting and reporting standards for sales, securitizations and servicing of receivables and otherfinancial assets and extinguishments of liabilities. The Standard was effective beginning in 1997 and had no material impact on theCorporation's financial statements upon adoption. The provisions relating to transfers involving repurchase and resale agreements andsecurities lending for transfers of financial assets were effective in 1998. The adoption of these provisions of the Standard had no materialimpact on1 the Corporation's reported results of operations or financial position.

22 In February, 1997, FASB issued SFAS No. 129, Disclosure ofInformation about Capital Structure. The Statemelnt establishes standardsfor disclosing information about an entity's capital structure, Adoption of this Standard by the Corporation on July 1, 1998 did not havea material impact on the Corporation's results of operations or financial position.

In June 1997, FASB issued SFAS No. 130, Reporting Comprehensive Income. The Standard establishes standards for the reporting and pre-sentation of comprehensive income and its components in financial statements. SFAS No. 130 defines comprehensive income as thechange in equitv excluding transactions with shareholders. Comprehensive income has two major components: net income and othercomprehensive income. Other comaprehensive income comprises unrealized gains and losses on available for sale securities. Adoption ofthis Standard by the Corporation on July 1, 1998 did not have a material impact on the Corporation's reported results of operations orfinancial position.

In June 1997 FASB issued SFAS No. 131, Disclosures about Segments ofan Enterprise and Relatedlnformation. The Standard establishes thecriteria for determining an operating segment and the related financial information disclosure required. It also establishes standards fordisclosing related information regarding products and services, geographic areas and major customers. In August 1997, IASC issued IASNo. 14 'revised), Segment Reporting, which requires disclosure of similar information. These Standards are effective for the Corporation'sfinancial statemenits for the year ended June 30, 1999. Adoption of these Standards did not have a material impact on the Corporation'sreported results of operations or financial position. Refer to footnote N for further information.

In August 1997, IASC issued IAS No. I (revised), Presentation ofFinancial Statements. [AS No. I (revised) is designed to improve the qual-ity of financial statements presented using International Accounting Standards by providing guidance on the structure of financial state-ments and establishing certain practical requirements. This Standard is effective for the year ended June 30, 1999 for the Corporation.Adoption of this Standard did not have a material impact on the Corporation's reported results of operations or financial position.

In February 1998, FASB issued SFAS No. 132, Employers Disclosures about Pensions and Other Postretirement Benefits. This Statement revisesemployers' disclosures about pension and other postretirement benefits. It requires additional information on changes in the benefitobligations and fair values of plan assets that will facilitate financial analysis, and eliminates certain disclosures. T'his Standard has beengiven effect in the Corporation's financial statements for the year ended June 30, 1999. Adoption of this Statement did not have a materialimpact on the Corporation's reported results of operations or financial position.

In February 1998, [ASC issued lAS No. 19 (revised), Employer Benefits. The Standard prescribes the accounting and disclosure by employ-ers for employee benefits. The Standard is effective for the year ending June 30, 2000 for the Corporation. Adoption of this Standard didnot have a material impact on the Corporation's reported results of operations or financial position.

In February 1998, IASC issued IAS No. 34, Interim Financial Reporting. The Standard defines the minimum content of interim financialreporting and identifies the accounting recognition and measurement principles that should be applied in an interim report. TheStandardl is effective for the year ending June 30, 2000 for the Corporation. Adoption of this Standard is not expected to have a materialimipact on the Corporation's reported results of operations or financial position.

In June 1998, IASC issued IAS No. 36, Impairment ofAssets. The Standard requires that the recoverable amount of an asset should be esti-mated whenever there is an indication that the asset may be impaired. The Standard is effective for the year ending June 30, 2000 for theCorporation. Adoption of this Standard is not expected to have a material impact on the Corporation's reported results of operations orfinancial position.

In June 1998, FASB issued SFAS No. 133, Accountingfor Derivative Instruments and HedgingActivities. The Standard establishes accountingand reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedg-ing activities. It requires a company to recognize all derivatives as either assets or liabilities in the statement of financial position and tomeasure those instruments at fair value. 'I'his Standard is effective for the year ending June 30, 2001 for the Corporation. The Corporationhas not completed the process of evaluating the impact that will result from the adoption of SFAS No. 133 and is, therefore, unable to dis-close the impact that adoption of this Standard will have on the Corporation's results of operations or financial position.

In September 1998, the IASC issued IAS No. 37, Provisions, Contingent Liabilities and ContingentAssets. The Standard prescribes theaccounting and disclosure for most provisions, contingent liabilities and contingent assets. It requires provisions to be recognized whenthe enterprise has a present obligation from which an outflow of resources is probable, and the amount of the outflow can be reasonablyestimated. Contingent liabilities are to be recognized when their occurrence is probable and the amount of the obligation can be reliablymeasured. Contingent assets are generally not recognized. The Standard is effective for the year ending June 30, 2000 for the Corporation.Adoption of this Standard is not expected to have a material impact on the Corporation's reported results of operations or financial position.

In March 1999, the IASC issued IAS No. 39, Financial Instruments Recognition and Measurement. The Standard prescribes balance sheet

recognition of all financial assets and financial liabilities, including derivatives. It requires financial assets and financial liabilities to be

initially measured at cost, and to be carried at fair value on the balance sheet thereafter. The Standard is effective for the Corporation for

the year ending June 30, 2002; however, early application is permitted. The Corporation has not completed the process of evaluating the

impact that will result from the adoption of IAS No. 39 and is, therefore, unable to disclose the impact that adoption of this Standard will

have on the Corporation's results of operations or financial position.

NOTE B-SECURITIES

Trading portfolio

A summary of the trading portfolio, including associated derivative financial instruments is as follows:

Year endedJune 30, 1999 At June 30, 1999

Fair vaLue Averageaverage maturity Average yieLd

daily batance Fair vaLue (years) (N)

Government and agency obligations $ 225 $ 245 1.9 5.8Asset-backed securities 195 211 19.2 6.1Corporate securities 179 214 2.3 8.3

Total trading securities, net of associatedderivative financial instruments $ 599 $ 670

Year endedJune 30, 1998 At June 30, 1998

Fair vatue Averageaverage maturity Average yietd

daily balance Fair vaLue (years) (/)

Government and agency obligations S 259 $ 255 3.3 6.3Asset-backed securities 140 179 21.9 7.3

Total securities 399 434Associated derivative financial instruments:

Covered forwards, net (I) - 0.5Total trading securities, net of associated

derivative financial instruments $ 398 $ 434

The expected maturity of the asset-backed securities will differ from the contractual maturity, as reported above, due to prepayment features.

Available for sale portfolio

The amortized cost, gross unrealized gains and losses, fair value and average yield of securities classified as available for sale, including

associated derivative financial instruments, are as follows:

June 30, 1999

US$ millions

Gross GrossAmortized unrealized unrealized Fair Average

cost gains losses value yietd (%)

Government and agency obligations $ 6,058 $ 188 $ (40) $ 6,206 4.1Asset-backed securities 1,813 7 (2) 1,818 5.6Associated derivative financial instruments:

Receivables from currency swaps 3,373 4 (2) 3,375 5.3Payables for currency swaps (3.264) 20 (150) (3,394) 2.2Interest rate swaps 25 12 (42) (5) (0.4)

Total available for sale securities, net ofassociated derivative financial instruments $ 8,005 $ 231 $ (236) $ 8,000

June 30, 1998US$ millions

Gross GrossAmortized unrealized unrealized Fair Average

cost gains losses value yield (%)

X W Governmentandagencyobligations $ 4,721 $ 230 $ (21) $ 4,930 4.1X- A Asset-backed securities 902 4 (1) 905 5.8

Associated derivative financial instruments:

24 Receivables from currency swaps 2,948 - (10) 2, 938 6.1Pavables for currency swaps (2,580) - (197) (2,777) 3.2Interest rate swaps 7 - (8) (1) (0.4)Receivables from covered forwards 951 - - 951 5.6Payables for covered forwards (924) - _ (924) 3.3

Total available for sale securities, net ofassociated derivative financial instruments $ 6,025 $ 234 $ (237) $ 6,022

The derivative financial instruments associated with securities in the available for sale portfolio are included in derivative financial

instruments on the balance sheet.

Maturities

The expected maturities of securities in the available for sale portfolio, net of associated derivative financial instruments, are as follows

(US$ millions):

June 30, 1999 June 30, 1998

Amortized cost Fair value Amortized cost Fair value

Due in one year or less $ 1,633 $ 1,633 $ 1,761 $ 1,775Due after one year through two years 1,117 1,116 1,128 1,120Due after tvo years through five years 3,682 3,678 2,348 2,334Due after five years 1,401 1,402 707 711I)ue after ten years 172 171 81 82

Total $ 8,005 $ 8,000 $ 6,025 $ 6,022

The trading and available for sale portfolios are denominated primarily in US dollars; instruments in non-dollar currencies, net of the

effect of associated derivative financial instruments which convert non-US dollar securities into US dollar securities, represent less than

1% of the portfolio at June 30, 1999 (1.8%-June 30, 1998). The annualized rate of return on securities in the trading portfolio during

the year ended June 30, 1999 was 5.6% (6.5%-vear ended June 30, 1998). The annualized rate of return on securities in the available for

sale portfolio during the year ended June 30, 1999 was 5.3% (6.204)-year ended June 30, 1998). After the effect of associated derivative

financial instruments, the securities portfolios generally reprice within one year.

Income from deposits and securities for the years ended June 30, 1999 and 1998 comprises (US$ millions):

1999 1998

1Trading securities:Interest income $ 30 $ 37Securities gains (losses), net -

Realized (6)

Unrealized 14 (4)Available for sale securities:

Interest income 592 538Realized securities gains (losses), net (22) 17

Expense from securities under resale andrepurchase agreements, net (76) (38)

Total income from securities and time deposits $ 532 $ 550

NOTE C-RECEIVABLES AND OTHER ASSETS

Receivables and other assets are summarized below (US$ millions):

June 30, 1999 June 30, 1998

Receivables from sales of securities $ 316 $ 278

Accrued interest income on time deposits and securities 121 132

Accrued income on derivative financial instruments 442 413

Accrued interest income on loan investments 130 122

Deferred charges and other assets 311 264 25

Headquarters building:

Land 89 89

Building 185 184

Less: Building depreciation (11) (6)

Headquarters building, net 263 267

Total receivables and other assets $ 1,583 $ 1,476

NOTE D-LOAN AND EQUITY INVESTMENTS AND RESERVE AGAINST LOSSES

Loan and equity investments approved by the Board of Directors to be held by the Corporation not yet signed as commitments, and loan

and equity investment commitments signed for which disbursement has not yet been made, are summarized below (US$ millions):

June 30, 1999 June 30, 1998

Investments approved but not committed:

Loan investments S 2,697 $ 2,491

Equity investments 596 769

Total investments approved but not committed 3,293 3,260

Investments committed but not disbursed:

Loan investments 2,062 2,022

Equity investments 815 450

Total ilvestments committed but not disbursed 2,877 2,472

Total investments approved but not disbursed $ 6,170 $ 5,732

The distribution of the disbursed loan and equity investment portfolio by sector is as follows (US$ millions):

June 30, 1999 June 30, 1998

Loan Equity TotaL Loan Equity Total

Financial services $ 1,441 $ 794 $ 2,235 S 1,195 $ 744 $ 1,939

Infrastructure 1,473 324 1,797 1,360 300 1,660

Mining and extraction 870 305 1,175 778 231 1,009

Food and agribusiness 902 185 1,087 912 177 1,089

Manufacturing 599 124 723 479 113 592

Cement and construction materials 487 112 599 405 112 517

Chemicals and petrochemicals 454 90 544 475 93 568

Timber, pulp and paper 373 109 482 283 96 379

Textiles 317 115 432 317 107 424

Hotels and tourism 290 49 339 265 48 313

Industrial and consumer services 155 38 193 77 28 105

Oil refining 167 9 176 154 8 162

Motor vehicles and components 100 36 136 121 36 157

Other 105 16 121 53 9 62

Total disbursed portfolio $ 7,733 $ 2,306 $ 10,039 $ 6,874 $ 2,102 $ 8,976

The distribution of the disbursed loan and equity investment portfolio by geographical region is as follows (US$ millions):

June 30, 1999 June 30, 1998

Loan Equity Total Loan Equity Total

Latin America and Caribbean $ 3,056 $ 727 $ 3,783 $ 2,748 $ 695 $ 3,4437 Asia 1,985 684 2,669 1,811 587 2,398

Europe 1,370 369 1,739 1,078 360 1,438Central Asia, Middle East and North Africa 865 247 1,112 829 212 1,041Sub-Saharan Africa 457 230 687 408 198 606; 26 Other - 49 49 - 50 50

Total disbursed portfolio $ 7,733 $ 2,306 $ 10,039 $ 6,874 $ 2,102 $ 8,976

At June 30,1999 25% (28%-June 30, 1998) of the disbursed loan portfolio consisted of fixed rate loans, while the remainder was atvariable rates.

The currency composition and average yield of loans disbursed and outstanding is summarized below (1'S$ millions):

June 30, 1999 June 30, 1998

Amount Average Amount Averageyield (%) yield (o/%)

US dollar S 7,051 8.0 $ 6,259 8.5Euro 550 7.1 481 7.7Japanese yen 59 5.4 55 6.0Swiss franc 53 6.5 62 6.8Other currencies 20 9.7 17 12.5

Total loans disbursed and outstanding $ 7,733 7.9 $ 6,874 8.4

Effective January 1, 1999 eleven member states of the European Union adopted the Euro as their common currency and the EuropeanCurrency Unit was automatically redenominated into the Euro. The analysis set out above has been recast into Euros. Refer to footnote A,"Summary of significant accounting and related policies" for further explanation.

Loans disbursed and outstanding in all currencies are repayable during the years ending June 30, 2000 through June 30, 2004 and there-after, as follows (17S$ millions):

2000 2001 2002 2003 2004 Thereafter TotalFixed rate loans S 408 $ 271 $ 240 $ 225 $ 206 $ 593 $ 1,943\ariable rate loans 976 795 872 732 726 1,689 5,790

Total loans disbursed and outstanding $ 1,384 $ 1,066 $ 1,112 $ 957 $ 932 $ 2,282 $ 7,733

The Corporation's variable rate loans disbursed and outstanding generally reprice within one year.

Loans on which the accrual of interest has been discontinued amounted to S857 million at June 30, 1999 (5633 million-June 30, 1998).Interest income not recognized on nonaccrUing loans during the year ended June 30, 1999 totaled $73 million ($47 million-year endedJune 30, 1998). Interest collected on loans in nonaccrual status, related to current and prior years, during the year ended June 30, 1999was $17 million ($7 million-year ended June 30,1998). The average recorded investment in impaired loans during the year endedJune 30, 1999 was $ 1,460 million ($1,240 million-year ended June 30, 1998). The recorded investment in impaired loans at June 30, 1999was $1,512 million ($1,409 million-June 30, 1998).

Changes in the reserve against losses for the years ended June 30, 1999 and 1998 are summarized below (US$ millions):

1999 1998

Loan Equity Total Loan Equity TotaL

Balanceatbeginningofyear $ 977 $ 545 $ 1.522 $ 719 $ 357 $ 1,076

Investments written off (12) (14) (26) (17) (11) (28)

Investments recovered - - - 2 - 2

Translation adjustments (4) - (4) (9) - (9)

Provision for losses 157 176 333 281 200 481

Balance at end of period $ 1,118 $ 707 $ 1,825 $ 976 $ 546 $ 1,522

The translation gain of $4.2 million ($8.7 million gain-year ended June 30, 1998) has been offset by an equivalent loss on currency

hedges. Both amounts have been recorded in translation adjustments in the income statement.

NOTE E-RESOURCE MOBILIZATION

Loan participations arranged to be placed with Participants for loans approved by the Board of Directors, loan participations signed as

commitments for which disbursement has not yet been made and loan participations disbursed and outstanding and serviced by the

Corporation for the Participants are as follows (US$ millions):

June 30, 1999 June 30, 1998

Loan participations arranged to be placed with Participants approved

but not committed $ 3,139 $ 3,045

Loan participations signed as commitments but not disbursed 807 1,573

Loan participations arranged to be placed with Participants approved

but not disbursed $ 3,946 $ 4,618

Loan participations disbursed and outstanding which are serviced

by the Corporation $ 7,514 $ 7,587

During the year ended June 30, 1999 the Corporation called and disbursed $1,194 million ($2,237 million-year ended June 30, 1998) of

Participants' funds.

The Corporation has securitized and sold variable rate US dollar loan participations to a trust (the Trust). Concurrently, the Corporation

provided a $20 million liquidity facility to the Trust and acquired $20 million of the Trust's Class C certificates. The outstanding balance

of the Trust's Class C certificates held by the Corporation was $10 million at June 30, 1999 ($10 million-June 30, 1998) and is included

in equity investments. The liquidity facility is included in receivables and other assets and totaled $10 million at June 30, 1999 (S18 mil-

lion-June 30, 1998). The Corporation has provided reserves for losses of $7 million at June 30, 1999 ($11 million-June 30. 1998)

against these instruments. Certain of the securitized loan participations are secured by security interests in personal and real property.

The principal balance outstanding of total loans securitized at lune 30, 1999 was $120 million ($168 million-June 30, 1998).

NOTE F-PAYABLES AND OTHER LIABILITIES

Payables and other liabilities are summarized below (US$ millions):

June 30, 1999 June 30, 1998

Accrued charges on borrowings $ 336 $ 319

Accrued charges on derivative financial instruments 313 311

Obligations for securities purchased 452 341

Accounts payable, accrued expenses and other liabilities 193 166

Total payables and other liabilities $ 1,294 $ 1,137

-W NOTE G-BORROWINGS

I'he Corporation's borrowings outstandinig from market sources and currency and interest rate swaps, net of unamortized issue premi-ums and discouLits, are summarized below:

$ ~~~~~~~~~~~~~~~~~~~~June 30, 1999

Interest rate swapsCurrency swaps notional principal

Market borrowings payable (receivable) payable (receivable) Net currency obligationWeighted Weighted Notional Weighted Weighted

28 Amount (US average Amount (US average amount (US average Amount (US average$ millions) cost (%) $ millions) cost (%) $ millions) cost (%) $ millions) cost (%)

US dollar $ 3,818 5.7 $ 8,995 4.7 S 3,766 4.9 S 12,804 5.1(3,7751) (5.4)

Pound sterling 1,6111 3.8 (1,6111) (5.6) 475 5.1 - -(475) (5.8)

Euro 3,087 6.7 (3,0(87) (6.7) -

lonig Kong dollar 1.258 8.6 (1258) (8.6) - - - -lapanese ven 896 5.3 (896) (5.3) - - - -South African rand 528 12.8 (528) (12.8) - -

Greek drachma 355 8.5 (355) (8.5) - - -Australian dollar 3(02 6.11 (31)2) (6.0) - - -Singapore dollar 176 4.5 (176) (4.5)Swiss fianc 162 5.3 (162) (3.2) 65 (1.8 - -

(65) (6.01)('anadian dollar 129 -- 1129)Philippinie peso 69 111.3 (69) (1(0.3)Polish new zloty 51 15.5 (51) (15.5) -

Swedish kronor 47 1(0.6 (47) (111.6) - - -('zech koruna 28 15.9 (28) (15.9) -

Slovak koruna 27 11.8 127) (11.8) -

Estonia kroon 7 1().() (7) 1 0(10) -

Principal at face value $ 12,541 $ 272 $ (9) $ 12,804I.ess: uiiamiortized discounts 461

Total market borrowings $ 12,080

June 30, 1998

Interest rate swapsCurrency swaps notional principaL

Market borrowings payable (receivable) payable (receivable) Net currency obLigationWeighted Weighted Notional Weighted Weighted

Amount (US average Amount (US average amount (US average Amount (US average$ millions) cost (%) $ mitlions) cost (%) $ milLions) cost (%) $ miLLions) cost (%)

US dollar $ 3,412 6.4 $ 8,187 5.3 S 3,223 5.5 $ 11,599 5.3(3,2231) (6.5)

Euro 2,878 5.4 (2,815) (5.4) - - 63 3.0f long Koong dollar 1,0(16 9.6 (1.1)16) (9.6) -

Japaicse yen 874 4.4 (874) (4.4) - -Greek drachma 754 12.8 (754) (12.8) -

South African rand 592 15.4 (592) (15.4) - -Australiani dollar 489 7.10 (489) (7.1) - - -Pound stcrling 354 6.3 (354) (6.3) - - -(Canadian dollar 251 7.8 1291) (7.8) - - -(Czech koruLia 137 12.6 1371) (12.6)Swiss frinc 99 4.8 (991) (4.8)Polish new zlotv 72 2(0.3 (72) (2(0.3)Russian ruble 64 25.0 (64) (25.1))Philippine peso 62 10.3 (62) (10.3) -

Israel shekel 54 10.3 (54) (111.3)Swedish kronor 51 1(1.6 (51) (10.6) -

Slovak koruna 34 11.8 341 11.8)

Principal at face value $ 11,193 $ 469 $ - $ 11,662L,ess: unamortized discounts 485

Total market borrowings $ 10,708

Effective January 1, 1999 eleven member states of the European Ulnion adopted the Euro as their common currency and the European

Currency Unit was automatically redenominated into the Euro. 'The analysis set out above has been recast into Euros. Refer to footnote A,

"Summary of significant accounting and related policies" for further explanation.

The weighted average cost of the Corporation's borrowings outstanding from market sources after currency and interest rate swap trans-

actions was 5.10% at June 30, 1999 (5.3%-June 30, 1998). The weighted average maturity of the Corporation's borrowings from market

sources was 7.3 years at June 30, 1999 (6.7 years-June 30, 1998).

The $272 million net payable from currency swaps at June 30, 1999 ($469 million payable-june 30, 1998), shown in the ahove table, CoII-

sists of currency swap receivables of $8,869 million ($8,074 million-June 30. 1998) and currency swap pavables of 89,141 million 29

($8,543 million-June 30, 1998) which are included in receivables from currency and interest rate swaps and payables for currency and

interest rate swaps respectively, on the balance sheet.

Borrowings outstanding from IBRD are summarized below:

June 30, 1999 June 30, 1998

Principal Weighted Principal Weightedamount average amount average

(US$ millions) cost (%) (US$ miLLions) cost (/o)

US dollar $ 187 6.5 $ 198 6.6

Euro 96 7.2 171 7.1)

Japanese yen 38 5.7 45 5.8

Swiss franc 27 5.7 37 5.7

Pound sterling 2 8.0 3 8.5

Total borrowings outstanding from IBRD $ 350 $ 454

Effective January 1, 1999 eleven member states of the European Unioni adopted the Euro as their common currency and the European

Currency Unit was automatically redenominated into the Euro. The analysis set out above has been recast into Euros. Refer to footnote A,

"Summary of significant accounting and related policies" for further explanation.

The weighted average maturity of borrowings from IBRD was 11.7 years at June 30, 1999 (11.0 years-June 30, 1998).

Undrawn balances on committed borrowings from IBRD at June 30, 1999, were $5 million ($12 million-June 30, 1998). Charges on bor-

rowings for the year ended June 30, 1999 includes $28 million (S42 million-year ended June 30, 1998) in respect of IBRD borrowings.

The principal amounts repayable on borrowings outstanding in all currencies, gross of any premiums or discounts, during the years end-

ing June 30, 2000 through June 30, 2004 and thereafter are summarized below (USS millions):

2000 2001 2002 2003 2004 Thereafter Total

Borrowings from market sources $ 1,354 $ 1,838 $ 2,088 $ 2,691 $ 1,606 $ 2,964 $12,541

Borrowings from IBRD 74 62 45 39 36 94 350

Totalborrowings, gross $ 1,428 $ 1,900 $ 2,133 $ 2,730 $ 1,642 $ 3,058 $12,891

After the effect of interest rate and currency swaps, the Corporation's borrowings generally reprice within one year.

NOTE H-CAPITAL STOCK

On May 4, 1992 the Board of Governors approved a resolution increasinig the authorized capital of the Corporation from $1,300 million

to $2,300 million. The resolution allocated $964.9 million for subscriptions by member countries during the subscription period ending

August 1, 1999. Members may elect to pay subscriptions in full or by installnients, the last of which is payable on August 1,1999.

On December 10, 1992 the Board of Governors of the Corporation approved a resolution selectively increasing IF's authorized capital

by $150 million to $2,450 million in order to provide sufficient shares for the full entitlement of the former Soviet Republics and to pro-

vide adequate shares for additional requests for existing members.

During the vear ended June 30, 1999 10,007 shares were subscribed bv member countries at a par value of $1,000 each (8,84(0-

year ended June 30, 1998). A total of $13 million was paid in on account of subscriptions ($108 million-year ended June 30, 1998).

NOTE I-INTEREST AND FINANCIAL FEES FROM LOAN AND EQUITY INVESTMENTS

Interest and financial fees from loan and equityinv,estments forthe vears ended June 30, 1999 and 1998 comprise the following (US$ millions):

1999 1998

Interest income $ 570 $ 541

Commitment fees 9 1 0

Other financial fees 28 32

Total interest and financial fees $ 607 $ 583

11 S NOTE J-CONTRIBUTIONS TO SPECIAL PROGRAMS

From timne to time, the Board of Directors approves recommendations under which the Corporation contributes to special programs,which presently are the Africa Project Development Facility (APDF), the South Pacific Project Facility (SPPF), the Foreign InvestmentAdvisory Service (FIAS), the Enterprise Support Services for Africa (ESSA), and the Mekong Project Development Facility (MPDF).During the year ended June 30, 1999, the Corporation contributed $3.4 million to these facilities ($4.0 million-year ended June 30, 1998).

NOTE K-DERIVATIVE FINANCIAL INSTRUMENTS AND CREDIT RISKDerivative financial instruments involve elements of credit and market risk in excess of the amounts recorded on the balance sheet. The

30 contractual or notional amounts of these instruments reflect the extent of the Corporation's involvement in such instruments. Credit riskrepresents the maximum potential accounting loss due to possible nonperformance by obligors and counterparties under the terms of thecontract. Market risk represents the potential loss due to a decrease in the value of a derivative financial instrument caused primarily bychanges in interest rates or currency exchange rates. The Corporation's exposure to credit loss in the event of nonperformance by coun-terparties for currency swaps and guarantees is represented by the contractual or notional amounts of these instruments. For interest rateswaps, covered forwards, futures and option contracts, commodity-indexed contracts, interest rate caps and guarantees on swaps, thecontractual or notional amounts do not represent exposure to credit loss.

The Corporation is highly selective in its choice of counterparties and does not consider nonperformance to represent a significant risk. Forderivative financial instruments, the Corporation limits activity to a list of authorized dealers and counterparties. Credit limits have beenestablished for each counterparty by type of instrument and maturity category and collateral agreements have been executed with counter-parties in order to further minimize the Corporation's exposure to credit risk. Under these agreements, the Corporation may accept collat-eral in the form of cash or other approved liquid securities from individual counterparties in order to mitigate its credit exposure.

A summary of the aggregate contractual or notional amounts of derivative and other financial instruments is as follows (US$ millions):

June 30, 1999 June 30, 1998

Currency swapsBorrowing-related $ 8,869 $ 8,074Intermediary 72 91Loan-related 436 357Deposits and securities-related:

For other than trading purposes 3,373 2,948Total currency swaps $ 12,750 $ 11,470

Interest rate swapsBorrowing-related $ 4,315 $ 3,223Intermediary 1,072 972I.oan- related 299 1991)eposits and securities-related:

For other than trading purposes 2,333 1,378Other 148 245Total interest rate swaps $ 8,167 $ 6,017

Guarantees to clientsSigned $ 256 $ 101Issued and outstanding 105 58

Other derivative financial instrumentsBorrowinig-related:

Guarantees on swaps $ 155 $ 136Option contracts 15 39

Intermediary:Guarantees on swaps 21 21

Loan-related:Interest rate caps 7 7

Deposits and securities-related:For trading purposes-

Covered forwards 24 28For other than trading purposes-

Covered forwards - 952Other:

Interest rate caps 170 234Total other derivative financial instruments $ 392 $ 1,417

There was no cash settlement value for the call options or put warrants purchased at June 30, 1999 and June 30, 1998.

The off-balance sheet credit exposure, which represents the maximum estimated replacement cost, at market rates, of derivative financialinstruments in a gain position, is summarized as follows (US$ millions):

June 30, 1999 June 30, 1998

Currency swaps $ 832 $ 996Interest rate swaps 152 146

Other derivative financial instruments:Deposits and securities-related -

For trading purposes 7 -For other than trading purposes - 52

Other 6 3

Total credit exposure $ 997 $ 1,197

The expected maturities of currency swaps, interest rate swaps and other derivative financial instruments during the years endingJune 30, 2000 through June 30, 2004 and thereafter are summarized below (US$ millions):

2000 2001 2002 2003 2004 Thereafter Total

Currency swapsBorrowing-related:

Pay variable US dollars,receive fixed currency $ 1,276 $ 1,799 $ 1,347 S 1,414 $ 564 $ 2,469 S 8,869

Intermediary 15 14 13 12 7 11 72Loan-related 40 72 104 67 42 111 436Deposits and securities-related:

Receive variable US dollars,pay fixed currency 1,110 707 1,022 344 176 14 3,373

Total currency swaps 2,441 2,592 2,486 1,837 789 2,605 12,750

Interest rate swapsBorrowing-related:

Receive fixed US dollars,pay variable US dollars 79 40 741 1,513 1,279 663 4,315

Intermediary 69 163 143 132 85 480 1,072Loan-related 85 19 29 31 26 109 299Deposits and securities-related:

Receive variable US dollars,pay fixed US dollars 304 424 739 676 150 40 2,333

Other 21 48 30 23 13 13 148

Total interest rate swaps 558 694 1,682 2,375 1,553 1,305 8,167

Other derivative financial instruments 73 164 36 38 18 63 392

Total derivative financial instruments $ 3,072 $ 3,450 $ 4,204 $ 4,250 $ 2,360 $ 3,973 $21,309

NOTE L-ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

Many of the Corporation's financial instruments lack a trading market, characterized as exchanges between willing buyers and sellers.Accordingly, subjective estimates and present value calculations of future cash flows were used to estimate the fair values. Determiningfuture cash flows for fair value estimation is subjective and imprecise, and minor changes in assumptions or methodologies maymaterially affect the estimated values. The excess or deficit resulting from the difference between the carrying amounts and the fair valuespresented do not necessarily reflect the realizable values since the Corporation generally holds loans and other financial instrumentsto maturity with the aim of realizing their recorded values.

The estimated fair values reflect the interest rate environments as of June 30, 1999 and June 30, 1998 but not the effects of interest ratefluctuations for any period preceding or following those dates. In different interest rate environments, fair value results can differ signifi-cantly, especially for certain fixed rate financial instruments. Reasonable comparability of fair values among financial institutions is notlikely, because of the wide range of permitted valuation techniques and numerous estimates that must be made in the absence of sec-ondary market prices. This lack of objective pricing standards introduces a greater degree of subjectivity and volatility to these derived orestimated fair values. Therefore, while disclosure of estimated fair values of financial instruments is required, readers are cautioned inusing this data for purposes of evaluating the financial condition of the Corporation. The fair values of the individual financial instru-ments do not represent the fair value of the Corporation taken as a whole.

I'he imethodolo]gies used and kev assumptions maide to estimate fair values as of June 30, 1999 and 1998 are summarized below:

Liquid assets-The estimated fair value of the time deposits and the trading and available for sale securities portfolios are based on: quoted market prices and the present value of estimated future cash flows using appropriate discount rates.

Derivative financial instruments-Fair values for interest rate and currency swaps were derived by determining the present valueof estimated futuLre cash flows using appropriate discount rates. Fair values for covered forwards were derived by using quoted marketforward exchange rates. Fair values for commodity-indexed contracts and call options were based on pricing models. Fair value for putwarrants was based on quoted market prices.

32 Loan investments and commitments-The Corporation, which extends loans to entities operating in the private sector in its developing

member countries, generally has not sold its loans from the portfolio and there is no comparable secondary market. Fair values for fixedrate loans and loan commitments were determined using a discounted cash flow model based on a discount rate comprising the fixed rateloan spread plus the year end estimated cost of funds. Since rates on variable rate loans and loan commitments are generally reset ona quarterly or six monthly basis, the carrying value adjusted for credit risk was determined to be the best estimate of fair value. TheCorporation also holds options to convert loans into equity of certain of its investee companies. Fair values of these conversion optionsare based on quoted market prices or other calculated values of the underlying equity investment.

Equity investments-Fair values were determined using market prices where available, put option prices, book values or cost, certainof which were discounted based upon management's estimate of net realizable value. Where market prices were not available or alternatevaluation techniques were not practical, cost was determined to be the best estimate of fair value. Management's estimate of fair valuetakes irito consideration the relative illiquiditv and volatility, as well as the overall business constraints, in the emerging markets in whichthe Corporation invests.

Borrowings and commitments-Fair values were estimated using a discounted cash flow model based on rates representinig theCorporation's estimated year end cost to raise funds with similar terms and remaining maturities.

Estimated fair values of the Corporation's financial instruments are summarized below (US$ millions):

June 30, 1999 June 30, 1998

Carrying Carryingamount Fair vatue amount Fair vatue

Financial assetsD)ue from banks $ 54 S 54 S 113 $ 113I'ime deposits 2,423 2,423 4,354 4,354Securitics:

Irading securities 670 670 434 434Associated derivative financial instruments-

D)erivative assets 24 24 28 28l)erivative liabilities (24) (24) (28) (28)Net trading portfolio 670 670 434 434

Available for sale securities 8,024 8,024 5,835 5,835Associated derivative financial instruments-

D)erivative assets 3,358 3,358 3,889 3,889D)erivative liabilities (3,382) (3,382) (3,7102) (3,702)Net available for sale portfolio 8,(00 8,0()() 6,022 6,022

Loan investments 7,733 8,186 6,874 7,0)70Ecquity investments 2,306 2,716 2,102 2,450

Total investments 10,039 10,902 8,976 9,520Reserve against losses (1,825) (1,825) (1,522) (1,522)

Net loan and equity investmellts 8,214 9,077 7,454 7,998

Intermiiediary currency swaps receivable 72 79 91 91Loan-rclated currency and interest rate swaps receivable 436 565 357 398

Financial liabilitiesMarket and tBRt) borrowings outstanding $ 12,429 $ 13,386 S 11,162 $ 12,389Associated derivative financial instruments:

Receivables from currency and interest rate swaps (8,399) (9,344) (7,581) (8,677)Payables for currency and interest rate swaps 9,137 9,168 8,540 8,571

Net borrowings outstanding 13,167 13,210 12,121 12,283Intermediary currency swaps payable 72 79 91 9(Loan-related currency and interest rate swaps payable 396 517 325 363

June 30, 1999 June 30, 1998

ContractualV ContractuaL/notional notionalamount Fair value amount Fair vaLue

Other financial instrumentsLoan commitments $ 2,062 $ 2,078 $ 2,022 $ 2,044Borrowing commitments 5 5 12 12Intermediary interest rate swaps, client 536 17 486 20Intermediary interest rate swaps, counterparty 536 (9) 486 (13)Other interest rate swaps 148 1 245 -Interest rate caps 177 - 241

Guarantees on swaps 176 2 157 (5)

NOTE M-CURRENCY POSITION

The Corporation conducts its operations for its loans, deposits and securities and borrowings in multiple currencies. The Corporation'spolicy is to minimize the level of currency risk by closely matching the currency of its assets (other than equity investments and quasi-equity investments) and liabilities by using hedging instruments. The Corporation's equity investments in enterprises located in its

developing member countries are typically made in the local currency of the country. As a matter of policy, the Corporation carries the

currency risk of equity investments and quasi-equity investments and funds these investments from its capital and retained earnings.

The following table summarizes the Corporation's exposure in major currencies at June 30, 1999 and 1998 (US$ millions):

June 30, 1999Japanese Other

US do[lar Euro yen currencies Total

AssetsLiquid assets $ 7,729 $ 1,028 $ 1,948 $ 466 $ 11,171Securities purchased under resale agreements 198 - - - 198

Loan investments disbursed and outstanding 7,051 549 59 74 7,733Equity investments disbursed and outstanding - - - 2,306 2,306

Total investments 7,051 549 59 2,380 10,039Reserve against losses (1,687) (121) (8) (9) (1,825)

Net investments 5,364 428 51 2,371 8,214

Receivables from currency and interest rate swaps 3,976 3,069 898 4,323 12,266Receivables from covered forwards 24 - - - 24

Receivables and other assets 1,222 182 25 154 1,583

Total assets $ 18,513 $ 4,707 $ 2,922 $ 7,314 $ 33,456

LiabilitiesBorrowings $ 3,979 $ 3,151 $ 935 $ 4,364 $ 12,429Payables for currency and interest rate swaps 9,205 1,363 1,960 459 12,987Payables for covered forwards - 22 - 2 24

Other liabilities 1,068 155 1 129 1,353Securities sold under agreements to repurchase and

payable for cash collateral received 1,319 - - - 1,319

Total liabilities $ 15,571 $ 4,691 $ 2,896 $ 4,954 $ 28,112

June 30, 1998

Japanese OtherUS dollar Euro yen currencies Total

Assets

Liquid assets $ 6,455 $ 2,149 $ 980 $ 1,153 $ 10,737Securities purchased under resale agreements 10 - - - 10

Loan investments disbursed and outstanding 6,259 480 55 80 6,874Equity investments disbursed and outstanding - - - 2,102 2,102

'total investments 6,259 480 55 2,182 8,976Reserve against losses (1,372) (123) (9) (18) (1,522)

Net investments 4,887 357 46 2,164 7,454

Receivables from currency and interest rate swaps 3,630 2,903 874 3,557 10,964RZeceivables from covered forwards 962 - - 17 979Receivables and other assets 1,104 169 54 150 1,477

Total assets $ 17,048 $ 5,578 $ 1,954 $ 7,041 $ 31,621

LiabilitiesBorrowings $ 3,591 $ 3,043 $ 920 $ 3,608 $ 11,162I'ayables for currency and interest rate swaps 8,343 1,816 829 738 11,726Payables for covered forwards (15) 507 145 315 952Other liabilities 718 184 59 243 1,204Securities sold under agreements to repurchase and

payable for cash collateral received 1,492 - - - 1,492

Total liabilities $ 14,129 $ 5,550 $ 1,953 $ 4,904 $ 26,536

Effective January 1, 1999 eleven member states of the European Union adopted the Euro as their common currency and the EuropeanCurrency Unit was automatically redenominated into the Euro. The analysis set out above has been recast into Euros. Refer to footnote A,"Sunmmary of significant accounting and related policies" for further explanation.

NOTE N-SEGMENT REPORTING

An analysis of the Corporation's major components of income and expense by business segment for the years ended June 30, 1999 and1998 is given below (US$ millions):

1999 1998

Client Treasury Client Treasuryservices services Total services services Total

Interest income $ 606 $ 532 $ 1,138 $ 583 $ 550 $ 1,133Service fees 33 - 33 66 - 66

Income from equity investments 265 - 265 314 - 314Charges on borrowings (295) (375) (670) (297) (354) (651)Provision for losses on investments (333) - (333) (481) - (481)Administrative expenses (247) (3) (250) (210) (3) (213)Other noninterest income and expense 66 - 66 78 - 78

Net income $ 95 $ 154 $ 249 $ 53 $ 193 $ 246

NOTE O-STAFF RETIREMENT PLANThe World Bank Group has a defined benefit Staff Retirement Plan (SRP) that covers substantially all of the Corporation's staff. The SRP

also covers substantially all the staff of IBRD and MIGA.

The following table summarizes the benefit costs associated with the SRP allocated to the Corporation, included in income from StaffRetirement Plan, for the years ended June 30, 1999 and 1998 (US$ millions):

1999 1998

Benefit costService cost $ (29) $ (26) 35Interest cost (50) (51)

Expected return on plan assets 115 96Amortization of prior service costs (1) (1)Amortization of unrecognized net gain/loss 27 23Amortization of transition asset 2 2

Net periodic pension income $ 64 $ 43

The following table summarizes the benefit obligations, plan assets and funded status associated with the SRP for the World Bank Groupat June 30,1999 and 1998 (US$ millions):

June 30, 1999 June 30, 1998

Benefit obligationBeginning of year $ 5,890 $ 5,516

Service cost 217 213

Interest cost 378 406

Employee contributions 61 58Benefits paid (231) (206)

Actuarial (gain)/loss 168 (97)

End of year 6,483 5,890

Fair value of plan assetsBeginning of year 9,608 8,613Employee contributions 61 58

Actual return on assets 788 1,142

Benefits paid (231) (205)

End of year 10,226 9,608

Funded statusPlan assets in excess of benefit obligation 3,743 3,718

Unrecognized net gain from past experience different from that assumedand from changes in assumptions (2.713) (3,158)

Unrecognized prior service cost 50 58Remaining unrecognized net transition asset (52) (65)

End of year $ 1,028 $ 553

Of the $1,028 million prepaid SRP cost at June 30, 1999 ($553 million-June 30, 1998), $133 million is attributable to the Corporation($69 million-June 30, 1998) and is included in receivables and other assets.

The underlying actuarial assumptions used are based on financial market interest rates, past experience and management's best estimateof future benefit changes and economic conditions. Changes in these assumptions will impact future benefit costs and obligations. Theweighted average assumptions used in determining expense and benefit obligations are as follows (%):

June 30, 1999 June 30, 1998

Discount rate 7.25 6.50

Expected return on plan assets 9.00 9.00Rate of compensation increase 5.25-11.75 4.50-11.00

The effect of projected compensation levels was calculated based on a scale that provides for a decreasing rate of salary increase dependingon age, beginning with 11.75% (11.00%-June 30, 1998) at age 20 and decreasing to 5.25% (4.50%-June 30,1998) at age 64.

NOTE P-OTHER POSTRETIREMENT BENEFITS

V Other postretirement benefits are also provided for eligible active and retired WNorld Bank Group staff, including those of theCorporation, through a Retired Staff Benefits Plan (RSBP) and a Post Employment Benefits Plan (PBEP).

During the year ended June 30, 1998 the Wlorld Bank Group reviewed the status of the RSBP and PBEP accounts and determined that theassets and liabilities did not qualify for off-balance sheet accounting. At June 30, 1998 the assets and liabilities were recorded on IBRD'sbalance sheet. The Corporation included a receivable from IBRD of 572.0 million in receivables and other assets relating to its share ofthese postretirement benefits net assets, representing a prepaid postretirement benefits cost, resulting in income to the Corporation for

36 the year ended June 30, 1998 of $45.7 million. Of this amount, $15.9 million related to the cumulative effect of prior periods on retainedearnings at June 30, 1997 and has been included in effect of accounting change in the income statement.

During the first quarter of fiscal year 1999, the postretirement benefits plans were modified so that some of the assets designated forother postretirement benefits met the requirements for plan assets prescribed under SFAS No. 106, Employers Accounting for PostretirementBenefits Other than Pensions. Accordingly, those plan assets and liabilities were removed from IBRD's balance sheet, and the Corporation'sreceivable from IBRD was reduced accordingly. At June 30, 1999 the receivable from IBRD included in receivables and other assets was$17.7 million. Expense from the decrease in the Corporation's share of plan net assets, included in increase (decrease) in share of netassets held for postretirement benefits, wgas $0.1 million for the year ended June 30, 1999.

NOTE O-SERVICE AND SUPPORT PAYMENTSThe Corporation obtains certain administrative and overhead services from IBRD in those areas where common services can be efficientlyprovided by IBRD. This includes shared costs of the Boards of Governors and Directors, and other services such as communications, inter-nal auditing, administrative support, supplies and insurance. Payments for these services are made by the Corporation to IBRD based onnegotiated fees, chargebacks, and allocated charges where chargeback is not feasible. Expenses allocated to the Corporation for the yearended June 30, 1999 were $16.5 million ($14.4 million-year ended June 30, 1998).

NOTE R-TRUST FUNDS

'The Corporation uses the services of IBRD to administer funds on behalf of donors which are restricted for specific uses which includetechnical assistance, feasibility studies and project preparation, global and regional programs and research and training programs. Thesefunds are placed in trust and are not included in the Corporation's assets. The responsibilities of the Corporation are to arrange for ser-vices generally not otherwise provided by it including full project implementation and procurement of goods and services. The distribu-tion of Trust Fund assets by executing agent is as follows (US$ millions):

June 30, 1999 June 30, 1998Total fiduciary Number of Total fiduciary Number of

assets active funds assets active funds

Executed by the Corporation S 82 365 $ 65 285Executed by the recipient 7 5 7 4

Total $ 89 370 $ 72 289

37

Investment PortfolioStatement of Cumulative Gross Commitments (by country)

Investment Portfolio Summary1999 Investment Portfolio

Cumulative Commitnients CumuLative CommitmentsContry, region Number of (US$ thousands) Country, region Number of (US$ thousands)

or other are; enterprises IFC Syndications Total or other area enterprises IFC Syndications Total-

Afghanistan 1 322 0 322 G,hana 32 210,196 212,000( 422,196Albania 2 92Y,7() 0 29,7/0( (,reece7 26,006 41,107 67,113Algeria 3 13,0()(0( 13,000 ( ,reinada I 6,(000( 6,00()Angola 2 2,110 0 2.110 (;uatemala I11 156,375 98,()()0 254,375Argentin2a 152 2,356,412 2,171,086 4,527,498 Guinea 8 31,676 31,676Australia 2 9715 0 975 (;uinea 13issau 3 6.X888 0 6,888Azerbaijan 1) 115,095 100,00() 215,095 ,uvana 2 3,00 0 3,000

Bangladesh 1( 63,894 45,584 109,478 Haiti 1 1,50()( 1,5()(13arbados 3 8,625 0 8,62; Honduras 7 63,332 79,4()1 142,733Belarus 1 2,250 () 2,250 f lungary 24 3()9,626 71,42) 381,046Belize 3 21,500 11,000 32,500B3eni 6 1,912 0 1,912 India 12() 1,714,287' 463,5()7 2,177,795Bolivia 16 153,282 36,00() 189,282 Iindotiesia 66 1,()29,456 1,167,623 2,197,()78Bosnia andillerzegovina 12 66,()61 7,366 73,427 Iran, lslami;icRepublic of 7 34,343 8,193 42,53613otswana 3 1,876 0 1,876 Israel 1 10,50()( 10,50()L3razil 121 2,564,477 2-194,232 4,758,709 Italv 1 960 () 960Bulgaria 6 72,000 9,500 8 L,500BLurkina Faso 5 2,641 0 2,641 Jamaica 13 67,907 48,926 116,833Burundi 1 5,878 0 5,878 Gordan 17 156,423 72,250) 226,673

C.ameroonl 18 1 77,1 79 374,000 551,179 Kazakhstan 7 145,569 117,917 263,485CapenVerdc 2 1,9670 0 1,960 Kenya 49 232,134 35,667 267,801(lhile 35 748,898 398,733 1,147,631 Korea, Republic of 42 475,101 134,738 609,839Ahina 36 412,048 409,313 821,362 Krgy Republic 40,450 ) 4,450Aeolombia 50 468,202 294,574 762,777

ongo, lemocratic l2ao People's )emocratic 3 1,917 0 6,917Republk of 8 49,249 0 49,249 Republic

A'ongo, Rbpa blic of 6 115,168 25,00(0 142,168 uatvia 4 49,104 49,1()4Costa Rica 12 88,581 14,709 103,29, ebanon 23 259,254 196,43(0 455,684('roatia 6 102,276 63,091 165,368 I.esotho 2 454 0 454

ayprbs 5 14,307 097 14,904 H6iberia 2 9,203 (1 9,2,73.zech RepuLblic 1 361,987 241,448 603,435 Lithuuania 4 45,644 (1 45,644

Bote d'lvoire 36 205,424 74,485 279,9(9IMacedonia, foria1er ( 62,286 25,05(17 87,286

Bominica a a 1 1 760 701 Yugoslavi Republic ofl)ominican ReCpublic 11 97,999 74,100 172,099 Nladagascar 1( 46,291 () 46,291

M\alawvi 12 34,948 () 34,948Ecuador 14 108,860 24,236 133,896 I\salavsia 1 54,909 5,389 60,298

agypt, ArabRepublicof 35 5641,152 171,954 673,106 Maldives 1 6,00 ( 6,0(0El Salvador 8 63,454 38,50(0 101,954 Mali 12 87,719 40)0(( 127,719Eritrea 1 940 26940 1 auritania 7 34,276 9,598 43,833Estonia 7 52,078 52,078 oauritia s 17 1 3,423 98 378,(5522Ethiopia 4 21,848 1,719 23,568 5,7exico 9K k 2,()5,932 1,676,498 3,682,340

a d6olc6ova 4 23,857 25,6670 48,857Fihi 7 26,663 2,500 29,163 K ,olugoli c o 1,750 1 1,750Fhiila 3d 4 1,233 1,915 3,148 Morocco 25 318,613 2(6,232 524,845

C maozan4bi85 14 146,993 74 146,993(Rpaboi 4 105,249 110,00( 2145,249Cpambia,r'uhe 8 6,174 0 6,174 NaL ibia 2 12,520 0 12,500Ceoreia 6 24,105 0 24,105 Nepal 5 68,661 36,009 104,661

O ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~aeona omr7 6,8 5011 8,8

Statement of Cumulative Gross Commitmentsat June 30, 1999

39Cumulative Commitments Cumulative Commitments

Country, region Number of (US$ thousands) Country, region Number of (US$ thousands)or other area enterprises IFC Syndications Total or other area enterprises IFC Syndications Total

Nicaragua 6 17,043 929 17,971 Yemen, Republic of 7 38,352 1,099 39,451

Niger 1 2,267 0 2,267

Nigeria 35 195,655 99,017 294,672 Zambia 22 101,775 24,044 125,820

Zimbabwe 48 279,094 99,0(0 378,094

Oman 3 27,381 57,000 84,381REGIONAL INVESTMENTS

Pacific Islands 1 3,600 0 3,600 Africa 9 54,176 1,940 56,116

Pakistan 76 985,326 555,409 1,540,734 Asia 1() 377,265 0 377,265

Panama 6 100,100 35,000 135,100 Europe 18 168,391 25,000 193,391

Papua New Guinea 2 13,300 0 13,300 Latin America 22 227,768 25,000 252,768

Paraguay 4 15,008 0 15,008 Other* 28 266,291 102,884 369,175

Peru 26 233,507 170,621 404,128 WVorldwide Investments 16 331,322 183,000 514,322

Philippines 59 788,112 507.879 1,295,991 Total 2,264 26,720,783 17,907,055 44,627,838

Poland 40 351,524 118,606 470,130

Portugal 8 51,887 11,000 62,887

Romania 13 129,578 174,042 303,619

Russian Federation 27 381,341 60,000 441,341

Rwanda 2 2,307 0 2,307

St. Lucia 2 9,940 0 9,940

Samoa 3 974 0 974

Senegal 16 74,578 12,213 86,790

Seychelles 6 29,519 2,500 32,019

Sierra Leone 3 25,186 0 25,186

Slovak Republic 4 62,844 0 62,844

Slovenia 11 226,653 54,026 280,680

Somalia 2 1,351 0 1,351

South Africa 20 113,197 15,000 128,197

Spain 5 19,048 1,685 20,733

Sri Lanka 16 59,178 23,672 82,850

Sudan 6 26,511 6,489 32,999

Swaziland 8 38,882 0 38,882

Tajikistan 2 14,843 0 14,843

Tanzania 31 70,663 13,386 84,049

Thailand 51 962,249 1,701,374 2,663,623

Togo 5 12,424 0 12,424

Trinidad and Tobago 6 70,759 205,000 275,759

Tunisia 19 87,741 2,324 90,065

Turkev 98 1,506,235 1,120,785 2,627,020 Note: Cumulative commitments are composed of disbursed andundisursed balances. The undisbursed portion is revaLued at current

Uganda 31 68,535 1,588 70,123 exchange rates, while the disbursed portion represents the cost ofcommitment at the time of disbursement. Excludes risk management

Ukraine 3 12,279 0 12,279 and guarantee facilities.

Uruguay 9 69,920 20,000 89,920Uzbekistan 8 27,930 16,250 44,180 * Of this amount, $9.8 million represents investments made at a time

when the authorities on Taiwan represented China in InternationalFinance Corporation. The balance represents investments in the

Vanuatu 1 5,478 0 5,478 Federal Republic of Yugoslavia (Serbia and Montenegro), which has

Venezuela 29 553,006 611,410 1,164,416 not yet completed requirements for membership in IFC, and in West

Vietnam 14 160,287 183,375 343,662 Bank and Gaza.

40

June 30, 1999 June 30, 1998

Equity TotaL Loans Equity Total loansLoans (at cost) and equity Loans (at cost) and equity

IFC Portfolio

Total 9,795 3,122 12,917 8,896 2,552 11,447Undisbursed balances 2,062 815 2,877 2,022 450 2,472

Disbursed balanices 7,733 2,307 1(0,039 6,874 2,1(02 8,976

Loans and equity held by IFC

for Participants

Total 8,321 - 8,32] 9,159 - 9,159Llldisbursed balances 8(07 - 80)7 1,573 - 1,573

t)isbursed balances 7,514 7-514 7,587 7,587

IFC portfolio and loans and equity

held for participants

Iotal 18,116 3,122 21,238 18,(055 2,55 2 (),607

Undisburscd balanlces 2,870 815 3,685 3,594 45() 4,)44

D)isbursed balaances 15,246 2,307 17,553 14,460 2,102 16,562

Note: TotaLs may differ from the sum of individual figures because of rounding.

g',~~~~~~~~~~~~~~~,

Sub-Saharan Africa(as of June 30, 1999)

Original commitments' Investments held for IFC2Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)

in whichcommitments Total Total Equity Total loans

Country, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

ANGOLA

Equador, Empreendimentos Hotels and 'lourism 97 1.5 - 1.5 - 1.5

I-loteleiros e Turisticos Ltda.

Fabrica de Bleach Corasol Manufacturing 99 0.6 _ 0.6 - 0.6

Limitada2.1 2.1

BENIN

BankofAfrica Benin (BOAB3) Financial Services 93, 94,95 0.3 - - 0.3 0.3

Equipbail S.A. Financial Services 9; 0.5 - 0.1 0.1 0.2

Societe Beninoise de P&he Food and Agribusiness 92 0.3 - - + +

Union Beninoise d'Assurances- Financial Services 96 ().1 - - 0.1 0.1

Vie (UBA VIE)0.1 0.5 0.6

B OTS WAN A

ULC (Proprietary) Limited Financial Services 90, 93 0.8 - - ().8 0.8

(1.8 ().8

BURKINA FASO

Ecobank-Burkinia Financial Services 98 0.3 - - 0.3 0.3

Fasomine Ntining and 99 1.5 - 1.0 0.5 1.5

Extraction of Metals

and Other Ores

Societe G,6nerale de Banques au Financial Services 98 0.4 - 0.4 0.4

Burkina1.0 1.1 2.1

CAM EROON

Alucam-Compagnie Mining and 79 7.9 - - 1.9 (1.9

Camerounaise de l'Aluininium Extraction of

Pechinev-Ugin Nletals and Other Ores

(Complexe Avicole MXVOG(-BETSI Food and Agribusiness 96 (1.3 0.3 - 0.3

Cotonniere Industrielle du Textiles 86 6.5 4.2 - 4.2

Cameroun (CICANI)Nouvelle 'aninerie du Cameroon Manlufacturing 97 0.9 - 0.7 - (.7

Pecten Cameroon Company Nlining and Extraction 92,96,97,98 131.0 355.8 57.3 - 57.3

of Fuel Mlinerals

Societe de Production, de Food and Agribusiness 94, 97 1.5 - 0.3 - (1.3

Collecte, de Transformation et

de Conditionnement de L.egumesUnited Transport Cameroon (U'lC) Infrastructure 94, 97 2.1 _ 0.4 - 0.4

63.2 0.9 64.2

¾ 0 Sub-Saharan Africa(as of June 30, 1999)

42 Original commitments1 Investments held for IFC2Fiscal years (miltions of U.S. dollars) (millions of U.S. doltars)

commitments Total Total Equity Total loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

CAPE VERDE

Empreendirnentos Turisticos Hotels and Tourism 95 1.0 - 0.6 - 0.6ILimitada

(;roxwela (.abo Verde, l.imitada Manufacturing 94 1.0 - 0.3 - 0.3

0.8 0.8CONGO, DEMOCRATIC REPUBLIC OF(,rands HG6tels du Zaire, S.Z.A.R.L. Hotels and Tourism 85 15.0 - 2.0 - 2.0Societe'T'cxtile de Kisangani, S.Z.A.R.L.. Textiles 85 8.9 - 5.1 - 5.1Utexafrica, S.P.R.L. and Usines Textiles 88 13.5 - 7.3 - 7.3

'lextiles Cotonni&es de Kinsha

14.3 14.3CONGO, REPUBLIC OF

Congolaise des Bois Impregnes, S.A. 1'imber, Pulp, 87 2.1 - 1.9 - 1.9and Paper

Energy Africa Haute Mer Mining and Extraction 96 54.8 25.0 8.6 - 8.6limited of Fuel Minerals

10.5 10.5COTE D'I'VOIRE

Bank of Africa (Cote d'lvoire) Financial Services 99 0.2 - - 0.2 0.2Banque Atlantique-C6te d'lvoire Financial Services 94, 98, 99 9.5 4.2 6.1 - 6.1Bereby-Finances S.A. Food and Agribusiness 96 3.0 - - 3.0 3.0(Cinergy, SA Infrastructure 99 40.5 30.3 40.5 - 40.5Compagnie Ivoiriennede Infrastructure 95 19.1 - 10.6 1.0 11.6

Production d'Electricite S.A.I)rop Ivoire Food and Agribusiness 99 1.2 - 1.2 - 1.2Etablissernents It. (Confreville, S.A. Textiles 77, 87 12.0 - - 0.4 0.4FT(;-Filature et I'issage Textiles 96 - - 0.9 - 0.9

(,onfrevilleIndustrial Promotion Services Financial Services 88 0.8 - - (1.8 0.8

(Cote d Ivoire)Multi-Produits (SOI)IRO) Food and Agribusiness 94 0.4 - 0.1 - 0.1Multi-Produits S.A. Industrial and 97 0.4 - - 0.4 0.4

Consumer ServicesOcean Energy; Inc. Mining and Extraction 93, 95, 97, 98 48.7 - - 48.7 48.7

of Fuel MineralsOmnium Chimique et Cosmetique Food and Agribusiness 87, 94, 97 9.2 - 2.4 2.4 4.7

(COS.M0 IVOIRE)Pechazur,S.A.R.L. Food and Agribusiness 90,93 1.1 - + - +P6tro Ivoire S.A. Industrial and 96 1.1 - 0.5 - 0.5

Consumer ServicesSociete des Industries Alimentaires Food and Agribusiness 88, 90 4.9 - 1.6 0.4 2.0

et laiti&ees (SIAL.IM)I'exicodi S.A. 'textiles 96 - - 0.6 - 0.6Iropical Rubber l'imber, Pulp, and Paper 99 3.2 - 3.2 - 3.2Union Africaine-lARI) Financial Services 97 0.3 - - 0.3 0.3

67.7 57.7 125.4


Original commitments' Investments held for IFC2

Fiscal years (miltions of U.S. dollars) (millions of U.S. doltars)in which

commitments Total Total Equity Total loans


ERITREA

Tesinma Share Company NMotor Vehicles and 98 0.9 - 0.7 0.2 0.9

Components (includingiM lotorcycles)

0.7 0.2 0.9

GAMBIA, THE

Kombo Beach Hotel Limited Hiotels and Tourism 84, 90 2.8 - 4.8 + 4.8

L.yefish Company Limited Food and Agribusiness 95 0.4 - 0.4 - 0.4

Ndebaan Medi-Services Company Social Services 94 0.2 - 0.2 - 0.2

Limited (Health Care, Education)

Radville Cold Stores Limited Food and Agribusiness 94 0.8 - 0.1 - 0.1

5.4 5.4

GHANA

Afariwaa Farms and Livestock Food and Agribusiness 94 11.4 - 0.2 - 0.2

Products LimitedAlugan Company L.imited Mlining and Extraction of 9( 0.3 - 0.1 - 0.1

XMetals and Other Ores

Billiton Bogosu Gold Limited Mlining and Extraction 88,90,91,95 21.2 29.0 11.4 1.7 13.1

of Metals and Other Ores

CAI NMerchant Bank Limited Financial Services 90, 91, 93 8.9 - - 0.9 0.9

Combined Farmers Limited Food and Agribusiness 93 (0.4 - 0.3 - 0.3

Dupaul WVood Treatment (Ghana) limber, Pulp, and Paper 95 1.0 - 0.4 - 0.4

LimitedEcobank Ghana Limited Financial Services 93, 97 7.0 - 4.7 - 4.7

Ghana Aluminium Products Mining and Extraction 92 0.4 - - 0.4 0.4

I.imited of Metals and Other Ores

Ghana Cement NVorks limited Cement and 94 3.0) - 0.8 - 0.8

Construction Materials

Ghana Household Utilities Manufacturing 94 0.6 - 0.1 - 0.1

Manufacturing Company Limited

Ghana Leasing Company Limited Financial Services 93, 94 5.8 - 1.0 1.5 2.5

Ghanaian Australian Goldfields M,ining and Extraction 90,92,96,97 27.2 18.5 12.6 2.5 15.2

Limited of Mletals and Other Ores

Hotel Investments (Ghana) Hotels and bouristm 91,92 4.2 - 1.4 - 1.4

LimitedNetwork Computer Systems (NCS) Infrastructure 98 0.7 - 0.7 - 0.7

Packrite Cartons and Packaging T'imber, Pulp, and Paper 92 0.6 0.1 - ()1.

Industries ltd.

Pako Bay Seafoods Limited Food and Agribusiness 97 - - 0.1 0.1

Plantation Resources Limited (PRL) Food and Agribusiness 98 0.5 - 0.1 - 0.1

Primewood Products Limited Timber, Pulp, and Paper 93 1.2 - (1.9 - 0.9

Professional Technical MNotor Vehicles and 98 0.3 - 0.3 - 0.3

Services Limited Components (includingMotorcycles )

Shangri-la Hotel Hotels and Tourism 95 0.4 _ 1.1 - 1.1

Tacks Farms l1imited Food and Agribusiness 97 (0.4 - 0.4 - 0.4

Wahome Steel Limited Mining and Extraction 9(1, 93 5.2 _ (.9 0.4 1.3


37.2 7.6 44.8


Original commitments' Investments held for IFC244 Fiscal years (millions of U.S. dolLars) (millions of U.S. dollars)in which

commitments Total TotaL Equity TotaL loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

GUINEA

Agro Investment Company S.A. Food and Agribusiness 98 0.2 - 0.2 - 0.2Ciments le Cuinee Cement and 94 1.5 - (1.5 (.5

Construction MaterialsSociet Aurifere de (Cuin6e Mining and Extraction 88 8.3 - 4.6 4.6

of Metals and Other OresSociete Cooperative Alex Socatrag Motor Vehicles and 99 1.3 - 1.2 1.2

Components (includingMotorcvcles)

Socidte Guin&nne d'Hdtellcrie Hotels and 'ourism 95,99 4.5 - 3.1 (0.6 3.7et d'lnvestissements

9.5 0.6 1).1GUINEA- BISSAU

Agribissau, S.A.R.L. Food and 95 0.8 - 0.7 0.1 ().8Agribusiness

0.7 (1.1 0.8KENYA

AAR Health Services Limited Social Services 98 0.5 - 0(.5 0.5(Health Care, Education)

Allpack Industries l.imited limber, Pulp, and Paper 92, 93 0.4 - (1.4 0.4Bawan Roses l.imited Food and Agribusiness 95 (.5 - 0.3 (1.3Capital Fish Kenya limited Food and Agribusiness 95 0.6 - (0.3 - 0.3Ceres Estates limited Food and Agribusiness 97 0.9 (.9 - ().(:FC Bank limited Financial Services 97 1(.( - 10(.0 - 1().0l)eras Limited Manufacturing 99 1.0 1 .(0 - 1.01)evelopment Bank of Kenya Financial Services 8(0, 84, 98 16.4 - 10.(1 1.3 11.3

LimitedI)iamond'Trust of Kenya l.imited Financial Services 82 (.8 - ((.8 0.8East Africa Reinsuranice Financial Services 94, 99 1.2 - 1.2 1.2

Company LimitedEquatorial Beach Properties Hotels and Tourism 86 3.7 - 3.8 - 3.8

L.imitedEquitea E(Z Company ltd. Food and Agribusiness 98 0.4 - (0.3 (.1 0.4Frigoken ltd. Food and Agribusiness 9() 0.1 - (.1 (). IFuture Hlotels L.imited Hotels and 'Iourism 93 (.5 - (1.3 - 0.3Grain Bulk Handlers l.imited Infrastructure 98 1().() - 1(0.0 1 0.()Industrial Promotion Services Financial Services 82 0.5 - 0.5 (1.5

(Kenya) L.imitedIndustrial Promotion Services Financial Services 87 0.6 0.6 (1.6

(Kenya) Limited *International Hotels (Kenya) Hotels and 'lourism 95 6.0 4.3 4.3

LimitedK-Rep Bank l.imited Financial Services 97 1.() - - 1.0 1.0Kenya Commercial Bank Financial Services 99 3(0.0 - 30.0 - 3(0.0Kihingo Roses Limited Food and Agribusiness 95 0.5 - (1.4 - 0.4Landmark Hotel Limited Hotels and 'Tourism 96 ().5 - 0.4 - 0.4Leather Industries of Kenva Manufacturing 84, 92 1.9 - - (1.6 0.6

L.imitedLocland Limited Food and Agribusiness 98 0.6 - (.6 - 0.6



Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)in which


The Magadi Soda Company Chemicals and 96 9.0 - 6.6 -6.6

Limited PetrochemicalsMakini School Limited Social Services 97 0.5 - 0.5 - 0.5

(Health Care, Education)

Malaa Industries Limited Food and Agribusiness 91 0.7 - - 0.2 0.2

Mosi Limited Food and Agribusiness 94 0.3 - 0.1 - 0.1

Multiple Haulers Limited Infrastructure 99 1.0 - 1.0 - 1.0

Novaskins Tannery Ltd. Manufacturing 91 0.1 - - 0.1 0.1

Panafrican Paper Mills (E.A.) Ltd. Timber, Pulp, and Paper 70, 74, 77, 68.5 4.0 25.2 4.5 29.7

79, 81, 88,90, 94, 96

Premier Foods Industries Ltd. Food and Agribusiness 89 0.1 - - 0.1 0.1

Redhill Flowers (Kenya) Food and Agribusiness 97 0.3 - 0.3 - 0.3

LimitedRift Valley Textiles Limited Textiles 76 9.6 1.3 0.5 - 0.5

TPS Holdings Limited Hotels and Tourism 72 1.6 0.8 - + +

Transenergy (Kenya) Limited Infrastructure 99 1.0 - 1.0 - 1.0

Vegpro Kenya Limited Food and Agribusiness 95 0.9 - 0.2 - 0.2

108.0 12.1 120.1

LIBERIA

Liberian Bank for Development Financial Services FY66, 77, 84 0.7 _ - 0.1 0.1

and Investment0.1 0.1

MADAGASCAR

Aquaculture de la Mahajamba Food and Agribusiness 92,93, 96 6.4 - 3.5 0.6 4.1

(AQUALMA)BNI-Credit Lyonnais Financial Services 92 2.6 - - 2.6 2.6

Madagascar, S.A.Financiered'InvestissementARO Financial Services 90,91 0.5 - - 0.5 0.5

Grands Hdtels de Madagascar Hotels and Tourism 98 1.1 - 1.0 - 1.0

La Cotonni&e d'Antsirabe Textiles 86, 90 10.7 - 0.1 - 0.1

(COTONA) S.A.Les Pecheries de Nossi Be, S.A. Food and Agribusiness 84, 90 6.3 - 0.7 0.2 0.9

Societe d'Exploitation Hotels and Tourism 95 0.4 - 0.3 - 0.3

H6teliere et TouristiqueSociet 'Textile de Mahajunga S.A. Textiles 77, 87 15.0 - 1.7 - 1.7

7.2 3.9 11.1

MALAWI

Ivy League Developments Ltd. Hotels and Tourism 98 0.3 - 0.3 - 0.3

T/A Ufulu GardensThe Leasing and Finance Financial Services 86, 90 0.2 - - 0.2 0.2

Company of Malawi LimitedMaravi Flowers Ltd. Food and Agribusiness 97 0.6 - 0.5 - 0.5

Mwaiwathu Private Hospital Ltd. Social Services 97 0.8 - - 0.8 0.8


Stockbrokers Malawi Limited Financial Services 95 0.1 - - 0.1 0.1

0.8 1.1 1.9


46\n Original commitments' Investments held for IFC'FiscaL years (millions of U.S. dollars) (millions of U.S. dollars)



MALI

Grand Ho6tel de Bamako Hotels and Tourism 94 1.0 - 0.5 - 0.5Grand lHltel 11 I lotels and Tourism 98 1.7 - 1.6 - 1.6Groupement des Grands Garages Motor Vehicles and 97 0.7 - 0.6 - 0.6

de Barnako Components (includingMotorcycles)

Randgold Resources Ltd. Mining and Extraction 92, 99 2.0 - - 17.2 17.2of Metals and Other Ores

Socite des Mines de Svama S.A. Mining and Extraction 94, 97 39.5 15.0 19.0 0.5 19.5of Metals and Other Ores

Societe d'Exploitation des Mining and Extraction 95 39.8 25.0 21.0 4.8 25.8Mines d'Or de Sadiola S.A. of Metals and Other Ores

42.8 22.5 65.3

MAURITANIA

Banque Mauritanienne pour le Financial Services 98 14.0 - 14.0 - 14.0Commerce International (BMCI)

Codipal S.A. Food and Agribusiness 97 0.5 - 0.5 - 0.5G6nerale de Banque de Financial Services 98 4.2 - 4.0 0.2 4.2

Mauritanie pour l'Investissementet le Commerce

Mayo Fish S.A. Food and Agribusiness 97 0.3 - 0.2 - 0.2Societe pour le 'Iraitement et Food and Agribusiness 98 0.7 - 0.7 - 0.7

I'Exportation du Poisson

19.4 0.2 19.6MAURITIUS

Consolidated Steel l.imited Mining and Extraction 92 0.7 - - 0.2 0.2of Metals and Other Ores

Mauritius Fund Limited Financial Services 93 5.0 - - 5.0 5.0Mauritius Venture Capital Fund Financial Services 96 1.4 - - 1.4 1.4

LimitedSocota 'Textile Mills Limited Textiles 87 6.0 - 2.5 - 2.5Textile Industries Limited Textiles 90 3.1 - 0.5 - 0.5

3.0 6.6 9.6

MOZAM BIQUE

Banco Internacional de Financial Services 98 5.0 - - 5.0 5.0Mocambique, Investimentos-SARL

BIM-Investimento Financial Services 99 0.3 - - 0.3 0.3Bonar Fisheries Holdings LDA Food and Agribusiness 96 0.3 - 0.3 - 0.3Cahora Bassa Fisheries LDA(CBF) Food and Agribusiness 96 0.2 - 0.2 - 0.2Companhia Agro Pecuaria de Food and Agribusiness 97 2.0 - 2.0 - 2.0

Mlocambique, LdaCompanhia de Pescas da Food and Agribusiness 98 1.0 - 1.0 - 1.0

Zambezia (CPZ)Complexo Turistico Oasis de Hotels and Tourism 98 0.7 - 0.7 - 0.7

Xai-Xai LimitadaHoteis Polana Limitada Hotels and Tourism 93 3.5 - 1.6 - 1.6lndustrias de Caju Mocita SARL Food and Agribusiness 97 3.0 - 2.6 - 2.6Joao Jamal & Filhos Limitada Manufacturing 99 0.2 - 0.2 - 0.2Mozal S.A.R.L. Manufacturing 98 120.0 - 120.0 - 120.0Rodoviaria da Beira Limitida Infrastructure 99 0.2 - 0.2 - 0.2

128.8 5.3 134.1


Original commitments1 Investments held for IFC2

Fiscal years (millions of U.S. dollars) (millions of U.S. doLlars)in which


NAMIBIALife Office of Namibia Limited Financial Services 98 1.0 _ - 1.0 1.0Pescanova Holdings of Namibia Food and Agribusiness 95, 97, 98 11.5 - 8.7 - 8.7

Limited

8.7 1.0 9.7

NIGERIAAbuja International Diagnostic Social Services 97 2.5 - 1.8 0.8 2.5

Center (Health Care, Education)Andchristie Company Limited Infrastructure 97 0.2 - 0.2 - 0.2Ansbby Nigeria Limited Chemicals and 99 0.1 - 0.1 - 0.1

PetrochemicalsArewa Textiles PLC Textiles 64, 67, 92 6.6 0.7 - 0.6 0.6Bailey Bridges (Nigeria) Infrastructure 96, 99 0.8 - 0.7 - 0.7

LimitedCanplas Limited Motor Vehicles and 93 0.6 - 0.3 0.2 0.5

Components (includingMotorcycles)

Courdeau Catering Nigeria Industrial and 97 0.7 - 0.5 - 0.5Limited Consumer Services

F. Ekesons Brothers Nigeria Infrastructure 97 0.4 - 0.3 - 0.3Limited

Eterna Industries Limited Chemicals and 95 0.9 - 0.9 - 0.9Petrochemicals

Farbest Industries Nigeria Limited Food and Agribusiness 94 0.2 - 0.2 - 0.2First Securities Discount House Financial Services 93 0.9 - - 0.9 0.9Ikeja Hotel PLC Hotels and Tourism 81,85, 88 12.3 - - 1.5 1.5Mid-East Nigeria Limited Manufacturing 96 0.1 - 0.1 - 0.1Minaj Printers Limited Manufacturing 98 0.5 - 0.5 - 0.5'I'he Moorhouse Company Limited Hotels and Tourism 98 1.4 - 1.4 - 1.4Radmed Diagnostic Center Social Services 98 0.3 - 0.3 - 0.3

Limited (Health Care, Education)Stark Industries Limited Timber, Pulp, and Paper 91 0.3 - + - +Tourist Company of Nigeria Hotels and Tourism 94 17.5 - 15.0 2.5 17.5

LimitedTrans-Nation Wide Plc. Industrial and 99 0.1 - 0.1 - 0.1

Consumer ServicesVinfesen Industries Nigeria Limited Manufacturing 96 1.1 - 1.1 - 1.1

23.4 6.3 29.7

SENEGALBanque de l'Habitat du Financial Services 80 0.5 - - 0.5 0.5

Snegal, S.A.GTi Dakar Infrastructure 98 15.2 11.5 13.3 1.5 14.9Industries Chimiques du Fertilizers and 82,88 15.1 - 1.2 - 1.2

Senegal, S.A. Agricultural ChemicalsNouvelles Brasseries Africaines (NBA) Food and Agribusiness 97 1.9 - 1.9 - 1.9Senegal Tanneries S.A. Manufacturing 98 0.4 - 0.3 - 0.3Societe d'Exploitation des Food and Agribusiness 96,97, 99 1.3 - 0.7 0.4 1.2

Ressources Thonieres (SERT)Soci&e Financiere d'Equipement Financial Services 94, 96, 97 0.3 - - 0.3 0.3

17.6 2.8 20.3


48 Original commitments' Investments held for IFCFiscal years (millions of U.S. dollars) (millions of U.S. dollars)



SEYCHELLES

Acajoux Hotel Limited Hotels and Tourism 95 1.0 _ 0.8 - 0.8Beau Vallon Properties Ltd. Hotels and Tourism 96 3.3 - 2.7 - 2.7P-R'D lIimited-The Paradise Hotel Hotels and 'Iourism 93 3.8 2.5 1.3 - 1.3Sea lHarvest (Pty) L.imited Food and Agribusiness 97 1.0 - 0.8 - 0.8Seychelles International Mercantile Financial Services 99 10.0 - 10.0 - 10.0

Banking Corporation l.imited

15.5 15.5

SIERRA LEONESierra Rutile Limited Mining and Extraction 92 10.5 - 2.5 - 2.5


2.5 2.5SOUTH AFRICAAfrican Life Assurance Company Financial Services 95, 96, 99 21.1 - - 18.4 18.4

LimitedCarosa Farm (Proprietary) Food and Agribusiness 97 0.5 - 0.3 0.1 0.4

L.imited

Credit and Savings Help Bank Financial Services 97, 99 12.5 - 12.0 - 12.0Lerste River Medical Center Social Services 98 1.0 - - 1.0 1.0

(Health Care, Education)Energy Africa Limited Mining and Extraction 92 - - - 38.0 38.0

of Fuel MineralsErand Hotel Hotels and Tourism 98 1.3 - 0.8 0.4 1.2Foxtrot M\eat Processors Food and Agribusiness 99 0.8 - 0.8 - 0.8

(Propriety) Limited(rccn Charcoal (Pty) Ltd. Mining and Extraction 98 1.0 - 0.9 0.1 1.0

of Fuel Mineralslesedi Private Hospital Social Services 98 0.2 - 0.2 - 0.2

(Health Care, Education)New South Africa Pizza Industrial and 99 0.7 - 0.7 - 0.7

Investment Company ltd. Consumer ServicesRoodepoort Hotel Limited Hotels and Tourism 99 0.4 - 0.4 - 0.4Sordale (Proprietary) L.imited Food and Agribusiness 98 0.4 - 0.4 - 0.4

t/a FlydrotecSouth Africa Capital Growth Financial Services 96 20.0 - - 6.8 6.8

FundSouth Africa Franchise Equity Financial Services 95 2.1 - - 2.1 2.1

Fund LimitedSouth Africa Private Equity Fund Financial Services 99 35.0 - - 35.0 35.0Wip Motors (Proprietary) Industrial and 96 0.3 - - 0.3 0.3

L.imited Consumer Services

16.6 102.1 118.7

SWAZILANDNatex Swaziland .imited Textiles 85, 88, 93 12.6 - 6.6 3.7 10.3Spintex Holdings Swaziland 'Textiles 90 3.7 - - 3.7 3.7Swazi Paper Mills T.imited Timber, Pulp, and Paper 95 5.0 - 2.9 - 2.9Swaziland Industrial Financial Services 87,93 3.3 - 0.7 1.0 1.7

I)evelopment Company L.imitedThe Royal Swaziland Sugar Food and Agribusiness 78, 86 10.0 - - 0.5 0.5

Corporation l,imited

10.2 9.0 19.2



Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)in which


TANZANIA

Abercrombie & Kent Tanzania Hotels and Tourism 96 0.5 - 0.1 - 0.1Limited

Aqua Ginners Tanzania Ltd. Food and Agribusiness 97 0.8 - 0.7 - 0.7Blue Bay Company Limited Hotels and Tourism 99 1.5 - 1.5 - 1.5Continental Flowers Limited Food and Agribusiness 97 0.4 - 0.3 - 0.3

Datel Tanzania Limited Infrastructure 97 2.8 - 2.3 0.5 2.8Drop of Zanzibar Limited Food and Agribusiness 98 0.4 - 0.4 - 0.4Eurafrican Bank (Tanzania) Financial Services 96 0.7 - - 0.7 0.7

LimitedHorticulture Farms Limited Food and Agribusiness 97 0.8 - 0.7 - 0.7International House Property Industrial and 97 2.3 - 1.5 0.6 2.1

Limited Consumer ServicesJubilee Insurance Company of Financial Services 98 0.3 - - 0.3 0.3

TanzaniaMaji Masafi Limited Food and Agribusiness 98 1.0 - 1.0 - 1.0MIC Tanzania Ltd. Infrastructure 96 1.0 - 0.4 - 0.4Milcafe Limited Food and Agribusiness 97 0.3 - 0.2 - 0.2Moshi Leather Industries Manufacturing 95 0.3 - - 0.3 0.3

LimitedMufindi Tea Company Limited Food and Agribusiness 91 1.7 - 0.4 - 0.4Nomad Safaris (Tanzania) Hotels and Tourism 94 0.1 - 0.1 - 0.1

LimitedPallsons Consumer Industries Food and Agribusiness 97, 99 1.0 - 0.8 - 0.8

LimitedRaffia Bags Tanzania Limited Manufacturing 95 0.5 - 0.3 - 0.3Tanganyika Bus Service Company Infrastructure 94, 96 0.8 - 0.3 - 0.3

LimitedTanganyika Sisal Spinning Food and Agribusiness 90 1.2 - 0.9 - 0.9

Company LimitedTanzania Breeders and Food and Agribusiness 95 1.0 - 0.7 - 0.7

Feedmills LimitedTanzania Breweries Limited Food and Agribusiness 95 6.0 - - 6.0 6.0Tourism Promotion Services Hlotels and Tourism 94 8.9 - 8.0 0.9 8.9

(Tanzania) LimitedTourism Promotion Services Hotels and Tourism 95,99 1.4 - 1.1 0.2 1.3

(Zanzibar) LimitedULC (Tanzania) Limited Financial Services 97 4.0 - 1.9 0.9 2.8Zainab Grain Millers Limited Food and Agribusiness 96 1.0 - 0.8 - 0.8

24.4 10.4 34.8

TOGO

Togotex International S.A. Textiles 90 1.7 - - 1.7 1.7

1.7 1.7

UGANDA

Agro Management (Uganda) Chemicals and 96 1.0 - 0.6 0.4 1.0Limited Petrochemicals

Celtel Limited (formerly Infrastructure 95 5.6 - 2.9 0.6 3.6Clovergem Celtel Ltd)

Clovergem Fish and Foods Food and Agribusiness 93 1.0 - 0.8 - 0.8Limited


50 Original commitments' Investments held for IFCIFiscal years (millions of U.S. dollars) (millions of U.S. dollars)

in whichcommitments Total Total Equity Total loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

Conirad Plaza limited Industrial and 97 1.5 - 1.4 - 1.4Consumer Services

I)evelopnment Finance Company of Financial Services 85, 93 1.0 - - 1.0 1.0Uganida Limited

East African Glass WVorks Manufacturing 96 6.5 - 6.5 - 6.5(1995) L.imited

Executive Investments l.td. Industrial and 98 1.0 - 1.0 - 1.0Consumer Services

(Gomba Fishing Industries l.td. Food and Agribusiness 99 1.4 - 1.4 - 1.4Jubilee Insuranice Company Financial Services 93 0.1 - - 0.1 0.1

Uganda l.imitedKampala Flower Growers Limited Food and Agribusiness 98 0.5 - 0.5 - 0.5Kasese Cobalt Company Limited Mining and Extraction 98 19.6 - 16.0 3.6 19.6

of Metals and Other OresKiwa Industries Limited Cement and 98 0.3 - 0.3 - 0.3

Construction MaterialsMetro Hotel l.imited Hotels and Tourism 97 0.4 - 0.4 - 0.4Mosa Court Apartments Limited Industrial and 98 0.8 - 0.8 - 0.8

Consumer ServicesNile Rosts Ltd. Food and Agribusiness 93 0.3 - 0.2 - 0.2Polypack Limited Manufacturing 95 1.0 - 0.3 - 0.3Rainbow International School Social Services 95 0.8 - 0.8 - 0.8

Kampala l1imited (Health Care, Education)Rwenzori Properties Limited Industrial and 94 1.0 - 0.5 0.2 0.7

Consumer ServicesSkav Electronics Mfg (U) Manufacturing 99 0.2 - 0.2 - 0.2

I.imitedSkyblue Apart-tHotel Hotels and Tourism 94 0.5 - 0.5 - 0.5Sugar Corporation of Uganda Food and Agribusiness 84 10.4 - 6.0 - 6.0

Limited'I'ilda (Uganda) I.imited Food and Agribusiness 99 2.4 - 2.4 - 2.4Uganda Leasing Company Limited Financial Services 95, 97 2.3 - 1.5 0.3 1.9White Nile Dairies (U) Limited Food and Agribusiness 99 0.3 - 0.3 - 0.3

45.4 6.2 51.6ZAM BIA

Amaka Cotton Ginneries Limited Food and Agribusiness 99 1.3 - 1.3 - 1.3Big Five Car Hire Zambia Infrastructure 94 0.6 - 0.5 - 0.5

Limited[rilltech Engineering Limited Mining and Extraction 99 0.1 - 0.2 0.1 0.3

of Metals and Other OresFiinance Bank Zambia limited Finiancial Services 97 5.0 - 4.3 - 4.3Intermarket D)iscount House Financial Services 97 0.5 - - 0.5 0.5

(Zambia) LimitedJY Estates Limited Food and Agribusiness 98 0.9 - 0.9 - 0.9Kafue 'lextile of Zambia Textiles 80, 85 10.5 - 5.7 - 5.7

I.imitedKaila l.odge l.imited Hotels and 'Tourism 95 0.2 - 0.1 - 0.1National Insurance Company Financial Services 99 0.3 - - 0.3 0.3

(Zambia) LimitedPentire Inivestniriits l.imited Hotels and Tourism 98 0.7 - 0.7 - 0.7


Original commitments' Investments held for IFC5Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



Zambia Bata Shoe Company Manufacturing 72, 73 1.1 1.1 - 0.2 0.2

LimitedZamcell Zambia Ltd. Infrastructure 99 5.1 - 4.5 0.6 5.1

18.2 1.8 20.0

ZIMBABWEA & K Zimbabwe (Private) Hotels and Tourism 95 0.5 - 0.1 - 0.1

LimitedAgflora (PVT) Limited Food and Agribusiness 97 0.2 - 0.2 - 0.2

Belvedere Hospital (PVT) Social Services 99 0.2 - - 0.2 0.2

Limited (Health Care, Education)

Bitumen Construction Services Industrial and 95 1.1 - 0.4 - 0.4

(Pvt) Ltd. Consumer Services

Chimwala Farm (Pvt) Limited Food and Agribusiness 95 0.4 - 0.1 _ 0.1

Chiparawe (Private) Limited Food and Agribusiness 94 0.8 - 0.4 - 0.4

Commercial Bank of Zimbabwe Financial Services 98 27.0 - 20.0 7.0 27.0

LimitedFirst Merchant Bank of Financial Services 91, 98 30.6 15.0 14.6 - 14.6

Zimbabwe LimitedFMB Holdings Limited Financial Services 91, 92, 95 3.5 - - 3.5 3.5

Hy-Vel Holdings (Pvt) Ltd. Food and Agribusiness 99 1.3 - 1.3 - 1.3

Interfresh (Private) Limited Food and Agribusiness 94, 96 3.9 - 1.2 0.7 1.9

Isfar (Pvt) Limited Textiles 97 0.1 - 0.1 - 0.1

Itachi Plastics (Pvt) Limited Manufacturing 96 0.4 - 0.3 0.1 0.3

Lowveld Leather (PVT) Limited Manufacturing 97 0.5 - 0.3 0.2 0.5

Mat-tools and Forging Manufacturing 90 0.7 - 0.4 0.3 0.7

(Private) LimitedMeikles Consolidated Holdings Hotels and Tourism 92 8.3 - 1.7 - 1.7

(Private) LimitedNational Merchant Bank of Financial Services 94 5.5 - - 0.2 0.2

Zimbabwe Ltd.Petrozim Line (Pvt.) Ltd. Infrastructure 92 15.5 14.9 2.1 - 2.1

Shagelok Chemicals (PVT) Chemicals and 97 1.0 - 0.9 0.2 1.0

Limited Petrochemicals

Stone Holdings (Pty) Ltd. Mining and Extraction 96 1.5 - 1.5 - 1.5


Trinidad Industries (Private) Manufacturing 97 1.4 - 0.7 0.6 1.3

LimitedVenture Capital Company of Financial Services 91 0.6 - - 0.6 0.6

Zimbabwe, Ltd.Victoria Falls Safari Lodge Hotels and Tourism 94 2.8 - 1.4 0.4 1.8

Hotel (Private) Ltd.Wankie Colliery Company Mining and Extraction 81,93 22.0 10.8 3.0 - 3.0

Limited of Fuel Minerals

The Zambezi Fund Mauritius Financial Services 97 2.5 - - 2.5 2.5

(Private) LimitedZambezi Safari Lodges Hotels and Tourism 96 1.3 - 1 .) - 1.0

(Private) Limited51.8 16.4 68.2


\ 52 Original commitments1Investments held for IFC252 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)

in whichcommitments Total Total Equity Total loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

REGIONAL

African Management Social Services 89 1.4 - - 1.4 1.4Services Company (Health Care, Education)

The Africa Emerging Markets Fund Financial Services 94 7.5 - - 7.5 7.5AIG C,lobal Investment Company Financial Services 99 0.1 - - 0.1 0.1

(East Alrica) LimitedAIG-East Africa Mutual Fund Financial Services 99 7.5 - - 7.5 7.5Ecobank l'ransnational Financial Services 99 7.5 - 3.8 3.8 7.5

Incorporated

Framlington Asset Management Financial Services 99 + - - + +West Africa SA

Societe de Promotion et de Financial Services 99 20.0 - 20.0 - 20.0Participation pour laCooperation Economique SA.

WVest Africa (Growth Fund Financial Services 97 6.3 - - 6.3 6.3

23.8 19.0 42.8Total for Sub-Saharan Africa 781.3 305.6 1,086.8

Asia and the Pacific(as of June 30, 1999)

Original commitments' Investments held for IFC'Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



BANGLADESH

Delta BRAC Housing Finance Financial Services 98 (0.7 - - 0.7 0.7Corporation Ltd.

Dynamic 'Textile Industries l1imited 'Textiles 92 2.5 2.0 1.9 - 1.9Industrial Development Leasing Financial Services 85, 96 3.2 - - 0.1 0.1

Company of Bangladesh LimitedIndustrial Promotion and Financial Services 82,99 11.1 _ 10.0 1.1 11.1

Development Company ofBangladesh Limited

Khulna Power Company Limited InfrastructIre 99 22.5 29.4 22.5 - 22.5

34.4 1.9 36.3

CHINA

Beijing Hormel Foods Company Food and Agribusiness 97 5.5 5.5 4.6 0.5 5.1Limited

Caltex Ocean Gas & Energy Oil Rcfining 99 21.01 45.0 21.0 - 21.0L-imited

Chengdu Huarong Chemical Chemicals and 99 3.2 - - 3.2 3.2Company l.imited Petrochemicals

Chengxin International Credit Financial Services 99 0.4 - - 0.4 0.4Ratings Limited

China Dynamic Growth Fund l..P. Financial Services 94 12.4 - - 12.4 12.4China Walden Management Financial Services 94 + - - + +

L.imitedChina Walden Venture Financial Services 94 7.5 - - 6.0 6.0

Investments LimitedCIG Port Holdings l.imited Infrastructure 99 1.5 - - 1.5 1.5Dalian Float Glass Company Manufacturing 95 32.9 30.5 20.5 2.4 22.9

LimitedDuPont Suzhou Polyester Co. Ltd. Textiles 96 29.1 52.0 21.8 4.1 26.0Hiansom Investment Limited Infrastructure 99 16.1 - - 16.1 16.1lingyang Cement Co. Ltd. Cement and 97 40.0 1(0.0 40.1) - 40.0

(Construction MaterialsLeshan Zhen ling Leather Textiles 99 2.0 - - 2.( 2.0

Product Company LimitedNanjing Kumho Tire Co. Ltd. Motor Vehicles and 96 19.8 45.5 15.0 3.8 18.8


Newbridge Investment Partners, l..P. Financial Services 95 10.0 - 7.2 7.2Ningbo 'raihang Agricultural Food and Agribusiness 98 2.0 - - 2.0 2.0

Products Co. L.td.Orient Finance (Company Financial Services 97 10.0 20.0 13.3 - 13.3Pacific Ports Company Limited Infrastructure 92 - - - 3.6 3.6

Plantation Timber Products 'I'imber, Pulp, and Paper 99 12.6 25.4 12.6 - 12.6(Hubei) Limited

Plantation Timber Products Timber, Pulp, and Paper 96, 98 15.2 2().11 11.2 1.0 12.2(Leshan) t.imited

Scana Leshan Mlachinery Co., L.td. Mlining and Extraction 99 7.4 - 6.1 1.4 7.4of Metals and Other Ores

Shanighai Hormed Foods Co. l.td.** Food and Agribusiness 98 - _ 2.8 - 2.8Shenzhen China Bicycles Manutifacturing 88, 92, 94 20.9 - 8.5 3.4 11.9

Company (Holdings) L.imited


Originat commitments' Investments held for IF2

54 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)in which


Shenzhen Tai-Yang PCCP Company Cement and 93 5.0 - 3.8 1.0 4.7Limited Construction Materials

Suzhou Huasu Plastics Co., Ltd. Chemicals and 97 24.5 22.2 22.0 2.5 24.5Petrochemicals

'I'ianjin Kumho Tire Co. I.td. Motor Vehicles and 97 11.2 33.0 11.2 - 11.2Components (including

Motorcycles)W'eihai Weidongri Comprehensive Food and Agribusiness 96 4.5 5.2 3.8 - 3.8

Foodstuff Co., Ltd.W uhan Iiternational Container Infrastructure 99 5.0 5.0 5.0 - 5.0

Transshipment Company LimitedYantai Mitsubishi Cement Cement and 93 30.7 - 13.5 2.0 15.5

(:ompany Limited Construction Materials

236.7 76.4 313.1

FIJI

HLilIview Limited Hotels and 'ourism 99 3.9 _ 3.9 - 3.9Solander (Pacific) Ltd. Food and Agribusiness 97 0.3 - 0.2 - 0.2

4.1 4.1

INDIA

I'he Ahbnedabad Electricity Infrastructure 89 20.8 - 9.2 - 9.2Company Limited

[he Arvind Mills Limited 'lextiles 92, 93 20.9 - - 17.1 17.1Asian Electronics Ltd. (AEL) Manufacttiring 98 5.5 - - 5.5 5.5Bihar Sponge Iron l.td. Mining and Extraction 85, 91 15.9 - 12.0 0.7 12.7

of Metals and Other OresCEATF Financial Services ltd. Financial Services 97 20.0 - 20.0 - 20(.0Centurion Bank Limited Financial Services 95 3.9 - - 3.9 3.9CESC Limited Infrastructure 91, 93 54.7 67.( 39.1 - 39.1Chowgule Steamships Itd. Infrastructure 95 19.2 26.4 12.6 4.6 17.2Citv Mills (IPrivate) Ltd. 'I'extiles 87 0.7 - 0.5 - 0.5Creditcapital Asset Management Financial Services 94 0.3 - - (1.3 (1.3

Company Limitedo)lEF Cement Limited Cement and 94 19.4 17.0 7.7 4.9 12.6

Construction Materials1)uncan Glleneagles Hospitals Social Services 98 7.0 - 7.0 - 7.0

I.imited (Health Care, Education)Eurolight Electricals Pvt. Ltd. Manufacturing 98 + - - + +

Export-Import Bank of India Financial Services 95 25.0 - 18.2 - 18.2(,E Capital 'Iransportation Financial Services 95 20.0 - 8.8 5.( 13.8

Financial Services Ltd.CKN Invel 'T ransmissions Motor Vehicles and 88, 95 1.4 - - 1.4 1.4

Limited Components (includingMotorcycles)

Global 'rust Bank limited Financial Services 94, 98 13.2 - 10.0 3.2 13.2The Great Eastern Shipping Infrastructure 87, 93, 94 28.9 11.3 - 11.8 1. .8

Company l.imitedGujarat Ambuja Cements Ltd. Cement and 94 25.8 - - 8.2 8.2

Construction MaterialsGujarat State Fertilizers & Chemicals and 89, 92 37.4 - 2.1 - 2.1

Chemicals l.imited Petrochemicals(;VK Industries Ltd. Infrastructure 92, 96 37.5 38.8 26.7 7.5 34.1


Original commitments' Investments held for IFCIFiscal years (miLlions of U.S. dollars) (millions of U.S. dollars)

in whichXcommitments Total Total Equity Total loans

Country, region or other area, and obLigor Sector were made IFC syndications Loans (at cost) and equity

Henkel SPIC India Ltd. NManufacturing 91, 95 1.9 - _ 1.9 1.9

Herdillia Oxides and Chemicals and 91 0.3 - - 0.3 0.3

Electronics Limited Petrochemicals

Hindustan Motors Limited Motor Vehicles and 87 15.3 - 2.8 - 2.8


Housing Development Finance Financial Services 78,87,91,93 47.8 60.0 40.0 2.3 42.3

Corporation LimitedIFGL Refractories Limited Mining and Extraction 92, 94 1.1 - - 0.3 0.3


IL&FS Venture Corporation Financial Services 93,95 1.0 - - 1.0 1.0

LimitedThe India Auto Ancillary Fund Financial Services 92 6.5 - - 6.5 6.5

The India Direct Fund, L.P. Financial Services 96 7.5 - - 7.5 7.5

India Equipment Leasing Ltd. Financial Services 86, 93, 94, 95 3.8 - 0.4 - 0.4

India Lease Development Financial Services 86, 91, 95 4.6 - 0.4 0.9 1.3

LimitedIndo Rama Synthetics Ltd. Textiles 92, 94, 96 56.8 - 18.8 12.0 30.7

Indus Investments Mauritius Financial Services 96 + - - + +

LimitedIndus Venture Capital Fund I Financial Services 92 1.0 - - 1.0 1.0

Indus Venture Investments Financial Services 96 5.0 - - 5.0 5.0

LimitedIndus Venture Management Financial Services 92 + - - + +

LimitedInformation Technology Fund Financial Services 94 0.6 - - 0.6 0.6

Infrastructure Development Financial Services 98 15.5 - - 15.5 15.5

Finance Company LimitedInfrastructure Leasing & Financial Services 91,93,95,99 48.0 - 18.8 8.0 26.8

Financial Services LimitedIspat Industries Limited Mining and Extraction 92, 95, 97 62.9 - 30.4 15.4 45.8


ITW Signode India Limited Nlining and Extraction 82, 86, 87, 4.5 - - 1.5 1.5

of Metals and Other Ores 91,93, 96

J.M. Share & Stock Brokers Financial Services 90, 95 2.4 - - 1.2 1.2

LimitedMahindra & Mahindra Ltd. Motor Vehicles and 81, 90,93 28.8 - 0.2 6.5 6.7


Mahindra Ugine Steel Company Ltd. Mining and Extraction 64, 75, 79,90 14.2 0.1 - 1.1 1.1


Moser Baer India Limited Manufacturing 96, 99 33.2 - 19.7 10.1 29.8

N B Footwear Ltd. Manufacturing 87 0.5 - 0.2 - 0.2

Nicco Uco Financial Services Ltd. Financial Services 93,96,97,98 8.5 5.0 6.1 0.5 6.6

NSL Limited Mining and Extraction 82 1.4 - - 0.1 0.1


Owens-Corning (India) Ltd. Manufacturing 97 25.0 - 25.0 - 25.()

Prism Cement Limited Cement and 95 20.0 15.0 14.1 5.0 19.1


Rain Calcining Limited Oil Refining 96 24.7 - 19.3 5.5 24.7

RPG Communications Holdings Ltd Infrastructure 96, 98 11.2 _ - 11.2 11.2


56 Original commitments' Investments held for IFmCFiscal years (millions of U.S. dollars) (millions of U.S. dollars)_ ~~~~~~~~~~~~~~~~~~~~~~~in which


SKF Bearings India Limited Manufacturing 92 11.5 - 2.9 - 2.9South Asian Regional Apex Fund Financial Services 96 6.1 - - 6.1 6.1SREI International Finance Limited Financial Services 98 18.0 - 15.0 3.0 18.0Steucrung Anlage Pvt. Ltd. Manufacturing 98 0.1 - - 0.1 0.1Switching Technologies Gunther Ltd. M^lanufacturing 87 1.0 - 0.3 - 0.3Tan India lIimited Chemicals and 87 0.5 - + - +

Petrochemicals'lata Electric Companies Infrastructure 90, 91,94 130.6 - 24.4 24.4'I'he Tata Iron and Steel Mining and Extraction 81, 86, 89, 98.4 16.7 1.5 15.4 16.9

Company limited of Metals and Other Ores 93, 94'lata Telecom Ltd. Manufacturing 89, 90, 92 0.6 - - 0.1 0.1'Taurus 'I'he Starshare Financial Services 94 7.2 - - 7.2 7.2TCW/ICICI India Private Equity Financial Services 98 10.0 - - 10.0 1().0

Fund, L..L.C.T'echnology L)evelopment and Financial Services 91 2.1 - - 1.2 1.2

Information Company of IndiaLimited

Titan Industries Limited Manufacturing 87, 89, 90, 93 20.9 - 0.3 1.0 1.4l'riveni Engineering & Mining and Extraction 91, 93 1.1 - - 1.1 1.1

Industries Ltd. of Fuel Minerals20th Century Finance Financial Services 93, 97 23.0 8.0 11.7 0.8 12.5

Corporation l.td.UC(AL Fuel Systems Limited Motor Vehicles and 9( 0.6 - - 0.6 0.6


United Riceland Limited Food and Agribusiness 96 10.0 - 10.0 - 10.(Varun Shipping Company Limited Infrastructure 91, 96 22.4 6.0 - 1.3 1.3Walden-N!\ikko Holdings, l.DC Financial Services 98 + - - + +Walden-)Nikko India Ventures Financial Services 98 5.0 - - 5.0 5.0

Company, LDCZurich India Quantum Growth Financial Services 94 2.4 - - 2.4 2.4

Fund

436.0 250.3 686.3INDONESIA

PT. ABS Finance Indonesia Financial Services 95 1.3 - - 1.3 1.3(formerly PT lCitimas Capital)

PT. AdeS Alfindo PutrasetiaTbk. Food andAgribusiness 98 13.8 19.7 10.3 3.5 13.8P.T. Agro Muko Food and Agribusiness 91 12.7 - 1.3 2.2 3.5PT. Alunsindo Light Metal Industry Maniufacturing 97 15.0 20.0 18.2 - 18.2P.'. Argo Pantes Tbk. Textiles 91 43.0 53.0 9.4 13.0 22.4P T. Asia Wisata Promosindo Hotels and Tourism 94 - - 2.0 - 2.0P T. Astra Graphia Industrial and 97 2.5 - - 2.0 2.0

Consumer ServicesPT. Astra International, 'bk. Motor Vehicles and 90,91,94 33.3 - - 12.2 12.2


P T. Astra Otoparts ''bk. Motor Vehicles and 97 - 1.1 1.1Components (includingMotorcvcles)

P.T. Asuransi Jiwa Dharniala Financial Services 88 0.3 _ - 0.3 0.3Manulife


Original commitments1 Investments held for IFC5

Fiscal years (millions of U.S. dolLars) (millions of U.S. dollars)in which

commitments Total Total Equity TotaL loansCountry, region or other area, and obtigor Sector were made IFC syndications Loans (at cost) and equity

P.T. Bakrie Pipe Industries NManufacturing 95 29.5 - 26.6 - 26.6

P.T. Bank NISP Financial Services 98 10.0 - 10.0 - 10.0

P.I. BBI Dharmala Finance Financial Services 93,96 20.0 35.0 15.1 - 15.1

P.T. Berlian Laju Tanker tbk Infrastructure 98 42.0 68.0 22.0 20.0 42.0

P.T. Bunas Finance IndonesiaTbk. Financial Services 95 10.0 6.0 5.5 - 5.5

P.T. Dharmala Agrifood Food and Agribusiness 96 20.0 10.0 20.0 - 20.0

PT. Grahawvita Santika Hotels and Tourism 96 - - 5.0 - 5.0

P.T. Hotel Santika Nusaiaya Flotels and Tourism 96 11.8 - 3.8 - 3.8

P.T. Indonesia Asahi Chemical 'extiles 92 5.8 - - 1.8 1.8

IndustryPT. Indorama Synthetics Textiles 92, 90, 91, 99.2 67.5 55.3 12.2 67.5

95, 99

P.'l. Kalimantan Sanggar Pusaka Food and Agribusiness 97 35.0 6.0 20.0 15.0 35.0

(KSP) and SubsidiariesP.T. Karabha Unggul Industrial and 97 - - - 10.4 10.4

Consumer ServicesPT. KDLC BancBali Finance Financial Services 94 16.1 - 2.7 1.1 3.8

P.T. KIA Keramik Mas Cement and 92, 94, 96 31.0 63.5 17.2 9.1 26.3

C.onstruction Materials

P.T. KIA Serpih Mas Cement and 95 21.4 55.0 15.0 6.3 21.4Construction Materials

P.T. Megaplast Jayacitra Manufacturing 99 14.0 - 11.5 2.5 14.0

P.T. Nusantara Tropical Fruit Food and Agribusiness 93 8.6 6.7 3.2 - 3.2

P.T. Pama Ventura Indonesia Financial Services 94 0.7 - - 0.7 0.7

P.T. Panin Overseas Finance Tbk. Financial Services 96 7.9 8.0 5.1 1.9 7.1

PT. Pramindo Ikat Nusantara Infrastructure 97 58.2 70.0 50.0 8.2 58.2

P.T. Rimba Partikel Indonesia Timber, Pulp, and Paper 92 10.5 10.0 5.4 0.6 6.0

P.T. Samudera Indonesia Infrastructure 93 17.0 3.0 0.8 5.0 5.8

P.T. Saripuri Permai Hotel Hotels and Tourism 94 8.0 24.0 5.8 - 5.8

P.T. Saseka Gelora Finance Financial Services 82, 85,94 1.9 - - 0.4 0.4

PTr. Sayap Mas Utama Nlanufacturing 98 10.0 20.0 10.0 - 10.0

P.T. Semen Andalas Indonesia Cement and 80, 88 33.5 28.5 7.5 10.0 17.5Construction Materials

P.T. South Pacific Viscose Textiles 93, 96 45.0 60.0 30.5 - 30.5

PT. Swadharma Kerry Satva Hotels and Tourism 92 35.0 51.0 17.1 - 17.1

P.T. Wings Surya Manufacturing 98 8.7 21.3 8.7 - 8.7

Prudential Asia Indonesia Trust Financial Services 94 6.8 - - 4.8 4.8

SEAVI Indonesia Aruba AVA. Financial Services 93 1.5 - - 1.4 1.4

415.0 147.2 562.2

KOREA, REPUBLIC OF

Dae Chang Industrial Co. Itd. Manufacturinig 99 22.4 9.8 15.3 7.1 22.4

Good Morning Securities Co., Ltd. Financial Services 99 20.3 - 20.3 - 20.3

Halim & Co., Ltd. Food and Agribusiness 99 20.0 - 14.0 6.0 20.0

Hana Bank Financial Services 71, 74, 76, 93.5 80.0 50.0 16.6 66.6

79, 80, 82,85, 89,91,94, 97, 98,99

lljin Industries Co., Ltd. Manufacturing 99 15.0 - 9.0 6.0 15.0

Asia and the Pacifici (as of June 30, 1999)

Original commitments' Investments heLd for IFC258 Fiscal years (milLions of U.S. doLlars) (millions of U.S. dollars)in which


Kookmnin Bank Financial Services 68, 74, 76, 65.3 8.9 25.0 15.1 40.177, 78, 80,90, 94, 98

Korea Asset Capital Matnagement Financial Services 99 0.6 - - 0.6 0.6(Co., Ltd.

Korea I)evelopment l.easing Financial Services 77,79,87,90 6.8 10.0 - 1.2 1.2Corporation

Sam Kwang Chemical Company l.td. Chemicals and 85 0.1 - 0.1 0.1Petrochemicals

SEI-Asset Korea (Asset Korea Financial Services 99 7.4 - - 7.4 7.4Capital Management Co., Ltd.,the "Company")

Seoshin Electronics Company Ltd. Manufacturing 85 0.3 - - 0.3 0.3Shinmoorim Paper Mfg. Co., Ltd. T'imber, Pulp, and Paper 99 40.0 8.0 25.0 15.0 4(0.0

158.6 75.4 234.0LAO PEOPLE'S DEMOCRATIC REPUBLICBelmont Hotel Investments Hotels and Tourism 98 1.0 - 1.0 - 1.0

(Laos) L,imitedBurapha Agro-Forestry Co. L.td. 'I'imber, Pulp, and Paper 99 0.8 - 0.8 - 0.8Eindeavour Embroidery Co. Ltd. Textiles 99 0.1 - 0.1 - 0.1

1.9 1.9MALAYSIAMalaysian Ventures (Two) Sdn Bhd. Financial Services 92 1.0 - - 0.6 0.6Malaysian Ventures Management Financial Services 92 + - + +

Incorporated Sdn. Bhd. IISEAVI Project-Malaysian Financial Services 85 0.8 - - + +

Ventures BerhadTwenty-First Century Chemicals and 90 5.2 3.4 3.7 - 3.7

Oleochemicals Sdn. Bhd. Petrochemicals

3.7 0.6 4.3MALDIVESVilla Shipping and 'l'rading Hotels and Tourism 96 6.0 - 4.8 - 4.8

Company Pte. l.td.

4.8 4.8MONGOLIA

(,&Mv Industrial L.td. Textiles 97 1.3 - 1.1 0.2 1.3

1.1 0.2 1.3NEPALBhote Koshi Power Company Infrastructure 98 24.0 36.0 21.0 3.0 24.0

Private l.imitedHimal Power Limited Infrastructure 96 31.8 - 31.8 - 31.8jomsom Mountain Resort (Pvt.) L.td. Hotels and Tourism 98 4.0 - 4.0 - 4.0Soaltee Hotel l.imited Hotels and Tourism 75, 93 3.9 - - 0.4 0.4

56.8 3.4 60.2PACIFIC ISLANDS

Kula Fund l.imited Financial Services 98 3.6 - - 3.6 3.6

3.6 3.6



FiscaL years (millions of U.S. dollars) (millions of U.S. dollars)in which

commitments Total Total Equity TotaL loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

PAPUA NEW GUINEAPIIF Masurina Ltd Food and Agribusiness 97 0.3 - 0.1 - 0.1

0.1 0.1

PHILIPPINESAll Asia Capital Growth Financial Services 96 4.0 - - 4.0 4.0

Ventures BVI-1, Ltd.All Asia Capital Managers, Inc. Financial Services 96 + - - + +

All Asia Capital Trust Financial Services 80, 83, 89, 32.3 5.0 20.4 2.7 23.1

Corporation 90, 95

Asian Ventures Ltd. Financial Services 96 + - - + +

Avantex Mill Corporation 'Textiles 91 13.2 - 5.6 2.0 7.6

Bacnotan Cement Corporation Cement and 93 23.6 - 3.5 5.6 9.1


Far East Bank and Trust Co. Financial Services 92,98,99 85.0 5(.0 70.0 15.0 85.0

General Milling Corporation Food and Agribusiness 79,90 5.7 - - 1.7 1.7

Hambrecht & Philippine Venture-111 Financial Services 99 7.5 - - 7.5 7.5

Hambrecht & Quist Philippine Financial Services 89 2.3 - - 1.2 1.2

VenturesHambrecht & Quist Philippine Financial Services 94 2.5 - - 2.5 2.5

Ventures-11Hopewell Power (Philippines) Infrastructure 93 70.0 11.0 48.0 10.0 58.0

CorporationManila Electric Company Infrastructure 67, 89 34.3 3.0 6.6 - 6.6

Maria Cristina Chemical Mining and Extraction 74,79 2.2 - - 0.4 0.4

Industries, Inc. of Metals and Other OresMarsman-Drysdale Agribusiness Food and Agribusiness 99 15.0 10.( 15.0 - 15.0

Holdings, Inc.Northern Mindanao Power Infrastructure 92,93 16.8 21.0 - 4.3 4.3

CorporationPangasinan Electric Infrastructure 96 47.5 196.0 30.0 17.5 47.5

CorporationPhilippine Long Distance Infrastructure 70, 87, 88, 86.6 37.4 8.7 - 8.7

Telephone Company 90

Pilipinas Shell Petroleum Oil Refining 93 38.8 65.9 10.6 - 10.6

CorporationPryce Gases Incorporated Industrial and 99 13.0 5.0 13.0 - 13.0

Consumer ServicesThomson Ratings Philippines Financial Services 99 + - - + +

United Pulp and Paper Company, Inc. Timber, Pulp, and Paper 99 30.0 - 30.0 - 30.0

Walden AB Ayala Management Financial Services 95 0.1 - - 0.1 0.1

Co., Inc.WValden AB Ayala Ventures Co., Inc. Financial Services 95 3.8 - - 3.8 3.8

261.4 78.4 339.8

SAMOALe Ufi Sa Village Hotels and Tourism 96 0.2 - - 0.2 0.2

MedCen Samoa Ltd. Social Services 98 0.5 - 0.5 - 0.5


Wilex Cocoa and Coconut Food and Agribusiness 97 0.3 - 0.3 - 0.3

Products Limited

0.8 0.2 0.9


60 Original commitments' Investments held for IFC2FiscaL years (millions of U.S. dollars) (millions of U.S. dollars)



SRI LANKA

Aitken Spence & C(o., Ltd. Hotels and Tourism 99 2.7 2.7 2.7Asia Power (Private) Limited Infrastructure 97 12.3 10.0 1.0 2.3 12.3CKN Fund Managenment (Pvt.) Ltd. Financial Services 92 0.1 _ - 0.1 (0.1Lanka Orix L.easing Company Financial Services 92, 80, 84, 4.1 _ 3.0 0.3 3.3

Limited 85, 97Mercan,tile Leasing Limited Financial Services 99 1.8 1.8 - 1.8Nations Trust Bank Fiinancial Services 99 1.1 - 1.1 1.1Packages Lanka (Private) 'I'imber, Pulp, and Paper 97 1.1 _ _ 1.1 1.1

LimitedPyramid Unit Trust Finiancial Services 92 0.3 0 - ().3 (1.3Taj lanka Hotels Limited Hotels and Tourism 81 8.4 10.2 - 0.6 0.6Union Assurance L.imited Financial Services 88, 95 1.0 - - 1.( 1.(

14.8 9.4 24.2THAILAND

Advance Agro Plantation 'I'imber, Pulp, and Paper 94 10.0 - 10.( - 10.(Company Limited

Ayudhya Development Leasing Fiinancial Services 92,93,96,98 12.4 - 10.( 2.4 12.4Co. l:d.

Bangkok Mass 'Iransit System Infrastructure 97, 99 99.7 - 89.8 9.8 99.7Public Company Limited

Bumrungrad Medical Center Social Services 94 27.2 35.0 25.0 2.2 27.2Company Limited (Health Care, Education)

Central Plaza Hotel Companiy Hotels and Tourism 93 13.9 - - 13.9 13.9Limited

Central Sukhontha Company Hotels and Tourism 93 7.0) 1.4 - 1.4Limited

Chao Khun Agro Products Food and Agribusiness 94 0.4 - - 0.4 0.4Company limited

[)hana Siam Finance and Securities Finianlcial Services 94 30.0 - 2(0.4 - 2(1.4Public Company Limited

Finance One Public Company Financial Services 95 30(.( 147.9 30.0 - 30.0Limited

HMC Polymers Company l.imited Chemicals and 88, 96 18.9 11.0 (0.4 3.9 4.3Petrochemicals

KrungTlthai IBj Leasing Company Financial Services 92 (1.4 - - (1.4 0.4t.imited

lIadprao General Hospital Social Services 90 0.3 _ - 0.3 0.3Company Ltd. (Health Care, Education)

National Finance and Securities Finianicial Services 96 3(0.0 19().() 22.5 - 22.5Public Company Limited

Peroxythai Limited Chemicals and 89 10.7 - 4.0 - 4.0Petrochemicals

Saha Farnms Company Ltd. Food and Agribusiness 96 44.9 25.0 35.0 9.9 44.9The Samui Beach Company Hotels and 'Tourism 93 8.0 - 2.1 - 2.1SEAVI Project Financial Services 85, 91 1.5 _ - 1.5 1.5Seavi Thailand Venture Financial Services 91 + _ - + +

Management Ltd.Shin Ho Paper (T'hailand) Timber, Pulp, and Paper 92, 95 29.5 34.0 8.3 7.5 15.8

Company LimitedSiam Asahi 'rechnoglass Co. Ltd. Manufacturing 9() 7.7 - - 7.7 7.7


Original commitments' Investments heLd for IFC' 61Fiscal years (miLlions of U.S. dollars) (miLlions of U.S. dollars)

| ~~~~~~~~~~in whichcommitments TotaL Total Equity Total Loans


Siam City Cement Co. Ltd. Cement and 79, 81, 85, 59.4 152.0 30.0 - 30.0

Construction Materials 87, 92

Star Petroleum Refining Oil Refining 94 100.0 350.0 86.6 - 86.6

Company, Limited

Thai Baroda Industries Limited Textiles 93 0.8 - - 0.8 0.8

Thai Petrochemical Industry Chemicals and 97 96.7 383.3 96.7 - 96.7

Public Company Limited Petrochemicals

Top Easy Company Ltd. Manufacturing 90 0.2 - - 0.2 0.2

Tuntex Petrochemicals (Thailand) Chemicals and 94 24.9 137.5 11.3 4.9 16.2

Public Company Limited Petrochemicals

United Palm Oil Industry Food and Agribusiness 95 - - - 1.1 1.1

Public Company Limited

Vinythai Public Company Chemicals and 95 41.1 63.9 33.1 - 33.1

Limited Petrochemicals516.6 67.0 583.6

VANUATU

South West Pacific Investments Hotels and Tourism 96 5.5 - 4.1 - 4.1

Limited4.1 4.1

VIETNAM

Baria Fertilizer and Agricultural Infrastructure 95 3.0 2.0 2.3 - 2.3

Forestry Products Import-ExportServices Company

Hanoi Sofitel Metropole Hotel Hotels and Tourism 94 8.5 17.5 7.2 - 7.2

Morning Star Cement Limited Cement and 96 30.0 66.6 30.0 - 30.0


Nghi Son Cement Corporation Cement and 99 30.0 26.5 30.0 - 30.0


San Miguel Haiphong Glass Manufacturing 97 10.0 4.5 10.0 - 10.0

CompanySociett d'Economie Mixte Hotel Hotels and Tourism 97 13.1 18.0 13.1 - 13.1

Pointe des BlagueursSucrerie de Bourbon-Tay Ninh Food and Agribusiness 97 22.0 20.0 22.0 - 22.0

LimitedVietnam Foremost Dairy Company Food and Agribusiness 97 8.0 6.5 5.6 - 5.6

LimitedVietnam International Leasing Financial Services 97 0.8 - - 0.8 0.8

Company LimitedVimaflour Company Limited Food and Agribusiness 97 8.0 3.0 8.0 - 8.0

Vina Kyoei Steel Limited Mining and Extraction 96 15.0 - 13.9 - 13.9


Vinh Phat Company Limited Textiles 99 0.3 - 0.3 - 0.3

(the "Company")142.3 0.8 143.0

OTHER (TAIWAN, CHINA)3

Asia Cement Corporation Cement and 70 4.0 0.2 - + +

Construction Materials + +


0 0 62 original commitments' Investments held for IFCo62 FiscaL years (millions of U.S. dollars) (millions of U.S. dollars)in which


REGIONAL'I'he Asian Infrastructure Fund Financial Services 95 50.0 - - 48.3 48.3Asia Opportunity Fund L.P. Financial Services 99 100.0 - - 100.0 100.0Asian Cc-Investment Equity Financial Services 99 50.0 - - 50.0 50.0

Facility (ACEF)Asian l)ebt Facility Financial Services 99 100.0 - 100.0 - 100.0Asian Int'rastructure Fund Financial Services 95, 98 0.1 - - 0.1 0.1

Management Company Ltd.Asian Mezzanine Infrastructure Financial Services 97 60.0 - 50.0 10.0 60.0

FundAsian Mezzanine Infrastructure Financial Services 97 0.1 - - 0.1 0.1

Fund Management CompanyChase Asia Equity Advisors, L.D.C. Financial Services 99 0.1 - - 0.1 0.1Chase Asia Equity Financial Services 99 + - - + +

Partners, L.P.Jardine Fleming Asia Select Limited Financial Services 90 11.4 - - 0.6 0.6SEAVI Project-South Asia Financial Services 85 1.0 - - + +South East Asia Venture Financial Services 94 10.0 - - 8.8 8.8

Investment Company IllSouth East Asia Venture Financial Services 85 0.1 - - 0.1 0.1

Investment Management ltd.150.0 218.0 368.0

Total for Assa and the Pacific 2,443.2 932.8 3,376.0

Central Asia, the Middle East, and North Africa(as of June 30, 1999)

Original commitments' Investments held for IFC 63Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



ALGERIAArab Banking Corporation Algeria Financial Services 98 2.0 - - 2.0 2.0

Helios S.P.A. Chemicals and 93 10.0 - 4.7 - 4.7

PetrochemicalsSociete Generale d'Algerie Financial Services 99 1.0 - - 1.0 1.0

4.7 3.0 7.7

EGYPT, ARAB REPUBLIC OFAbu Soma Development Company Hotels and Tourism 94, 97, 99 1.5 - - 1.5 1.5

Alexandria Carbon Black Oil Refining 93, 97,99 22.5 - 16.0 3.0 19.0

Company, S.A.E.Alexandria National Iron & Mining and Extraction 84, 91, 93, 102.7 50.0 72.9 22.7 95.6

Steel Company S.A.E. of Metals and Other Ores 94,96, 99

Apache Corporation Mining and Extraction 96 20.0 - - 9.3 9.3

of Fuel MineralsClub Ras Soma Hotel Company Hotels and Tourism 94 7.5 3.5 4.5 2.4 6.9

Commercial International Bank Financial Services 94 15.6 - - 15.6 15.6

S.A.E. of EgyptThe Egypt Trust Financial Services 97 5.0 - - 5.0 5.0

Egyptian Cement Company S.A.E. Cement and 99 35.0 - 35.0 - 35.0

Construction MaterialsMeleiha Oil Development and Mining and Extraction 87, 88, 93 41.7 - - 30.8 30.8

Exploration Project of Fuel Minerals

Messer Gases Dikheila Company, Chemicals and 97 5.5 - 4.0 1.5 5.5

S.A.E. PetrochemicalsMisr Compressor Manufacturing Manufacturing 92 13.5 - 9.7 3.8 13.5

Company (MCMC), S.A.E.Orascom Projects and Touristic Hotels and Tourism 97, 99 25.8 - 20.0 4.8 24.8

Development S.A.E.Orix Leasing Egypt Financial Services 97 0.9 - - 0.9 0.9

Unipak Nile Limited Timber, Pulp, and Paper 98 5.0 - 5.0 - 5.0

167.1 101.3 268.4

JORDANAl Keena Hygienic Paper Mill Timber, Pulp, and Paper 95 8.0 - 5.7 - 5.7

Co. Ltd.Business Tourism Company Hotels and Tourism 98 5.0 - 4.0 1.0 5.1(

LimitedEl-Zay Ready Wear Textiles 98 5.0 - 5.0 - 5.0

Manufacturing Co.Hikma Investment Company Ltd. Chemicals and 87,91,93,95 9.9 - 2.6 2.7 5.3

PetrochemicalsIndo-Jordan Chemicals Company Fertilizers and 95 30.0 - 28.0 - 28.0

Limited Agricultural ChemicalsJordan Inter-Continental Hotel Hotels and Tourism 98 10.0 - 10.( - 10.0

ProjectJordan Investment Trust Plc Financial Services 98 1.4 - - 1.4 1.4

Jordan Mobile Telephone Infrastructure 96 18.0 20.0 15.0 - 15.0

Services Company LimitedModern Agricultural Investment Food and Agribusiness 99 1.0 - - 1.0 1.0

CompanyModern Aluminum Industries Manufacturing 96 4.5 _ 3.5 - 3.5

Company Limited


64 ~~~~~~~~~~~~~~~~~~~~~ ~ ~~~~~~~Original commitments' Investments heLd for IFC'Fiscal years (millions of U.S. doLlars) (mitions of U.S. dolIars)

in whichcommitments TotaL Total Equity TotaL loans


Pella Investment Company Infrastructure 92 - _ - 1.5 1.5Limited

Zara Investment (Holding) Hotels and Tourism 97 18.0 - 15.0 3.0 18.0Company Limited

88.8 10.6 99.4KAZAKHSTAN

ABN-AMRO Bank (Kazakhstan) Financial Services 94, 96, 98 5.3 1.0 - 4.6 4.6Limited

Joint Stock Company Ispat Mining and Extraction 98, 99 76.7 87.9 76.7 - 76.7Karmet of Metals and Other Ores

Kazakhstan Constsruction Cement and 99 1.1 - 0.9 0.3 1.1Company CISC Construction Materials

Kazgerniunai Mining and Extraction 98 36.7 - 33.9 0.7 34.6of Fuel Minerals

Kazkommertsbank Financial Services 97 10.0 20.0 9.0 1.0 10.0

120.5 6.5 127.0KYRGYZ REPUBLIC

Demirbank Kyrgyzstan Financial Services 97 0.5 - - 0.5 0.5Kumtor Gold Company Mining and Extraction 95 40.0 - 35.0 - 35.0


35.0 0.5 35.5LEBANON

Agricultural Development Co. S.A.L. Food and Agribusiness 98 5.0 - 5.0 - 5.0Bank of Beirut and the Arab Financial Services 93,97 11.0 10.0 4.4 - 4.4

Countries, S.A.L.Bank of Beirut S.A.L. Financial Services 98 12.5 - 12.5 - 12.5Banque Audi S.A.L. Financial Services 93, 97, 98 16.0 3.0 9.8 - 9.8Banque l.ibanaise pour le Financial Services 94 5.9 2.9 2.3 - 2.3

(Commerce S.A.L.Banque Libano-Francaise S.A.L. Financial Services 94, 97 16.0 21.0 8.8 - 8.8Banque Saradar S.A.L. Financial Services 98, 99 20.0 - 9.4 10.0 19.4Byblos Bank S.A.L. Financial Services 93, 97 16.0 18.0 10.4 - 10.4Cimenterie Nationale Cement and 95 20.0 30.0 14.2 - 14.2

(Construction MaterialsFransabank S.A.. Financial Services 93, 94, 97 16.5 15.4 6.5 - 6.5FTML. S.A.L. Infrastructure 98 30.0 45.0 27.5 - 27.5Idarat Investment Corporation, S.AL. Hotels and Tourism 99 11.5 - 10.0 1.5 11.5Lebanese l.easing Company Financial Services 95,99 10.2 10.8 5.5 0.7 6.3Societe 1Il6tdiere "De Vinci" S.A.L. Hotels and Tourism 99 3.0 - 3.0 - 3.0Societe tenerale Libano- Financial Services 94, 97 13.5 17.5 9.7 - 9.7

Europuenne de Banque S.A.L.Transorient Bank S.A.L. Financial Services 98 12.5 - 12.4 - 12.4Uniceramic S.A.L. Cement and 93 4.0 2.0 0.4 0.8 1.2


151.6 13.0 164.6MOROCCOAttijari Factoring Maroc Financial Services 96 0.5 - - 0.5 0.5(Credit lmmobilier et Hotelier Financial Services 87,90 67.5 78.4 17.3 - 17.3Mediafinance S.A. Financial Services 94,96 1.2 - - 1.2 1.2Settat Filature (SETAFIL) Textiles 88,93 4.7 - 2.9 1.2 4.1

Central Asia, the MiddLe East, and North Africa(as of June 30, 1999)

Original commitments' Investments heLd for IFC5Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



Settavex S.A. Textiles 99 14.4 - 4.8 9.0 13.8

Socite ENNASRde Pche Food and Agribusiness 91 2.5 - 0.9 - 0.9

25.9 11.8 37.7

OMANOman ORIX Leasing Company SAOG Financial Services 93, 99 6.4 - 3.1 1.4 4.5

United Power Corporation Infrastructure 95 19.0 57.0 11.9 4.0 15.9

15.0 5.4 20.4

PAKISTANAES Lalpir Limited Infrastructure 95 49.5 - 38.9 9.5 48.4

AES Pak Gen (Private) Company Infrastructure 96 29.5 50.0 19.0 9.5 28.5

Atlas Investment Bank Financial Services 96 5.0 - 4.4 - 4.4

Atlas Lease Limited Financial Services 94 10.0 2.2 5.4 0.4 5.8

Bank of Khyber Financial Services 96 2.0 - 1.5 - 1.5

Beaconhouse Public Schools Social Services 96 2.0 0.9 2.0 - 2.0

(Private) Limited (Health Care, Education)

BRR International Modaraba Financial Services 92, 94, 96 15.8 3.8 15.0 0.8 15.8

BSJS-AIM Asset M,anagement Financial Services 95 0.3 - - 0.3 0.3

CompanyThe BSJS Balanced Fund (BBF) Financial Services 96 0.5 - - 0.5 0.5

Central Depository Company of Financial Services 93 0.2 - - 0.2 0.2

Pakistan LimitedCrescent Greenwood Ltd. Textiles 94,97 21.2 10.0 11.8 5.1 16.9

Crescent Industrial Chemicals Textiles 96 20.0 - 15.0 5.0 20.0

LimitedCrescent Investment Bank Financial Services 96 16.0 5.0 14.5 - 14.5

D.G. Khan Cement Company Cement and 95, 96 30.5 40.0 25.0 5.5 30.5

Limited Construction MaterialsEngro Asahi Polymer and Chemicals and 98 14.3 - 14.3 - 14.3

Chemicals (Private) Limited Petrochemicals

Engro Chemical Pakistan Fertilizers and 91, 95, 97 57.4 14.0 22.3 5.2 27.5

Limited Agricultural Chemicals

Engro Paktank Terminal Limited Infrastructure 97 12.0 5.0 11.7 - 11.7

Equity International (Private) Financial Services 92 0.2 - - 0.2 0.2

I.imitedFauji Cement Ltd. Cement and 94 29.0 20.0 22.4 5.0 27.4


First Crescent Modaraba Financial Services 96 5.0 3.8 5.0 - 5.0

First International Investment Financial Services 90.92,96 4.6 - 2.5 1.5 4.0

Bank LimitedFirst Leasing Corporation Financial Services 94, 97 5.7 - 2.3 1.7 3.9

LimitedFirst UDL Modaraba Financial Services 96 10.0 7.5 10.0 - 10.0

Gul Ahmed Energy Limited Infrastructure 96 31.1 35.0 27.0 4.1 31.1

Hala Spinning Limited Textiles 89 3.9 - 3.6 - 3.6

Hoechst Pakistan Limited Chemicals and 94 0.2 - 0.2

Petrochemicals

International Housing Finance Financial Services 92, 95 7.4 - 3.2 0.9 4.1

LimitedJahangir Siddiqui & Co. Financial Services 93, 96 1.1 - - 1.1 1.1

LimitedKohinoor Energy Limited Infrastructure 95 31.3 36.6 23.8 6.3 30.1


66 ~~~~~~~~~~~~~~~~~~~~~ ~ ~~~~~~~~Original commitments' Investments held for JFC24:5 66 Fiscal years (millions of U.S. dollars) (miLlions of U.S. dollars)in which

commitments Total TotaL Equity Total loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

Maple-Leaf Cement Factory Cement and 94, 95, 97 35.7 35.0 30.0 5.7 35.7Limited Construction Materials

Mari Gas Company Limited Mining and Extraction 86, 92 25.5 6.7 7.2 - 7.2of Fuel Minerals

Mohib 'extile Mills Limited Textiles 94 2.2 - - 1.0 1.0Muslim Commercial Bank Limited Financial Services 93 7.5 - 3.8 - 3.8National Development Leasing Financial Services 85, 94 12.9 3.3 6.3 1.3 7.6

Corporation LimitedORIX Investment Finance Financial Services 96 0.6 - - 0.6 0.6

Company Pakistan LimitedOrix Leasing Pakistan Limited Financial Services 94 12.5 3.3 6.3 1.3 7.6Packages Limited Timber, Pulp, and Paper 65, 81, 82, 44.8 20.1 15.9 3.5 19.4

87, 92, 94,95

Pakistan Credit Rating Agency Financial Services 94 0.2 - - 0.2 0.2Pakistan Industrial & Financial Services 94 5.0 - 3.1 - 3.1

Commercial Leasing LimitedPakistan Industrial Leasing Financial Services 91, 94, 95 15.5 2.2 6.2 1.0 7.2

Corporation LimitedPakistan Petroleum Limited Mining and Extraction 83, 85, 95 42.9 85.4 7.1 1.6 8.6

of Fuel MineralsPakistan Services Limited Hotels and Tourism 93 15.0 - 8.0 3.0 11.0Prudential Discount and Financial Services 91 0.4 - - 0.4 0.4

Guarantee House LimitedRegent Knitwear Limited Textiles 94 9.2 2.8 7.1 - 7.1Rupafab Limited Textiles 96 12.2 - 8.2 1.2 9.4Rupafil Limited Textiles 93 17.0 - 4.5 0.3 4.8Sarah Textiles Textiles 93, 96 7.7 - 4.7 1.7 6.4Systems (Private) Limited Industrial and 98 2.0 - 2.0 + 2.0

Consumer ServicesUch Power l.imited Infrastructure 96 40.0 75.0 40.0 - 40.0The Unit Trust of Pakistan (UTP) Financial Services 98 1.5 - - 1.5 1.5

461.1 86.8 547.8TAJIKISTAN

Nelson Gold Corporation Mining and Extraction 98 3.0 - - 3.0 3.0Limited of Metals and Other Ores

Zeravshan Gold Company Mining and Extraction 97, 98 11.8 _ 9.6 1.2 10.8of Metals and Other Ores

9.6 4.2 13.8TUNISIA

Aminex Plc Mining and Extraction 97 0.6 - - 0.6 0.6of Fuel Minerals

Banque Internationale Arabe de Financial Services 98 8.0 - - 2.3 2.3Tunisie

Ideal Sanitaire Cement and 93 1.0 - - 1.0 1.0Construction Materials

International Maghreb Merchant Financial Services 95 0.3 - - 0.3 0.3Bank SA.

Societe des Industries Textiles 88 2.1 - - 2.1 2.1Textiles Reunis, SA.



Fiscal years (millions of U.S. doltars) (millions of U.S. dollars)67in which

commitments TotaL Total Equity Total loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

Societe Industrielle des Textiles 86, 92, 98 14.0 - 0.6 2.9 3.5Textiles (SITEX)

Socitte Monastirienne Textiles 91 5.6 - 2.2 - 2.2Ruternationale des Textiles

Socktes d'Etudes et de Hotels and Tourism 73, 75 3.2 - - 0.6 0.6Developpement de Sousse-Nord

Tuninvest Private Equity Fund Financial Services 98 4.7 - - 4.7 4.72.8 14.6 17.4

UZB EKISTANABN-AMRO Bank Uzbekistan Financial Services 96 1.0 _ - 1.0 1.0Amantaytau Goldfields A.O. Mining and Extraction 96 0.9 - - 0.9 0.9

of NMetals and Other OresCore Pharmsanoat Chemicals and 98 3.9 3.4 3.4 0.5 3.9

PetrochemicalsFayz Holding loint Stock Timber, Pulp, and Paper 98 2.4 - 1.9 0.5 2.4

Company of the Open TypeIV"'Uzcasemash" .LLC Nlotor Vehicles and 98 9.4 4.0 6.8 2.6 9.4


JV`"Uzcaseservice` LLC Industrial and 98 3.8 3.9 3.2 (1.6 3.8Consumer Services

Uzbekistan Leasing Company Ltd. Financial Services 96 0.6 - - 0.6 0.6UzCase Agrolease Financial Services 98 6.0 5.0 5.0 1.0 6.0

20.3 7.7 27.9WEST BANK AND GAZAAl-Ayyam Press, Printing, Manufacturing 99 1.8 - 1.8 - 1.8

Publishing And DistributionCompany Ltd.

Arab Bank PLC. Financial Services 97 - - 3.0 - 3.0Arab Concrete Products Company Cement and 98 0.8 - (.8 - 0.8

Construction MaterialsArab Palestine Investment Bank Financial Services 96 3.8 - - 3.8 3.8Arab Palestinian Storage and Food aIid Agribusiness 99 0.2 - 0.2 - 0.2

Cooling Co. LtdCommercial Bank of Palestine Financial Services 97 7.5 - 1.5 - 1.5Jericho Motel Hotels and Tourism 99 1.2 - 1.2 - 1.2Jordan National Bank Financial Services 97 - - 3.0 - 3.0Nabahin Industry and Trading Motor V'ehicles and 98 0.5 - 0.5 - 0.5

Company Components (includingMotorcycles)

Palestine Industrial Estates Industrial and 98 9.0 7.0 8.0 1.0 9.0Development and Management Consumer ServicesCompany

Palestine Mortgage Housing Mining and Extraction 99 4.0 - - 4.0 4.0Corporation of Mtetals and Other Ores

Palestine Tourism Investment Co. Hotels and Tourism 99 9.3 - 8.0 1.4 9.3Peace Technology Fund Financial Services 99 11.9 - - 11.9 11.9Peace Technology Management Ltd. Financial Services 98 0.2 - - 0.2 0.2

Central Asia, the Middle East, and North Africa(as of JLune 30, 1999)

0 68 Original commitments' Investments held for IFC2Fiscal years (miltions of U.S. dollars) (millions of U.S. dollars)

irn which

commitments Total Totat Equity Total loansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

Pharmacare Limited Chemicals and 98 0.5 0.4 - 0.4Petrochemicals

28.4 22.3 50.6

YEMEN, REPUBLIC OFAden C(ompany for Silos and Mills Food and Agribusiness 99 12.0 - 12.0 - 12.0Radfan Ceramics and Porcelain Cement and 98 3.8 - 3.8 - 3.8

Manul'acturing Company Limited Construction Materials

15.8 15.8

REGIONAL

Arab Insurance Group Financial Services 98 6.2 - - 6.0 6.0IEmerging Middle East Fund Financial Services 95 7.2 - - 7.2 7.2First ANZ International Financial Services 97 5.0 - - 5.0 5.0

Modaraba LimitedFramlington Maghreb Fund Financial Services 95 6.1 - - 6.1 6.1Framlington Maghreb, S.A. Financial Services 95 + - - + +Inter Arab Rating Company Financial Services 96 1.0 - 1.0 1.0Middle Fast Capital Group Financial Services 96 3.0 - - 3.0 3.()

28.3 28.3

Total for Central Asia, the Middle East, and North Africa 1,146.4 315.9 1,462.4

Europe(as of June 30, 1999)

Original commitments' Investments heLd for IFC2 69Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)

in which Lcommitments Total Total Equity Total loans


ALBANIAAnglo Albania Petroleum Mining and 98 28.5 - - 28.5 28.5

Limited Extraction of Fuel Minerals

Eurotech Cement, Shpk. Cement and 99 1.2 1 1.2 - 1.2

Construction Materials1.2 28.5 29.7

AZERBAIJAN

Amoco Caspian Sea Finance Mining and Extraction 99 32.8 32.8 32.8 - 32.8

Limited of Fuel Minerals

Azerbaijan Bank Financial Services 99 1.0 - - 1.0 1.0

AzerDemiryolbank Financial Services 98 0.5 - 0.5 - 0.5

AzeriGazbank Financial Services 98 0.4 - 0.4 - 0.4

Baku Coca-Cola Bottlers Limited Food and Agribusiness 98 12.8 - 9.2 2.3 11.5

Early Oil Finance Company Mining and Extraction 99 15.4 15.4 15.4 - 15.4

of Fuel Minerals

Lukoil Overseas Chirag Mining and Extraction 99 19.3 19.3 19.3 - 19.3

Finance Ltd. of Fuel Minerals

Rabitabank Financial Services 98 0.4 - 0.4 - 0.4

Turkish Petroleum Early Oil Mining and Extraction 99 13.0 13.0 13.0 - 13.0

Finance Company Ltd. of Fuel Minerals

Unocal Chirag Finance Ltd. Mining and Extraction 99 19.4 19.4 19.4 - 19.4

of Fuel Minerals110.5 3.3 113.8

BELARUSZAO Rautaruukki Belcolor Mining and Extraction 98 2.3 - - 2.3 2.3

of Metals and Other Ores2.3 2.3

BOSNIA AND HERZEGOVINAAkova Impex, d.o.o. Food and Agribusiness 99 2.1 - 2.0 - 2.0

Bosnalijek, d.d. Sarajevo Chemicals and 99 2.4 - 2.4 - 2.4

PetrochemicalsHorizonte Bosnia-Herzegovina Financial Services 98 1.9 - - 1.9 1.9

Enterprise FundKonjuh Preduzece Z.A. Proizvodnju Financial Services 98 - - 2.4 - 2.4

i Promet Namjestaja D.D. se P.A.-

Kopex-Sarajlic d.j.l. Srebrenik Industrial and 99 2.6 - 2.4 - 2.4

Consumer Services

Lignosper ODP Timber, Pulp, and Paper 98 2.4 - 2.2 - 2.2

Lijanovici d.o.o. Food and Agribusiness 99 2.5 - 2.4 - 2.4

The Microenterprise Bank of Financial Services 98,99 0.8 - - 0.8 0.8

Bosnia and HerzegovinaO.D. Drvno Industrijsko Financial Services 98 - - 1.7 - 1.7

Preduzece "Kozara"''ODP Drvna Industrija Podgradci" Financial Services 98 - - 1.2 - 1.2

Sarajevska Pivara, D.D. Food and Agribusiness 98 4.0 - 3.8 - 3.8

Sour Energoinvest Manufacturing 85 15.2 - 8.3 - 8.3

Tvornica Cazin Kartona i Ambalaze Timber, Pulp, and Paper 77 10.8 7.4 3.5 - 3.5

Wood Sector Agency Credit Line Financial Services 98 13.4 - 8.0 - 8.0

40.3 2.7 43.0


70 Original commitments' Investments held for IFC270 tFiscal years (millions of U.S. dollars) (millions of U.S. dollars)| ~~~~~~~~~~in which


BULGARIA

Bulgarian American Credit Bank, AD Financial Services 99 5.0 - 5.0 - 5.0Celhart Stambolijski A.D. Timber, Pulp, and Paper 99 15.4 - 13.9 1.5 15.4Compagnie des Hotels de Luxe S.A. Hotels and Tourism 98 12.8 9.5 12.8 - 12.8Devnya Cement A.D. Cement and 99 30.0 - 30.0 - 30.0

Construction MaterialsEuroMerchant Balkan Fund SICAV Financial Services 95 5.0 - - 5.0 5.0fnterlease A.D. Financial Services 98 3.8 - 3.5 0.3 3.8

65.2 6.8 72.0CROATIA

Alpe Jadran Banka D.D. Financial Services 98 4.0 - 3.7 - 3.7Belice LD.. Timber, Pulp, and Paper 73, 81, 98 51.1 51.2 13.3 6.0 19.3'I'he Croatia Capital Partnership L.P. Financial Services 99 5.0 - - 5.0 5.0Trscanska Stedionica-Bank D.D. Financial Services 98, 99 2.6 - - 2.6 2.6Tvornica Cementa Koromacno D.D. Cement and 98 10.8 - 10.6 - 10.6


27.6 13.6 41.2CYPRUS

Dome Investments Limited Hotels and Tourism 83 1.5 - - 0.3 0.3Leptos Calypso Hotels Limited Hotels and Tourism 91 9.0 - 5.3 - 5.3

5.3 0.3 5.6CZECH REPUBLIC

Cekoslovenska Obchodni Banka a.s. Financial Services 99 75.5 - - 75.5 75.5Cembrit Bohemia, a.s. Cement and 95 5.0 - 2.9 - 2.9

Construction MaterialsCembrit Moravia, a.s. Cement and 95 5.6 - 3.2 - 3.2

Construction MaterialsCeskomrnravsky Cement, a.s. Cement and 92 17.2 - - 17.6 17.6

Construction MaterialslDuff & Phelps CZ, a.s. Financial Services 99 0.1 - - 0.1 0.1Energy Center Kladno Infrastructure 97 58.3 24.2 55.6 - 55.6

Generating, s.r.o. (ECKG)Hayes l.emmerz Autokola, a.s. Motor Vehicles and 94 16.4 22.1 9.2 - 9.2


Nova Hut, a.s. Mining and Extraction 97,98 85.0 159.6 82.4 - 82.4of Metals and Other Ores

Plzensky Prazdroj, a.s. Food and Agribusiness 96 38.5 19.2 29.4 - 29.4Zivnostenska Banka Financial Services 92 6.4 - - 5.4 5.4

182.7 98.6 281.3ESTONIA

Aktsiaselts Eesti Uihispank Financial Services 97,99 23.2 - 21.9 - 21.9Elcoteq T-allinn, AS. Manufacturing 97 7.7 - 5.4 - 5.4Estonian Industrial l.easing Ltd. Financial Services 95, 97, 99 0.9 - - 0.9 0.9Horizon Tselluloosi ja Paberi Ti'mber, Pulp, and Paper 98 6.0 - 4.5 1.5 6.0

AktsiaseltsKunda-Nordic Cement Corporation Cement and 94 10.0 - 4.8 4.0 8.8

Construction MaterialsToftan AS Timber, Pulp, and Paper 97 2.0 - 1.4 - 1.4

38.0 6.4 44.4


Original commitments' Investments held for IFC2 1Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



GEORGIAGeorgia Microfinance Bank Financial Services 99 0.5 - - 0.5 0.5Georgian Glass and Mineral Food and Agribusiness 97 2.8 - - 2.8 2.8

Water Company N.V.Ninotsminda Oil Company Mining and Extraction 99 6.0 - 6.0 - 6.0

of Fuel MineralsSaatksio Szagadoeba MINA Manufacturing 99 8.8 - 6.3 2.5 8.8'I'BC Bank Financial Services 98 3.0 - 3.0 - 3.0Tbilcombank Financial Services 99 3.0 - 3.0 - 3.0

18.3 5.8 24.1

HUNGARYAlbadomu Malatatermclo es Food and Agribusiness 94 7.3 - 2.4 2.0 4.3

Kereskedelmi BTAxon Vagyonkezelo Organizacios Financial Services 99 1.0 - - 1.0 1.0

es BefektetesiDexter Mold Making Company Manufacturing 90 3.7 - - 0.8 0.8

LimitedDuff& Phelps Magyar Financial Services 99 0.1 - - 0.1 0.1

Hitelminositd Rt.Dunastyr Polystyrene Chemicals and 89 18.0 14.4 1.0 - 1.(

Manufacturing Co. Ltd. PetrochemicalsERU Hungaria Sajtgyarto KFT Food and Agribusiness 97 2.5 2.0 2.4 - 2.4Furoventures Hungary BA. Financial Services 92 2.5 - - 1.6 1.6The First Hungary Fund Limited Financial Services 90 7.5 - - 3.8 3.8Hungarian Telecommunications Infrastructure 94,96 44.5 50.0 - 22.4 22.4

Company LimitedThe Hungary Private Equity Financial Services 96 2.5 - - 2.1 2.1

Fund Limited PartnershipInter-Europa Bank Rt. Financial Services 96 10.0 5.0 9.0 - 9.0Mirelite Budapest Frozen Food Food and Agribusiness 94 9.0 - 5.4 3.0 8.4

Company Inc.P Z. Rona Limited Financial Services 90 + - - + +

Papa Regional Telephone Infrastructure 94 0.5 - - 0.5 0.5Company Rt.

Salgotarjan Glass Wool Limited Manufacturing 88, 89, 92 5.5 - - 2.0 2.0

20.2 39.3 59.4

LATVIA

A/S Vereinsbank Riga Financial Services 97, 98 6.0 - - 6.0 6.0Joint Stock Company Tolaram Fibers Textiles 99 20.0 - 15.0 5.0 20.0Tilts Communications A/S Infrastructure 92, 95 19.1 - 5.4 13.7 19.1Vika Wood l.td. Timber, Pulp, and Paper 97 4.0 - 3.2 - 3.2

23.6 24.7 48.3

LITHUANIAAB Ekranas Manufacturing 99 15.0 - 15.0 - 15.0Liteksas Ir Calw A.B. Textiles 96 9.6 - 6.6 1.0 7.6Superfos Fegda UAB'* Manufacturing 99 - - 1.7 - 1.7

Vilniaus Margarino Gamykla'* Food and Agribusiness 92 - 0.5 - 0.5Vilniaus Bankas AB Financial Services 99 20.0 - 20.0 - 20.0

43.8 1.0 44.8


Original commitments' Investments held for IFC'7, FiX X Rscai years (millions of U.S. dollars) (millions of U.S. doLLars)



MACEDONIA, FORMER YUGOSLAV REPUBLIC OF

A.D. Makedonski Infrastructure 98 25.0 25.0 25.0 - 25.0Telekomunikacii-Skopje

Enterprise for Production, Manufacturing 98 3.8 - 3.8 - 3.8Trade, and Services "Nikol-Fert" Export-Import, D.O.O.

Makedonijaturist A.D. Hotels and Tourism 99 4.2 - 4.0 - 4.0Masinornont Manufacturing 98 0.8 - 0.7 - 0.7

Stopanska Banka a.d. Skopje Financial Services 98 15.7 - 10.6 5.0 15.7'leteks A.D. Textiles 98 1.5 - 1.4 - 1.4

45.6 5.0 50.6

MOLDOVA

Incon JSC, Cupchin JSC, Food and Agribusiness 97 8.9 - 6.4 2.0 8.4Ungheni JSC, Floresti JSCVoxtel S.A. Infrastructure 99 15.0 25.0 15.0 - 15.0

21.4 2.0 23.4

POLANDBaltic Malt Sp. z o.o. Food and Agribusiness 97 8.4 - 5.0 1.9 6.9Bank Wlasnosci Pracowniczej (BWP) Financial Services 99 1.7 - - 1.7 1.7Central Poland Fund, L.-.C. Financial Services 98 1.6 - - 1.6 1.6Chemagev, l.imited Industrial and 92 3.9 7.6 0.3 - 0.3

Consumer ServicesGaspol S.A. Infrastructure 96, 97 6.0 - - 6.0 6.0Global Hotels Development Hotels and Tourism 99 3.6 - - 3.6 3.6

(Group l'oland S.A.GlobiSp.zo.o. Industrialand 95 10.0 - - 10.0 10.0

Consumer ServicesHuta LV. Sp. z o.o. Mining and Extraction 93 39.1 - 27.6 4.5 32.1

of Metals and Other OresIntercell Spolka z o.o. Timber, Pulp, and Paper 95, 97, 98 11.5 - - 11.5 11.5Nesky Inc. Motor Vehicles and 95 2.4 - 1.9 0.5 2.4


Norgips (O)pole SP z o.o. Cement and 97 11.4 21.4 10.4 - 10.4Construction Materials

Partek Paroc Polska Sp. z o.o. Manufacturing 99 9.0 - 6.9 2.1 9.0Peters A.(G./GMT-Poland S.A. Food and Agribusiness 94 6.6 - 5.6 1.0 6.6Philips Lighting Poland S.A. Manufacturing 92 15.0 - 3.8 - 3.8Pilkington Sandoglass SP. z o.o. Manufacturing 93 44.7 25.9 15.6 8.3 23.9Piotr Ostrowski Partnership in Hotels and Tourism 90 + - + - +

WetlinaPoland Investment Fund L.P. Financial Services 95 2.5 - - 2.2 2.2Polsko-Amerykanski Bank Financial Services 97 15.0 - 15.0 - 15.0

Hipoteczny S.A.Yoplait Polska S.A. Food and Agribusiness 94 2.0 - 1.3 - 1.3

93.3 54.9 148.2

PORTUGALAl Hikma Farmaceutica Chemicals and 91 2.0 - 0.8 - 0.8

(Portugal), Limitada PetrochemicalsBanco Finantia S.A. Financial Services 88, 90,91,94 10.1 - 10.1 10.1



Fiscal years (miltions of U.S. dollars) (millions of U.S. doltars)

commitments Total Total Equity Total loansCountry, region or other area, and obtigor Sector were made IFC syndications Loans (at cost) and equity

Uniao Industrial Textil e Chemicals and 90 6.6 0.5 0.5Quimica, S.A. Petrochemicals

1.2 1(.1 11.3

ROMANIAAlcatel Network Systems Infrastructure 92 2.6 - - + +

Romania S.A.Banc Post S.A. Financial Services 99 10.0 - 10.0 - 10.()The Danube Fund Financial Services 97 2.0 - - 2.0 2.0Demirbank (Romania) S.A. Financial Services 98 8.2 - 5.0 3.2 8.2Dunapack Rambox Prodimpex S.R.L. Timber, Pulp, and Paper 99 4.1 - 1.8 2.0 3.8Foreign & Colonial Romanian Financial Services 98 10.0 - - 10.0 10.0

Investment Company plc.Krupp Bilstein Compa S.A. Motor Vehicles and 98 2.8 2.8 2.7 - 2.7


Krupp Compa Arcuri S.A. Motor Vehicles and 99 7.6 3.3 7.4 - 7.4Components (includingMotorcycles)

Mobil Rom S.A. Infrastructure 98 50.0 160.0 50.0 - 50.0Ro-Am Small Business Lenders Financial Services 98 5.0 - 5.0 + 5.0

LimitedRomanian Efes Brewery S.A. Food and Agribusiness 98 17.4 8.0 16.6 - 16.6Romlease S.A. Financial Services 95, 98 5.8 - 4.0 0.8 4.7Societatci Comerciala de Financial Services 99 0.2 - - 0.2 0.2

Asegurare Reasigurare Eleno-Romana Garanta S.A.

102.5 18.2 120.7

RUSSIAN FEDERATIONAlpha Cement Open Joint Stock Cement and 96, 98 15.6 - - 13.5 13.5

Company Construction MaterialsAminex Plc Mining and Extraction 92,97 22.6 - 17.0 5.6 22.6

of Fuel MineralsAO Mosenergo Infrastructure 98 20.0 - 20.0 - 20.0AOOT Borsky StekolnyZavod Manufacturing 98 15.0 - - 15,0 15.0Depsona Z.A.O. Food and Agribusiness 96 8.3 - 5.3 1.5 6.8First NIS Regional Fund Financial Services 95 15.0 - - 15.0 15.0Framlington Russian Investment Fund Financial Services 94 8.0 - - 8.0 8.0The National Registry Company Financial Services 95 1.5 - 1.5 1.5Nizhniv Newsprint Holdings l'imber, Pulp, and Paper 95 41.0 45.0 26.5 11.0 37.5

LimitedOAO DreVfo Food and Agribusiness 99 0.9 - - ().9 ().9Pioneer First Russia, Inc. Financial Services 97 4.0 - - 4.0 4.0PLM Beverage Can Manufacturing Manufacturing 98 25.0 15.0 25.0 - 25.0

ZAOPL.M Eastern Holding AB Manufacturing 98 5.5 - - 5.5 5.5Polar Lights Company Mining and Extraction 94 60.0 - 15.8 - 15.8

of Fuel MineralsRamenka 000 Industrial and 99 30.5 - 30.5 - 30.5

Consumer ServicesRTDC Holdings, Inc. Infrastructure 95 7.5 - - 7.5 7.5Russian Technology Fund LP Financial Services 96 2.0 - - 2.0 2.0

Europe(as of Ju°ne 30, 1999)

Original commitments' Investments held for IFC'Fiscal years (millions of U.S. dolLars) (millions of U.S. dollars)



Sector Capital Fund Limited Financial Services 96 4.5 _ - 4.5 4.5'loribank Financial Services 98 12.2 - - 12.2 12.2United Export Import Financial Services 97 7.5 - 6.4 - 6.4

Bank

V'asyugan Services Joint Mining and Extraction 95 9.0 - 1.5 - 1.5Enterprise of Fuel Minerals

148.0 10)7.8 255.8

SLOVAK REPUBLIC

Bank Austria Creditanstalt Financial Services 99 30.0 - 3(0.0 - 30.0Slovakia, A.S.

Eurotel Bratislava Infrastructure 99 28.3 - 26.0 - 26.0Scametatra a.s. Manufacturing 98 2.4 - 2.1 - 2.1West Import Chemicals and 99 2.2 - 2.2 - 2.2

Export Company v.o.s. Petrochemicals

60.3 60.3

SLOVENIA

Slovenian Development Capital Financial Services 95 5.0 - - 5.0 5.0FuLnd l.imited

5.0 5.0

TURKEY

Adana (imento Sanavi TuirkA.. Cement and 99 15.0 10.0 15.0 - 15.0Construction Materials

Alternatilbank AI.$. Financial Services 99 15.0 15.0 15.0 - 15.0Arcelik, A.5. Manufacturing 96 48.0 40.0 44.8 - 44.8Assan Demir ve Sac Sanayii A$. Mining and Extraction 94,97 29.7 10.0 22.5 - 22.5

of Metals and Other OresAytac I)is 'l'icarct Yatirim Sanayi A.$. Food and Agribusiness 94 10.0 1().0 6.0 - 6.0Bank Fkspres A.S. Financial Services 96 1().0 - 4.3 - 4.3Borcelik Celik Sanayii 'I'icaret A.S. Mining and Extraction 92, 95, 96, 97 47.1 - 25.0) 12.1 37.1

of Metals and Other OresCaveli Bakir Isletmeleri A$. Mining and Extractioni 93 30.0 45.0) 21.0 - 21.0

of Metals and Other OresCBS Bova Kimva Sanavii ve Manufacturing 95,96 0.7 - - 3.7 3.7

Ticaret A.$.

CBS Holding A.S. Manufacturing 94 15.5 - 4.0 - 4.0(:BS Printas Baski Murekkepleri Manufacturing 96 - _ - 0.6 0.6

ve Gerecleri A.S.Cerrahogullari'I'.A.$. Infrastructure 94 8.8 - 1.0 - 1.()I)emir Finansal Kiralama A$. Financial Services 97,98 15.0 - 12.8 - 12.8D)emirbank T.A.*. Finanicial Services 94,97 30.0 60.0 12.0 12.0Edirne Givim Sanavi A$. 'Textiles 89 6.4 - 2.4 - 2.4Eldor Elektronik Sanayi ve Manufacturing 93, 97 6.0 - 5.3 - 5.3

I'icaret A.S.Elginkan Holding A.$. Manufacturing 88,93,97 47.8 1.9 15.5 - 15.5Entek Elektrik Uretimi Infrastructure 98 25.) 26.5 25.0 - 25.0

Otoproduktor Grubu A.$.Finans Finansal Kiralama Financial Services 97,98 11.0 - 9.7 - 9.7

Anonim SirketiGaranti Finansal KiralamaA.S. Financial Services 95,98 12.0 - 7.0 - 7.0Global Securities Inc. Fiinancial Services 94, 95, 96 2.8 - - 2.5 2.5


Original commitments' Investments held for IFCRFiscal years (millions of U.S. dollars) (millions of U.S. dollars)


Country, region or other area, and obUigor Sector were made IFC syndications Loans (at cost) and equity

Gumu,ssuyu Hali ve yer Kaplamalari Textiles 99 12.0 - 11.9 _ 11.9

Sanayi ve Ticaret A$.Hidrojen Peroksit Sanayi ve Chemicals and 99 12.0 - 12.0 - 12.0

Ticaret, A$. PetrochemicalsIBAR/Duff & Phelps Credit Financial Services 97 0.1 - - 0.1 0.1

Rating Co.Indorama Iplik Sanayii ve Textiles 99 10.7 - 10.0 0.7 10.7

Ticaret A$.Ipek Kagit Sanayi ve Ticaret A$. Timber, Pulp, and Paper 98 31.9 18.0 31.4 - 31.4Isvicre Hayat Sigorta A$. Financial Services 96, 98 0.5 - - 0.5 0.5Kepez Elektrik T.A$. Infrastructure 91 20.2 - 14.2 - 14.2Kiris Otelcilik ve Turizm A$. Hotels and Tourism 89,90 23.4 - 21.8 - 21.8Koc Finansal KiralamaA$. Financial Services 97 15.0 - 12.9 - 12.9KocbankA$. Financial Services 97 10.0 60.0 10.0 - 10.0KorfezbankA$. Financial Services 92,97 23.0 51.4 13.5 - 13.5Kula Mensucat Fabrikasi A$. Textiles 91 19.8 - 4.7 - 4.7Medya Holding A$. Manufacturing 93, 96 28.6 - 8.9 - 8.9Modern Karton Sanayii ve Timber, Pulp, and Paper 98 20.0 10.0 20.0 - 20.0

Ticaret AS,.NASCO Nasreddin Holding A.. Textiles 92 17.5 5.0 11.5 - 11.5Osmanli Bankasi A$. Financial Services 98 20.0 80.0 20.0 - 20.0OyakBankA$. Financial Services 98 15.0 25.0 13.3 - 13.3Pasabahce-Schott Cam Sanayi ve Manufacturing 99 16.7 16.7 15.4 - 15.4

Ticaret A$.Pinar Entegre et ve Yem Sanayi A$. Food and Agribusiness 84, 94, 98 21.9 - 12.7 - 12.7Pinar Sut Mamulleri Sanayii A$. Food and Agribusiness 94 7.5 - 1.9 - 1.9Rant Finansal Kiralama A$. Financial Services 92, 98 4.8 - 3.5 - 3.5Sakosa Sabanci-Kosa Textiles 99 24.4 23.9 24.4 - 24.4

Endustriyel Iplik ve Kord BeziSanayi ve Ticaret A$.

Silkar Turizm Yatirim ve Hotels and Tourism 86, 90 19.3 9.8 3.7 0.3 4.0Isletmeleri A$.

S6ktas Pamuk ve Tarim Textiles 98 13.0 - 12.1 - 12.1Crunlerini DegerlendirmeTicaret ve Sanayi A$.

TEB Finansal Kiralama A$. Financial Services 99 5.0 - 5.0 - 5.0Tekfen Yatirim Ic Finansman Financial Services 96 5.0 - 2.1 - 2.1

Bankasi, A$.Toprak Finansal Kiralama A$. Financial Services 97 8.0 - 4.4 - 4.4Trakya Cam Sanayii A$. Manufacturing 79, 83, 84, 66.7 31.4 - 5.8 5.8

89,91,96, 99Turk Ekonomi Bankasi Financial Services 95, 99 27.5 37.5 15.0 - 15.0Tuirkiye Garanti Bankasi A$. Financial Services 93, 98 40.0 175.0 20.0 - 20.0Turkiye Sise ve Cam Manufacturing 93, 97 41.0 50.2 17.6 - 17.6

Fabrikalari A$.Turk Demir Dokurm Fabrikalari A$. Manufacturing 96 2.0 - 1.2 - 1.2Uzel Makina Sanayi A$. Motor Vehicles and 99 20.0 15.0 20.0 - 20.0


Viking Kagit ve Seluloz, A$. Timber, Pulp, and Paper 70, 71, 82, 15.2 - 11.7 - 11.783,98

Yalova Elyafve Iplik A$. Textiles 96 15.0 8.0 10.0 - 10.0


76 Original commitments' Investments held for IFC2Fiscat years (millions of U.S. dollars) (millions of U.S. dollars)



Yapi Kredi Finansal Kiralama A.(. Financial Services 97, 98 12.9 - 8.5 - 8.5Yeditepe Bevnelmilel Otelcilik Hotels and Tourism 90, 94 29.6 27.5 16.8 + 16.8

Turizm ve Ticaret A.$.

670.9 26.1 696.8UKRAINE

First Ukrainian International Bank Financial Services 99 6.5 - - 6.5 6.5Joint Stock Commercial Bank Financial Services 98 2.3 - - 2.3 2.3

Creditanstalt UkraineUkraine Fond Financial Services 94, 97 3.5 - - 3.5 3.5

12.3 12.3

YUGOSLAVIA (SERBIA AND MONTENEGRO), FEDERAL REPUBLIC OF

Institut za Fizikalnu Medicinu Social Services 82,88 19.1 - 9.0 - 9.0i Rehabilitaciju "Dr. Simo (Health Care, Education)Milosevic," Igalo

Investiciona Banka T'itograd - Hotels and Tourism 80 21.0 - 2.0 - 2.0Udruzena Banka

Jugobanka - Udruzena Banka Financial Services 86 25.4 10.4 4.5 - 4.5Beograd

loan to Fight Banks for Small-Scale Financial Services 80 26.0 4.2 1.1 - 1.1Enterprises

Radoje Dakic Manufacturing 80 18.7 - 1.2 - 1.2\'ojvodjanska Banka- Udruzena Financial Services 87,89 56.0 31.2 42.5 - 42.5

Banka

60.3 60.3

REGIONAL

ABC Medicover Holdings B.V Social Services 99 7.0 - 7.0 - 7.0(Health Care, Education)

Advent Central and Eastern Financial Services 98 15.0 - - 15.0 15.0Europe 11

Advent Central Europe Financial Services 95 + - - + +

Management L.P.Advent Private Equity Fund- Financial Services 95 10.0 - - 7.8 7.8

Central Europe L.PAlliance ScanEast Fund, l-P. Financial Services 94 7.0 - - 6.7 6.7Black Sea Fund L.P. Financial Services 99 10.0 - - 10.0 10.0Central Europe Telecom Financial Services 94 10.0 - - 7.0 7.0

Investments, l.P.Czech and Slovak Private Financial Services 95 2.5 - - 2.5 2.5

Equity Fund l..Intra-Regional Trade Financial Services 92, 96 0.9 - 0.9 - 0.9

Enhancement FacilityThe Investment Fund for Financial Services 97 15.0 - 12.3 - 12.3

Central and Eastern Europe *

New Europe-East Investment Fund Financial Services 93 10.0 - - 2.5 2.5Renaissance Capital Financial Services 94 5.0 - - 4.9 4.9I'he Romania & Moldova Direct Financial Services 99 15.0 - - 15.0 15.0Fund, LP

20.2 71.4 91.5

Total for Europe 1,800.1 546.0 2,346.0

Latin America and the Caribbean(as of June 30, 1999)

Original commitments' Investments held for IFC|Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)

in whichlcommitments Total Total Equity TotaL loans


ARGENTINAAceitera Chabas S.A. Food and Agribusiness 95 - _ - 3.1 3.1Aceitera General Deheza S.A. Food and Agribusiness 95 25.0 - 10.0 6.9 16.9Acindar Industria Argentina de Mining and Extraction 60, 95,97, 119.4 65.7 93.8 16.4 110.2

Aceros, S.A. of Metals and Other Ores 99Aguas Argentinas S.A. Infrastructure 95, 96 85.0 307.5 63.5 7.0 70.5Algodonera Santa Fe S.A. Textiles 90 - - 0.1 - 0.1Alpargatas S.A.I.C. Textiles 77, 84, 86, 81.3 157.5 29.2 7.4 36.6

88,94,97American Plast, S.A. Manufacturing 99 10.0 - 10.0 - 10.0Argentina Equity Investments I Financial Services 94 4.0 - - 4.0 4.0

LimitedAsociaci6n Uni6n Tamberos Food and Agribusiness 99 12.0 - 12.0 - 12.0

Cooperativa Limitada (AUCTL)Banco de Credito Argentino S.A. Financial Services 91 10.0 - 0.3 - 0.3Banco de Galicia y Buenos Financial Services 97, 99 60.0 200.0 60.0 - 60.0

Aires S.A.Banco del Suquia S.A. Financial Services 98,99 45.0 30.0 45.0 - 45.0Banco Frances del Rio de la Financial Services 89,97 19.3 - 4.1 - 4.1

Plata S.A.Banco General de Negocios S.A. Financial Services 94, 99 48.0 - 48.0 - 48.0Banco Roberts S.A. Financial Services 95 20.0 - 20.0 - 20.0Banco Roberts S.A. Financial Services 86, 89, 91,98 34.9 - 10.0 - 10.0Bansud S.A. Financial Services 97 4.9 - 4.1 - 4.1Bolland & Cia, S.A. Hotels and Tourism 89,93 - - + - +Bunge y Born S.A. Food and Agribusiness 88, 93 63.0 57.5 1.6 - 1.6CCBA S.A. (Brahma-Argentina) Food and Agribusiness 96 18.5 33.0 16.4 - 16.4CerveceriayMalteriaQuilmesS.A. Food andAgribusiness 94 15.0 15.0 8.7 - 8.7Ceramica Zan6n S.A.C.I. y M. Cement and 96 20.0 - 17.7 - 17.7

Construction MaterialsCompafnia Elaboradora de Food and Agribusiness 95 15.0 6.0 9.7 - 9.7

Productos Alimenticios S.A.Companiias Asociadas Petroleras S.A. Mining and Extraction 97 17.0 33.0 17.0 - 17.0

of Fuel MineralsCorporaci6n de Inversiones y Financial Services 90 0.1 - - 0.1 0.1

Privatizaci6n S.A.Correo Argentino S.A. Infrastructure 99 75.0 54.0 68.2 6.8 75.0Empresa Distribuidora Norte Infrastructure 94,96 45.0 128.0 28.0 - 28.0

Sociedad An6nima S.A.Ferroexpreso Pampeano, S.A.C. Infrastructure 93 10.8 17.6 5.8 - 5.8Ferrum S.A. Cement and 94 - - 0.2 - 0.2

Construction MaterialsFondo Agricola de Inversi6n Financial Services 98 2.8 - - 2.8 2.8

Directa 2003 y Unifund S.A.Frigorifico Regional Food and Agribusiness 98 12.5 7.0 12.5 - 12.5

Industrias AlimenticiasReconquista (Friar) (S.A.)

Frigorifico Rioplatense S.A.I.C.I.F. Food and Agribusiness 92 13.0 4.0 5.3 1.0 6.3Frigorifico Toba, S.A. * Food and Agribusiness 90 - - + - +Fundaci6n Universidad de Social Services 99 7.0 - 7.0 - 7.0

Belgrano "Doctor Avelino Porto" (Health Care, Education)

4


78 c Original commitments' Investments held for IFC2

78 f:Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)in which


FV S.A. Manufacturing 99 16.0 - 16.0 - 16.0Grunbaum, Rico y Daucourt Manufacturing 96 10.0 5.0 8.0 - 8.0

S.A.I.C. y F.Guipeba-Ceval S.A. Food and Agribusiness 97 20.0 20.0 20.0 - 20.0Hiospital Privado Centro Medico Social Services 99 9.6 _ 9.6 - 9.6

de Cordoba S.A. (Health Care, Education)Interpack. S.A. T 'imber, Pulp, and Paper 93 - - 0.1 - 0.1

Juan Minetti S.A. Cement and 78,81,86,87 101.8 167.5 63.2 + 63.2Construction Materials 93, 94, 96,99

Kleppe S.A. y El C(aldero S.A. Food and Agribusiness 95, 98 12.0 - 10.6 - 10.6Malteria Pampa S.A. Food and Agribusiness 93,96 19.0 12.0 10.7 - 10.7Merchant Bankers Asociados S.A. Financial Services 96 0.2 - - 0.2 0.2MilkautS.A. FoodandAgribusiness 97 20.0 5.0 18.8 - 18.8Molinos Rio de la Plata S.A. Food and Agribusiness 93, 94 2.3 - - 5.5 5.5Nahuelsat S.A. Infrastructure 95 35.0 - 22.5 5.0 27.5Nuevo Central Argentino S.A. Infrastructure 93 13.0 15.0 4.4 3.0 7.4Oleaginosa Oeste, S.A. Food and Agribusiness 92 20.0 15.0 8.8 - 8.8Pan American Energy LLC Mining and Extraction 93, 96 80.0 100.0 26.0 - 26.0

of Fuel MineralsParafina del Plata, S.A. Chemicals and 89 - - 0.1 - 0.1

PetrochemicalsPatagonia Fund, L.P. Financial Services 98 30.0 - - 30.0 30.0Patagonia Mint S.A. Food and Agribusiness 98 6.0 5.0 6.0 - 6.0Petroken Petroquimica Ensenada S.A. Chemicals and 90, 95 40.0 11.0 24.4 - 24.4

PetrochemicalsPetrolera Argentina San Jorge S.A. Mining and Extraction 97, 99 31.4 - - 31.4 31.4

of Fuel MineralsPetrolera Argentina San Jorge S.A. Mining and Extraction 92, 93 42.0 35.0 - 27.0 27.0

of Fuel MineralsRefineria San Lorenzo S.A. Oil Refining 97 20.0 30.0 18.2 - 18.2S.A. San Miguel A.G.1.C.I. y F Food and Agribusiness 99 12.0 - 12.0 - 12.0Sancor Cooperativas Unidas Food and Agribusiness 95 40.0 30.0 35.0 - 35.0

L.imitadaSideco Americana S.A. Infrastructure 96 - - - 15.0 15.0

Socma Americana S.A. Infrastructure 95 40.0 60.0 14.6 - 14.6'I'BR, S.A. - Manufacturing 91 - - + - +

Terminal 6, S.A. Infrastructure 87, 90, 91, 33.0 19.5 17.2 - 17.296, 98

Terminales Portuarias Infrastructure 96 12.0 - 8.5 2.0 10.5Argentinas S.A.

'I'he 'lower Fund, L.P. Financial Services 95 20.0 - - 15.7 15.7The Tower Investment Financial Services 95 0.1 - - 0.1 0.1

Management Company

Transportadora de Gas del Infrastructure 97 45.0 210.0 44.7 - 44.7Norte S.A.

T6 Industrial S.A. Food and Agribusiness 98 15.0 30.0 15.0 - 15.0VicentinS.A.I.C. FoodandAgribusiness 97 25.0 10.0 23.1 - 23.1Willnior S.A. Food and Agribusiness 90 - - 0.1 - 0.1

Yacylec S.A. Infrastructure 94 20.0 45.0 6.6 5.0 11.6

1,052.4 195.5 1,247.9



Fiscal years (millions of U.S. dollars) (miltions of U.S. doLtars)in which


BARBADOS

Almond Resorts, Inc. Hotels and Tourism 95 7.1 1.1 1.1Caribbean Financial Services Financial Services 84 0.3 _ - 0.3 0.3

Corporation

1.4 1.4

BELIZE

Belize Electric Company Limited Infrastructure 93 15.0 - 6.5 - 6.5Nova Companies (Belize) Ltd. Food and Agribusiness 98 5.5 - 5.5 - 5.5

and Ambergris Aquaculture [.td.

12.0 12.0

BOLIVIA

Banco lndustrial,S.A. Financial Services 76, 88, 91, 30.3 5.5 11.0 4.7 15.792,95, 98

Banco Mercantil S.A. Financial Services 96 10.0 - 10.0 - 10.0Caja Los Andes S.A. Financial Services 99 2.0 - 2.0 - 2.0Central Aguirre Portuaria S.A. Infrastructure 92 2.5 - 0.6 0.3 0.9Companlia Boliviana de Gas Chemicals and 93 2.3 1.] 1.1

Natural C(omprimido S.A. PetrochemicalsCompaflia Minera del Sur, S.A. Mining and Extraction 92, 90, 94, 30.6 5.0 11.4 - 11.4

of Metals and Other Ores 96Empresa Minera Inti Raymi, S.A. Mining and Extraction 92 40.0 - 7.5 - 7.5

of Mletals and Other OresMinera S.A. Mining and Extraction 92 - _ - 3.4 3.4

of Metals and Other OresPluspetrol Mining and Extraction 91 9.9 - - 5.9 5.9

of Fuel MineralsTelefonica Celular de Bolivia Infrastructure 97 15.0 2(0.0 15.0 - 15.0

S.A. ("ITelecel S.A.")

58.6 14.4 72.9

BRAZIL

Bacell Servicos e Industria Limitada Timber, Pulp, and Paper 94 24.7 36.0 11.0 10.7 21.7Bahia Sul Celulose, S.A. Timber, Pulp, and Paper 90, 91, 93 61.1) 60.0 7.1 21.1) 28.1Bahia Sul Celulose, S.A. 'rTimber, Pulp, and Paper 94 - - 3.8 - 3.8Banco Bradesco, S.A. Financial Services 97 40.0 54.4 40.0 - 40.0Banco Bradesco, S.A. Financial Services 92 60.0 - 26.0 - 26.0Bompreco S.A. Supermercados Industrial and 98 30.0 - 30.0 - 3(0.0

do Nordeste Consumer ServicesBrasilpar Comercio e Financial Services 81 1.2 - - + +

Participacoes S.A.Bulk Services Corporation Food and Agribusiness 98 14.0 7.5 14.0 - 14.0Cambuhy M.C. Industrial Ltda. Food and Agribusiness 95 30.0 - 16.9 - 16.9Ceramica Portobello S.A. Cement and 95 22.0 - 12.1 5.0 17.1

Construction MaterialsCeval Alimentos S.A. Food and Agribusiness 93, 96 90.0 130.0 - 20.0 20.0Chapeco Companhia Industrial Food and Agribusiness 94,96 31.9 5.0 25.0 - 25.0

de AlimentosC(ompanhia Central Brasileira Textiles 93 10.0 - 0.6 - 0.6

de Acabamentos 'lexteisCompanhia Cervejaria Brahma Food and Agribusiness 95 35.0 123.0 25.0 - 25.0

Latin America and the Caribbean>~w t (as of June 30, 1999)

80 Original commitments1 Investments held for IFCE_0 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)in which

commitments Total Total Equity Total LoansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

Companhia de Tecidos Norte de Textiles 97, 98 25.0 20.0 15.0 4.0 19.(Minas (Coteminas) S.A.

Companhia Petroquimica do Sul S.A. Chemicals and 98 40.0 180.0 37.5 - 37.5Petrochemicals

Concessionaria da Rodovia Infrastructure 98 35.0 79.5 35.0 - 35.0Presidente Dutra S.A.

CRP- Caderi Capital de Risco S.A. Financial Services 95 2.0 - - 1.9 1.9Dende do Para S/A - DENPASA- Food and Agribusiness 80, 94 5.3 - _ 1.1 1.1

Agricultura, fndfsstria eComercio de Olea

l)ixie Toga S.A. Manufacturing 98 15.0 - - 15.0 15.0Duratex S.A. TI'imber, Pulp, and Paper 88, 97 29.4 78.0 22.0 - 22.0Empesca S.A. Construcoes Food and Agribusiness 98 15.0 - 15.0 - 15.0

Navais, Pesca e ExportacaoEmpresa de Desenvolvimento de Mining and Extraction 73, 78, 83 9.3 54.0 - 4.3 4.3

Recursos Minerais (COI)DMIN) S.A. of Metals and Other OresEngepol Engenharia de Manufacturing 91 3.5 - (.9 - (.9

Polimtteros

Eucatex do Sul S.A. Timber, Pulp, and Paper 95 - - 7.5 - 7.5

Fcrtilizaantes Fosfatado S.A. Fertilizers and 99 20.0 45.0 20.0 - 20.1)Agricultural Chemicals

Fras-le, S.A. Motor Vehicles and 99 20.0 - 10.0 10.( 20.0Components (includingMotorcvcles)

(,avea Hotelaria e Tlurismo S.A. Hotels and Tourism 94 16.8 7.5 14.9 - 14.9Globo Cabo Holding S.A. Infrastructure 95, 97, 98 63.0 118.0 32.1 28.(0 60.1GiP Capital Partners, I. Financial Services 94 20.0 - - 14.0 14.0Hering Textile*- Textiles 95 - _ 7.5 - 7.5

Icatu EFquity Partners, L. P Financial Services 98 30.0 - - 30.0 30.0Industrias Arteb S.A. Motor Vehicles and 98 27.0 20.0 20.0 7.0 27.0

Components (includingMotorcvc1es)

Industrias Romi S.A.- Manufacturing 93 - - 1.2 ().4 1.6Ipiranga Petroquimica S.A. Chemicals and 80, 87, 98 61.3 178.0 40.0 6.3 46.3

Petrochemicals1. Macedo Alimentos S.A. Food and Agribusiness 93 24.0 10.0 14.5 - 14.5L.atasdeAluminioS.A. Manufacturing 95 21.0 5.0 13.) - 13.0Lightel S.A. le 'Tecnologia da Infrastructure 97 43.2 - 25.0 18.2 43.2

lnforrnayao

I.oias Americanas S.A. Industrial and 96 33.0 20.0 29.0 - 29.0Consumer Services

Mallory I.imitada Manufacturing 96 12.0) - 7.3 - 7.3Mineracoes Brasileiras Mining and Extractioni 92,88,93 55.0 27.0 17.0 - 17.0

Reunidas S.A. of Metals and Other OresOxiteno Nordeste S.A. Chemicals and 75, 96 39.6 - 22.5 - 22.5

Industria c Comercio PetrochenmicalsPara Pigmentos S.A. Mining and Extraction 95 39.0 35.0 30.0 9.0 39.0

of Metals and Other OresPerdigao S.A. and Perdigao Food and Agribusiness 88, 96 57.9 20.0 28.4 10.0 38.4

Agroindustrial S.A.Petroflex Induistria e Comercio S.A. * Manufacturing 96 - - 7.5 - 7.5


OriginaL commitments1

Investments held for IFC2

Fiscal years (millions of U.S. doLlars) (millions of U.S. dollars)in which


PISA-Papel de Imprensa S.A. Timber, Pulp, and Paper 83,85, 88 55.9 31.7 - 3.9 3.9Politeno Induistria e Com6rcio S.A. Chemicals and 89,96 42.6 - 13.2 - 13.2

PetrochemicalsRandon S.A. Implementos e Motor Vehicles and 99 10.0 - 10.0 - 10.0

Sistemas Automotivos Components (includingMotorcycles)

Rhodia-Ster S.A. Chemicals and 92 25.9 - 5.7 6.0 11.7Petrochemicals

Rhodiaco Induistrias Quimicas Ltda. Chemicals and 96 30.0 30.0 20.0 - 20.0Petrochemicals

Ripasa S.A. Celulose e Papel Timber, Pulp, and Paper 91 25.0 - 2.9 5.0 7.9S.A. Industria e Comercio Food and Agribusiness 94,96 7.9 - 6.9 7.9 14.7

ChapecoSadia Concordia S.A. Induistria Food and Agribusiness 94, 95,97 80.0 222.0 54.0 10.0 64.0

e ComercioSamarco Mineracao S.A. Mining and Extraction 97 18.0 16.0 16.2 - 16.2

of Metals and Other OresSao Paulo Alpargatas S.A. Manufacturing 87, 97 60.0 - 30.0 - 30.0Saraiva S.A. Livreiros Editores Industrial and 98 18.0 - 15.0 3.0 18.0

Consumer ServicesSOCOCO S.A. Agroindustrias Food and Agribusiness 83 5.5 - - 2.5 2.5

da AmazoniaSucorrico S.A. Food and Agribusiness 97 15.0 - 15.0 - 15.0'lecon Rio Grande S.A. Infrastructure 99 13.0 18.0 13.0 - 13.0Trikem S.A. Chemicals and 92,95 12.9 - - 12.9 12.9

PetrochemicalsTubos e Conexoes Tigre Ltda. (Tigre) Manufacturing 97 30.0 23.5 28.1 - 28.1Usina Hidreletrica Guilman - Infrastructure 98 30.0 91.0 29.5 - 29.5

AmorimVotorantim Celulose e Papel S.A. Timber, Pulp, and Paper 93 24.0 15.0 11.7 - 11.7Vulcabras do Nordeste S.A. Manufacturing 99 20.0 - 20.0 - 20.0Wembley S.A. Textiles 92 - - - 10.0 10.0

975.4 277.1 1,252.4CHILE

Agrisouth (Chile) S.A. Food and Agribusiness 98 10.0 5.0 10.0 - 10.0Bosques y Maderas S.A. (BOMASA) Timber, Pulp, and Paper 92,94 10.3 6.0 1.7 4.8 6.5CB Transporte e Infrastructure 99 2.0 - 2.0 - 2.0

lnfraestructura S.A.CB Transportes S.A. Infrastructure 92,99 9.9 - - 15.9 15.9Celulosa del Pacifico, S.A. Timber, Pulp, and Paper 90, 93, 94 55.5 33.0 6.1 - 6.1Compafhia de Telecomunicaciones Infrastructure 91,92, 94 99.1 113.0 31.1 - 31.1

de Chile S.A.Empresa Electrica Pangue S.A. Infrastructure 94 64.8 88.0 - 2.8 2.8Ferrocarril del Pacifico S.A. Infrastructure 97 20.5 6.0 14.5 - 14.5Fibranova S.A. Timber, Pulp, and Paper 92,93 17.5 - 2.0 - 2.0Hidroelectrica Aconcagua S.A. Infrastructure 92, 93 14.4 6.0 - 6.5 6.5Leasing Andino S.A. Financial Services 91, 94 20.0 20.0 8.8 - 8.8Minera Escondida Limitada Mining and Extraction 89,91, 99 75.1 - 13.8 7.5 21.3

of Metals and Other OresMoneda Asset Management S.A. Financial Services 94, 96, 97 0.5 - - 0.5 0.5

B Latin America and the Caribbean(as of June 30, 1999)

OriginaL commitments' Investments held for IFCt82 Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)in which


Nature's Farm Products (Chile) S.A.- Food and Agribusiness 91 - - 1.2 - 1.2Pionero Fondo de Inversi6n Financial Services 94 10.0 - - 10.0 1().0

MobiliariaProa Fondo de Inversion de Financial Services 96 8.4 - - 8.4 8.4

Desarrollo de EmpresasReynolds Chile S.A. Manufacturing 96 11.0 - 3.3 2.5 5.8

94.4 58.8 153.2COLOMBIA

Compania Colombiana de Tejidos Textiles FY63, 91 22.9 1.7 6.3 - 6.3Compania Suramericana de Financial Services 99 5.1 - - 5.1 5.1

Arrendamiento Operativo S.A.Corporaci6n Financiera del Valle Financial Services FY69, 85, 88, 51.1 60.0 - 7.4 7.4

93, 95Corporaci6n Financiera Financial Services 94,95 6.4 - - 1.4 1.4

Santander S.A.Corporaci6n Nacional y Financial Services 96 38.9 - 13.1 - 13.1

Suramericana S.A.Industria Colombiana de Llantas S.A. Motor Vehicles and 95, 97 19.5 - 11.0 - 11.0


L.easing Bolivar, S.A. Compafiia Financial Services 81,85,87,90 15.4 6.3 4.0 - 4.0de Financiamiento Comercial 91, 92, 95

Leasing Suramericana Compania Financial Services 98 30.0 - 30.0 - 30.0de Financiamiento Comercial S.A.

Oleoducto de Colombia S.A. Mining and Extraction 91, 92 55.0 75.0 2.9 - 2.9of Fuel Minerals

Productora de Derivados de la Chemicals and 87 7.2 - - 0.6 0.6Sal, S.A. (PRODESAL) Petrochemicals

Promigas S.A. E.S.P. Infrastructure 77, 89, 93, 38.3 69.5 12.2 1.1 13.394, 97

Provectos de Infraestructura S.A. Infrastructure 97 15.) - 9.6 5.() 14.6

89.1 20.7 109.8COSTA RICA

Banco Interfin S.A. Financial Services 93 5.0 - 2.5 - 2.5Consorcio Hospitalario Social Services 99 1.2 - - 1.2 1.2

Internacional, S.A. (Health Care, Education)Corporaci6n Banex, S.A. y Financial Services 91 5.8 - 1.4 - 1.4

Banex Internacional, S.A.Corporaci6n Supermercados Industrial and 99 40.0 - 30.0 10.( 40.0

Unidos Consumer ServicesHidroelectrica Aguas Zarcas S.A. Infrastructure 94 4.0 6.1 2.9 - 2.9Hotel Camino Real, S.A. Hotels and Tourism 93 7.0 - 6.1 - 6.1'I'icofrutS.A. FoodandAgribusiness 96,99 14.0 5.0 13.0 - 13.0

55.8 1 1.2 67.0DOMINICAN REPUBLIC

Cranberry Doininicana S.A. y Hotels and Tourism 93 6.8 - 3.1 - 3.1Tlantimar S.A.

I)esarrollos 'Turisticos del Hotels and Tourism 92, 94 10.0 - 3.6 - 3.6Caribe, S.A.

Inversora Internacional Hotels and Tourism 99 14.() 21.7 14.0 - 14.0Hotelera, S.A.


Original commitments' Investments held for IFC2 83Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



Smith/Enron Cogeneration Infrastructure 95,96 32.3 50.0 27.6 - 27.6

Limited Partnership48.4 48.4

ECUADORAgrocapital, S.A. Food and Agribusiness 97 3.5 - 3.5 - 3.5

Banco Cofiec Financial Services 69, 73, 77, 3.0 - - 0.3 0.3

81,82, 88

Concesionaria DHM, S.A. Infrastructure 99 12.8 15.0 11.5 1.3 12.8

Favorita Fruit Company, Ltd. Food and Agribusiness 99 15.0 - 10.0 5.0 15.0

La Universal S.A. Food and Agribusiness 99 13.2 3.0 8.2 5.0 13.2

Rey Banano del Pacifico C.A. Food and Agribusiness 94 10.0 5.0 6.2 - 6.2

39.4 11.6 51.0

EL SALVADORAFP Previsi6n, S.A. Financial Services 99 1.2 - - 1.2 1.2

Banco Cuscatlan, S.A. Financial Services 99 25.0 - 25.0 - 25.0

Baterias de El Salvador, S.A. Manufacturing 99 2.0 - 2.0 - 2.0

Cemento de El Salvador S.A. Cement and 97 22.1 24.0 20.0 1.8 21.8

(CESSA) Construction Materials

SEF Implementos Agricolas Manufacturing 98, 99 2.2 - 2.0 0.2 2.2

Centroamericanos, S.A.

Telemovil El Salvador, S.A. Infrastructure 94, 96 9.9 14.5 8.3 0.2 8.5

57.3 3.4 60.8

GUATEMALAFabrigas S.A. Infrastructure 95 7.0 - 4.8 - 4.8

Operadora de Tiendas, S.A. Industrial and 99 20.0 - 20.0 - 20.0

(La Fragua S.A.) Consumer Services

Orzunil Infrastructure 98 14.3 15.0 13.2 1.2 14.3

Pantaleon S.A. Food and Agribusiness 97 20.0 - 16.3 - 16.3

Puerto Quetzal Power Corporation Infrastructure 93, 96 20.0 51.0 7.8 - 7.8

Siderulrgica de Guatemala, S.A. Mining and Extraction 98 18.0 14.0 16.9 - 16.9


Vidriera Guatemalteca, S.A. Manufacturing 93 11.0 - 6.2 - 6.2

85.0 1.2 86.2

GUYANAIDS Holdings Limited Manufacturing 99 1.0 - 1.0 - 1.0

1.0 1.0

HONDURASCorporacion Cressida, S.A. de CV. Manufacturing 97, 98 25.0 37.0 25.0 - 25.0

Electricidad de Cortes, S. de Infrastructure 95, 98 16.6 36.3 11.4 2.6 14.0

R.L. de CV.Grupo Granjas Marinas S.A. de Food and Agribusiness 87, 99 6.6 - 6.0 - 6.0

C'V., Granjas Marinas San

Bernardo S.A. de C.V, Sea Farms I

Multiplaza de Tegucigalpa S.A. Hotels and Tourism 99 10.0 _ 10.0 - 10.0

52.4 2.6 55.0


84 FiscaL years Original commitments' Investments held for IFC2

84 FiRscaL years (miLlions of U.S. dollars) (milLions of U.S. doLlars)in which

commitments Total Total Equity Total LoansCountry, region or other area, and obligor Sector were made IFC syndications Loans (at cost) and equity

JAMAICA

Caribbean Cement Company Cement and 93 8.0 - 3.5 - 3.5Limited Construction Materials

Jamaica Energy Partners Infrastructure 97 23.9 48.0 18.7 1.9 20.7

22.2 1.9 24.2

MEXICO

AES Mcrida 111, S. de R.L. de Infrastructure 98 30.0 74.0 30.0 30.0CAV (Energy Project)

Agropecuaria Sanfandila S.A. de C.V. Food and Agribusiness 99 10.0 5.0 10.0 - 10.0Alimenlos Naturales Sabroza, Food and Agribusiness 94 - - 3.0 - 3.0

S.A. de CV. Apasco, S.A. de C.V Cement and 88, 91, 92, 176.4 120.0 18.6 - 18.6

Construction Materials 93, 96Banco Bilbao Vizcava-Mexico, S.A. Financial Services 97 110.0 - 110.0 - 110.0Banco Nacional de Mexico, S.N.C. Financial Services 92, 90, 98 160.0 94.7 108.8 - 108.8Baring Mexico Private Equity Financial Services 95, 99 11.8 - - 11.8 11.8

Fund, L.P.Baring Private Equity Partners Financial Services 95, 96 0.2 - - 0.2 0.2

(Mexico), S.A.Celulosa v D)erivados, S.A. de C.V. Textiles 93 11.0 26.0 4.4 - 4.4Comercializadora La Junta S.A. Infrastructire 98 6.0) 7.5 6.0 - 6.0

de CA.(Compafia Tratadora de Aguas Infrastructure 95 7.5 - 6.7 - 6.7

Negras de Puerto Vallarta,S.A. d C (.V

Consorcio International Social Services 99 4.8 - - 4.8 4.8

Hospital, S.A. de CV (Health Care, Education)Fomento Econ6mico Mexicano, Food and Agribusiness 89,92 107.6 - - 9.4 9.4

S.A. dc C.V.

Fondo (Chiapas, S.A. de CA.V Financial Services 98 5.0 - - 5.0 5.0Sociedad de Inversi6n deCapitales

Forja de Monterrey, S.A. de C.V. Motor Vehicles and 99 16.0 1 3.0 13.0 3.0 16.0


General Hipotecaria, S.A. de C.V. Financial Services 98, 99 3.7 - - 3.7 3.7Grupo Calidra, S.A. de CV. Manufacturing 98 18.0 1().( 12.0 6.0 18.0Grupo Condumex, S.A. de CV. Manufacturing 90, 92 44.5 18.0 4.7 - 4.7Grupo Financiero BBV-Probursa, Financial Services 92,96,97,98 10.4 - 0.2 10.2 10.4

S.A. de C(.Grupo Idesa, S.A. de CV. Chemicals and 94 23.0 42.5 8.8 8.0 16.8

PetrochemicalsGrupo Industrial Ayvi S.A. de C.V Food and Agribusiness 99 10.0 - 10.0 - 10.0Grupo Industrial Bimbo, S.A. Food and Agribusiness 92, 96 65.0 175.0 34.3 - 34.3

de C'.Grupo Irsa, S.A. de C.V. (GIRSA) Chemicals and 97 40.0 115.0 40.0 - 40.0

PetrochemicalsGrupo Minsa, S.A. de CV. Food and Agribusiness 97 30.0 30.0 20.0 10.0 30.0Grupo Operador de Terminales Infrastructure 94 1.8 2.6 1.2 - 1.2

Maritimas S.A. de C.V


Original commitments' Investments held for IEt2 85Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)

in whichcommitments Total Total Equity Total Loans


Grupo Posadas, S.A. de C.V. Hotels and Tourism 92, 93, 95,96 48.7 58.5 28.8 5.0 33.8

Heller Financial (Mexico), Financial Services 94, 96, 98 2.8 - - 2.8 2.8

S.A. de CV.Internacional de Ceramica, Cement and 94 21.0 17.5 16.0 - 16.0

S.A. de CV. Construction Materials

Masterpak, S.A. de C(. Timber, Pulp, and Paper 93 12.0 28.0 4.8 - 4.8

Medicus, S.A. de C.V Social Services 99 7.0 - 7.0 - 7.0


Metalsa, S.A. Motor Vehicles and 92,84,88,94 33.4 35.0 6.0 - 6.0


Mexplus Puertos S.A. de C.V. Infrastructure 93, 95, 99 4.5 - - 4.5 4.5

Petrocel, S.A. de C.V Chemicals and 91 32.0 - 3.8 - 3.8

PetrochemicalsSigma Alimentos, S.A. de C.V. Food and 88, 95, 96 48.0 32.0 - 5.0 5.0

Agribusiness

Tenedora Nemak S.A. de C.V. Motor Vehicles and 96 30.0 35.0 6.0 - 6.0

Components ( including

Motorcycles)

Terminal de Cruceros Punta Infrastructure 98 5.0 7.0 4.0 1.0 5.0

Langosta, Cozumel, S.A. de C(.V

Terminal Maritima de Altamira Infrastructure 97 5.1 10.4 4.9 - 4.9

S.A. de C.V.Toluca Toll Road Infrastructure 92 13.8 - 7.6 - 7.6

Vitro Flotado, S.A. de C.V Manufacturing 91 25.0 101.0 8.3 - 8.3

Vitro, S.A. Manufacturing 91, 92 18.2 - - 10.2 10.2

ZN Mexico Capital Growth Fund Ltd. Financial Services 99 25.0 - - 25.0 25.0

538.7 125.5 664.3

NICARAGUA

Casa Mantica S.A. and Industrial and 99 4.5 - 4.5 - 4.5

Inmuebles Diano Marina, S.A. Consumer Services

Distribuidora Cesar Guerrero S.A. Industrial and 99 1.0 - 1.0 - 1.0

Consumer Services

Frutales del San Juan, S.A. Food and Agribusiness 99 3.0 - 2.0 1.0 3.0

7.5 1.0 8.5

PANAMA

Banco General S.A. Financial Services 98 15.0 - 15.0 - 15.0

Manzanillo International Infrastructure 95 25.0 35.0 20.0 - 20.0)

Terminal Panama, S.A.35.0 35.0

PERU

AFP Horizonte S.A. Financial Services 94, 96 1.1 _ - 0.2 0.2

Agro-Guayabito S.A. Food and Agribusiness 99 8.0 - 7.0 1.0 8.0

Agro Industrial Paramonga S.A. Food and Agribusiness 98 22.0 23.0 22.0 - 22.0

Banco de Credito del Peru Financial Services 95 15.0 - 3.1 - 5.1

Banco Internacional del Peru Financial Services 98 20.0 100.0 20.0 - 20.0

Compafnia de Minas Mining and Extraction 79, 83,90,93 8.4 - - 1.7 1.7

Buenaventura, S.A. of Metals and Other Ores

Latino Leasing, S.A. Financial Services 98 12.5 - 10.0 2.5 12.5

t §i.Latin America and the Caribbean(as of June 30, 1999)

86 Original commmitments' Investments held for IFC2FiscaL years (millions of U.S. dollars) (miLlions of U.S. dollars)

in whichcommitments Total Total Equity Total Loans


Minera Quellaveco S.A. Mining and Extraction 93, 96 11.5 - - 11.5 11.5of Metals and Other Ores

Minera Yanacocha S.A. Mining and Extraction 93, 95 22.7 19.( 2.4 0.3 2.7of Metals and Other Ores

'I'hc Peru Privatization FLnd Financial Services 95 20.0 - - 20.0 20.0I imitad

PPF Cayman l.td. Financial Services 95 + _ - + +S.A. Mi'nera Regina Mining and Extraction 85 3.0 - 1.8 - 1.8

of Nletals and Other OresWiese Leasing S.A. Financial Services 82, 92, 96 19.5 25.0 7.3 1.4 8.7

75.6 38.7 114.3TRINIDAD AND TOBAGO

Caribbean Ispat Limited Mining and Extraction 96 27.4 55.0 24.0 - 24.0of Metals and Other Ores

Home NMortgage Bank Finanicial Services 87 0.4 - - 0.4 0.4

24.0 0.4 24.4URUGUAY

AzucitrLs S.A. Food and Agribusiness 85,93 13.9 - 2.1 3.4 5.6Consorcio Aeropuertos Infrastructure 96 8.0 1(.0 7.2 - 7.2

Internacionales S.A.(irania M'loro, S.A. Food and Agribusiness 92 3.8 - 1.8 0.8 2.5Migranja S.A. Food and Agribusiness 90 5.3 - 3.3 2.0 5.3Surinvest International Financial Services 80, 89, 97 15.9 10.() 4.9 1.8 6.7

Limited (SRL)

19.3 8.0 27.3VENEZUELA

Compania An6nima Fabrica de 'I'imber, Pulp, and Paper 94 - - 0.9 - 0.9Papel Mlaracay -

CompaniaAn6nima Nacional Infrastructure 96 43.4 131.6 25.0 - 25.0'eletfonos de NVenezuela

Complejo SiderOrgico de Mining and Extraction 97,98 45.0 121.0 35.0 10.0 45.0Guayana, C.A. (Cornsigua) of Metals and Other Ores

Corporacifn Industrial Chemicals and 91,92 21.1 - - 11.() 11.0Montana, C.A., S.A. Petrochemicals

Eka Chemicals de Venezuela C.A. Chemicals and 91 14.3 18.0 4.6 - 4.6Petrochemicals

(Grupo Zulianio, S.A. C.A. Chemicals and 92, 94 14.1 - - 14.1 14.1Petrochemicals

Mavesa, S.A. Food and Agribusiness 92 9.0 - - 9.0 9.0Metanol de Oriente, Metor, S.A. Chemicals and 93 37.9 93.3 18.1 6.8 24.9

PetrochemicalsMiniera loma de Niquel, C.A. Mining and Extraction 98 74.5 50.0 68.1 6.4 74.5

of Metals and Other OresProductora de Alcoholes Chemicals and 91 38.4 2.0 1().7 7.5 18.2

Hidratados, C.A. PetrochemicalsSidermrgica del 'l'urbio S.A. Mining and Extraction 94 - - 1.5 - 1.5



Original commitments' Investments held for IFC2 87FiscaL years (millions of U.S. dollars) (millions of U.S. dollars)



Sistema Electr6nico de Financial Services 96 0.5 - - 0.5 0.5Transacciones C.A. (SET)

Telecomunicaciones Movilnet, C.A. Infrastructure 98 35.0 60.0 35.0 - 35.0

198.9 65.3 264.1

REGIONAL

BAC International Bank Financial Services 99 30.0 - 30.0 - 30.0Eastern Caribbean Home Financial Services 97 0.4 - - 0.4 0.4

Mortgage BankIFC Latin America Index Fund Financial Services 95 10.0 - - 0.5 0.5Latin American Corporate Bond Financial Services 94 15.0 - - 15.0 15.0

FundThe Latin America Enterprise Financial Services 95 20.0 - - 20.0 20.0

Fund, L.P.The Latin America Enterprise Financial Services 98 24.0 - - 24.0 24.0

Fund 11, L.P.Medical Systems Finance Financial Services 98 17.0 25.0 15.0 2.0 17.0

Holding Limited (MH)Profund Internacional, S.A. Financial Services 96 3.0 - - 3.0 3.0Scudder Latin American Financial Services 92, 93 25.0 - - 25.0 25.0

Power Fund IScudder Latin American Financial Services 92,98 10.0 - - 9.7 9.7

Power Fund 11Terra Capital Advisors Financial Services 99 5.0 - - 5.0 5.0

45.0 104.6 149.6

Total for Latin America and the Caribbean 3,587.5 943.2 4,530.7

Worldwide(as of June 30, 1999)

88 Original commitments' Investments held for IFC2Fiscal years (millions of U.S. dollars) (millions of U.S. dollars)



WORLD REGIONAlgemene Bank Nederland NV. * Financial Services 90 10.0 10.0 7.0 - 7.0Banque Nationale de Paris * Financial Services 91 5.0 5.0 5.0 - 5.0Cooperatieve Centrale Financial Services 97 50.0 50.0 44.9 - 44.9

Raiffeisen-Boereliteenbank BA.(Rabobank)

Credit lyonnais (Multicountry Financial Services 91 15.0 15.0 11.1 - 11.1I.oan Facility)

Emerging Markets Fixed Income Financial Services 98 10.0 - - 10.0 10.0Fund

Emerging Markets Gold Fund Financial Services 95 + _ - + +Management Co.

Emerging Markets Local Financial Services 97 10.0 - - 10.0 10.0Currency f)ebt Fund

Global Power Investment LI)C Financial Services 95 1.1 _ _ 1.1 1.1Global Power Investments Financial Services 95 50.0 - - 50.0 50.0

Company L.P.IFC Latin America and Asia Financial Services 96 20.0 - - 9.8 9.8

Trust 1995-AInternationale Nederlanden Financial Services 90 15.0 18.0 8.9 - 8.9

Groep N.V M

State Street Bank & Trust Financial Services 94 10.0 - - 9.0 9.0Company IFC Emerging MarketsIndex Common Trust Fund

Total for Worldwide 76.8 89.9 166.7

Total for International Finance Corporation 9,835.3 3,133.4 12,968.6

Total for international Finance Corporation (Net of Write-Off Adjustments)4 9,794.9 3,121.7 12,916.6

NOTES AND DEFINITIONS FOR INVESTMENT PORTFOLIO

* IFC's fiscal year runs from JuLy 1 to June 30.* Investment amounts are given in US dollars, regardLess of the original currency/ies, based on the

exchange rate in effect on June 30, 1999.* Commitments are Loans, syndicated loans, and equity and quasi-equity investments for which agreements

were signed during FY99.* Investments heLd for IFC's account are loans, and equity and quasi-equity investments disbursed and

outstanding, and undisbursed.* The operational investments are represented by loans and equity, as stated. In addition, in certain

investments, the Corporation has the right to acquire shares and/or participate in the profits of theenterprise.

* Totals may differ from the sum of individual figures because of rounding.

* Financial intermediary through which IFC makes loans to, and equity investments in, varioussmall-scale companies.

** Subproject under an agency line or a multicountry loan facility. The corresponding commitmentis shown for the agent.

+ Less than $50,000.1. Commitments include funds to be provided by IFC for its own account, funds to be provided by

participants through the purchase of an interest in IFC's investment, and funds to be provided byother financial institutions in association with IFC, where IfC has rendered material assistance inmobilizing those funds. OriginaL commitments are composed of disbursed and undisbursed balances.The undisbursed portion is revalued at current exchange rate whiLe the disbursed portion representsthe cost of the commitment at the time of disbursement. Loans heLd for the Corporation are revaluedat the current exchange rates. Amounts shown are for commitments outstanding at June 30, 1999, netof canceLLations.

2. Includes undisbursed balance.3. Represents investments made at a time when the authorities on Taiwan represented China in the

Corporation (before May 15, 1980).4. Of the total $28,667,924 in write-offs for FY99, write-off adjustments are $40,351,795 in loans and

$11,683,972 in equity (at cost) for a total of $52,035,767.

PROJECT MANAGER AND EDITOR DESIGNSally Gelston Grafik Communications, Ltd.,

CHIEF OF PUBLICATIONS Alexandria, VirginiaDana Lane ILLUSTRATION

James SteinbergPRIMARY IFC STAFF CONTRIBUTORSPaul Bravery, Sara York Kenny, Chetana Neerchal, PRINTINGWinsome Palmer, Nicholas Pardoe, Nadir Rehman Cadmus Graphic SoLutions, Sandston, Virginia

STAFF ASSISTANTSErlinda McAllister, Mona Vyas

PROOFINGStanley Thawley

V

7 IFCA Member ofjtbe INTERNATIONAL FINANCE CORPORATION

World Bank Group 2121 Pennsylvania Avenue, NW

Washington, DC 20433 USATelephone 202-473-7711Facsimite 202-974-4384www.ifc.org

20800 public disclosure authorized - world bank · public disclosure authorized ... disbursed loan...

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