2012 Green Credit Forum Final Online 11 April
2012 Green Credit Forum Final Online 11 April
2012 Green Credit Forum Final Online 11 April
Foreword
Over the course of 2012, IFC joined hands with bank regulators from Asia, Africa and Latin America to launch a powerful new platform for the development of national environmental and social risk-management guidelines for financial institutions. The Sustainable Banking Network is facilitating innovation and regulatory advances by sharing knowledge and technical resources. The momentum for this important initiative came from the first International Green Credit Forum hosted by IFC and the China Banking Regulatory Commission (CBRC) in Beijing in May 2012. Regulators from ten emerging markets, supported by senior banking executives from China and elsewhere, confirmed a growing consensus that sustainable banking practices are sound business practices. As the largest multilateral source of debt and equity finance for private enterprises in emerging markets, IFC, part of the World Bank Group, is also a leader in applying environmental, social and governance (ESG) sustainability standards to ensure the profitability and integrity of our investments. Through our sustainable finance journey over almost two decades, IFC has worked actively with financial institutions in emerging markets to create business opportunities and strengthen lending portfolios through sustainable banking practices. We have found time and again that sustainable banking protects banks' assets and opens up new financial product areas and markets. It also
improves resilience during tough economic times. Reducing the use of non-renewable resources and avoiding negative impacts on the environment are just some of the strategies that also yield financial returns. However, banks require a level playing field before they can make the leap to new practices and management systems. If done right, the returns to banks and society could significantly enhance the competitiveness of emerging market economies. A few bank regulators have taken the lead to create appropriate frameworks and incentives to support adoption by local banks. China and Bangladesh have issued groundbreaking sustainable finance polices in recent years. Brazil has a rich array of policies in place and many lessons to share. It is very clear from the early pioneers that there is no one-size-fitsall approach. But there is much to be learned from a community of peers, sharing their experiences and offering tools and strategies that have worked. With that in mind, IFC is committed to sharing what weve learned and to facilitate the exchange of knowledge and innovative
approaches among emerging market bank regulators. We are proud to play a coordinating role and support the Sustainable Banking Network to help build capacity and partnerships. This eBook provides an exciting snap shotp of how regulators are already engaging with the new frontier of sustainable banking and developing nationally appropriate models. It is among the first of many tools to facilitate knowledge sharing and collaborative learning.
Video: Highlights of the 1st International Green Credit Forum, Beijing, 2012 To watch the video on YouTube, click here. 3
Table of Contents
1. About this eBook 2. Context and Key Messages
2.1 The Business Case For Sustainable Finance
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2.2 A Role For Banking Regulators 8 2.2 Outcomes And Next Steps 10
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Successful businesses will be the ones which can adapt to the changing business environment specifically by adopting the belief that business success and environmental and social well-being go hand-in-hand.
Karin Finkelston, Vice President, IFC
IFC, (March 2007), Banking on Sustainability Financing Environmental and Social Opportunities in Emerging Markets
Sustainability protects banks and economies against risks and losses Yet financial institutions face numerous obstacles to adopting sustainable finance practices. Among these is the need for a level-playing field for bank competition. Banking regulators therefore play a vital role in guiding and supporting banks to adopt new and innovative practices. In collaboration with other regulatory agencies, they can create i) a sound policy context, and ii) an effective implementation framework to help local financial institutions prepare for the transition to sustainable banking practices. Several emerging markets have been firstmovers in sustainable finance. China, Brazil and Bangladesh, in particular, provided detailed descriptions of their experiences and lessons learned. Vietnam, Indonesia and Nigeria are also in the process of establishing green credit frameworks for their national economies. Subsequent to the Forum, Nigeria launched the Nigeria Sustainable Banking Principles. The participating regulators identified the following success factors to develop effective policies and implementation frameworks for sustainability finance: Establish a legal system and supervision mechanism in coordination with other regulating agencies Oversee the implementation of green credit and provide capacity building for banks Develop guidelines or principles for green banking, including sector-specific guidelines.
Establish monitoring and supervision mechanisms to ensure consistency Provide economic incentives to promote lending to sustainable projects and businesses Create an environment for collective learning among stakeholders in the green financial sector They also identified challenges and opportunities going forward: Improve availability and access to information about the E&S performance of borrowers Continue to build the capacity of banks around E&S management Ensure ongoing regulatory drive to support a national transition to sustainable finance Develop technical resources to support banks Agree on definitions of types of sustainable finance Provide more information on opportunities and business models for sustainable finance Measure the impact of green credit application in terms of banks portfolios and contributions to the economy The participating regulators identified a need for common standards or themes that could guide them in policy development and implementation. Three themes were explored in greater depth:
I) DATA COLLECTION
One of the main barriers for implementing green credit policy is that the banks have little or no access to companies E&S performance information. Most countries have not built the necessary database of 9
companies environmental and social records, thus the current information is too limited for banks to analyze the borrowers E&S risks or regulation violations.
Banking regulators from Bangladesh, Brazil, China, Indonesia, Korea, Nigeria, Thailand and Vietnam shared their experiences to date with
3.1. BANGLADESH
Bangladesh has developed a national Environmental Risk Management (ERM) Policy and Strategy Framework, which Bangladesh Bank, the countrys central bank, made mandatory for the financial sector in 2011. The Policy is being implemented in three phases between 2011 and end of 2013. Phase I (2011) included a focus on promoting governance and policy, incorporating ERM in core risk management, creating a Climate Risk Fund, and supporting training, marketing and reporting activities. Phase II (2012), which is being implemented, includes developing sector-specific environmental policies, Green Strategic Planning, setting up Green Branches, and delivering programs to educate bank clients and improve bank disclosure and reporting. Bangladesh Bank has particularly emphasized the need to manage or treat risk rather than tolerate or transfer risk. Sustainable banking
3.2. BRAZIL
The regulatory framework for sustainable banking in Brazil is characterized by a combination of selfregulation by banks and regulations introduced 12
by the Central Bank of Brazil (BCB) and relevant sectoral ministries. Since 2004, four Brazilian banks have signed the Equator Principles: Ita Unibanco (2004), Banco Bradesco S.A. (2006), Banco do Brasil S.A. (2006), and CAIXA Economica Federal (2009). In the mid-1990s, the first Green Protocol was launched. Through this framework, public banks committed themselves not to finance environmentally degrading undertakings and to provide support to sustainable productive systems. To achieve this, the banks adapted their procedures for analysis and concession of credit. In 2009, Brazils banking association (Febraban) and the Ministry for Environment introduced the second Green Protocol, which establishes sustainability standards for commercial financial institutions. The Ministry for Environment and Brazilian Central Bank also established a technical cooperation agreement to monitor social and environmental actions and practices in the financial system. Since 2008, several regulations have been introduced, which affect financial institutions operating in the different natural biomes of Brazil: Resolution 3.545/2008 was introduced for rural credit and applies to the Amazon Biome. It requires financial institutions to request from borrowers, i) documentation to ensure compliance with environmental laws and regulations, and ii) environmental licenses and permits. Resolution 3.813/2009 aims to avoid deforestation and prohibits the production of sugarcane crops to 13
produce ethanol and other biofuels in new areas. This resolution applies in the Pantanal and Amazon biomes and Upper Paraguay River Basin, among other areas. Resolution 3.876/2010 prohibits the concession of rural credit to people or companies that maintain workers in slavery conditions according to a list published by the Ministry of Labor. The resolution applies to the whole country. Resolution 3.896/2010 establishes a program to reduce emissions of greenhouse gases in agriculture, and is supported by resources from the National Bank of Economic and Social Development. In 2011, the Central Bank of Brazil introduced a regulation establishing procedures for the internal capital adequacy assessment process. Circular 3.547 ICAAP applies to financial institutions with total assets greater than 100 billion Reais. Banks also need to explain how they consider the social and environmental damages in their business activities when they evaluate and calculate their required capital. Going forward, Brazil aims to establish minimum standards of sustainability through proposed rules or guidelines and apply them to all financial institutions. The main challenges are to determine i) to what extent should social and environmental issues be incorporated into financial institutions policies and strategies, risk management and daily operations; and ii) the appropriate combination of rules and guidelines.
3.3. CHINA
In July 2007, the China Banking Regulatory Commission (CBRC), the Ministry of Environmental Protection and the Peoples Bank of China jointly launched the Green Credit Policy. This high-level policy declaration demonstrates political will to encourage Chinese banks to reduce lending to enterprises with high levels of pollution and energy consumption and to increase lending to those that promote energy efficiency and emissions reduction. In December 2007, CBRC introduced the Credit Guidance on Energy Efficiency and Emission Reduction Lending. This guidance note was CBRCs immediate follow-up to the Green Credit Policy to translate high-level political will into bank-level implementation. In February 2012, CBRC introduced the Green Credit Guidelines, outlining the three pillars for banks implementation as (i) environmental and social risk management, (ii) identifying related business opportunities; and (iii) managing banks own footprints. Going forward, CBRC plans to develop a robust monitoring and evaluation system to improve clarity and consistency in policy implementation. Specifically, a set of key performance indicators will be developed and launched. Sector-specific technical guidelines are also required to assist banks in understanding E&S risks, particularly for high-risk sectors.
3.4. INDONESIA
In 2010, the Governor of Bank Indonesia and the State Minister of Environment signed a joint agreement on Coordinating the Increased Role of Banking in Environmental Conservation and Management. In July 2011, Bank Indonesia, Green Radio and IFC jointly organized the first Green Banking Conference in Indonesia. Going forward, Bank Indonesia plans to launch a Green Banking Policy in 2012 to improve the competitiveness of banks associated with green finance; enable a level-playing field; increase the loan portfolio of green sectors; enhance banking regulation and supervision related to environmental protection; and to develop effective incentive schemes, coordination, and gradual implementation of the Green Banking Policy.
3.5. KOREA
Korea has introduced a Framework Act on Low Carbon Green Growth and a Five-Year Plan to implement the nations green growth strategy. These measures allow the government to regulate the market with taxes, penalties and incentives, and encourage banks to provide low-cost loans to companies with green projects. They also cover green finance and promote a carbon-trading system and infrastructure for green finance. Going forward, public funds will be allocated to start-ups and SMEs, and private funds will be targeted towards larger companies. Korea also aims to increase the size of green loans by policy banks; to ease the listing criteria of its stock exchange,
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KOSDAQ, for green companies; to facilitate the issuance of green primary collateralized bond obligations (P-CBOs), thereby helping to finance SMEs; and to improve the educational program to train experts. A challenge cited is that some financial institutions are hesitant to finance green projects. It is also difficult to evaluate green technology and products.
opportunities within banks internal operations, as well as in relevant financial-sector government agencies, learning institutions, and service providers.
3.7. THAILAND
In 2011 and 2012, IFC and the Thai Bankers' Association organized two E&S Risk Management Workshops for Thai banks to raise awareness of sustainable banking. The second one focused on Lao hydropower investments. IFC facilitated CBRC and China Industrial Banks participation in the workshops to enable southsouth knowledge sharing.
3.6. NIGERIA
The Central Bank and CEOs of all major financial institutions signed a joint commitment statement. Two Nigerian banks have adopted the Equator Principles: Access Bank PLC (2009) and Aterios Capital (2012). Subsequent to the Forum, the Nigerian Bankers Committee, with support from the Central Bank, introduced the voluntary Nigeria Sustainable Banking Principles in July 2012, together with Guidance Notes2. Sector-specific guidelines have also been developed for three key sectors: oil and gas, renewable energy, and agriculture. The principles apply to all banks, discount houses and development finance institutions. The Central Bank has pledged to provide necessary incentives to institutions taking concrete measures to embed the provisions of these principles and guidelines into their operational, enterprise risk management and other governance frameworks. Reporting requirements with guidelines will also be made available to the industry. Going forward, Nigeria aims to develop lasting local capacity to manage emerging E&S risks and
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3.8. VIETNAM
In March 2009, State Bank of Vietnam (SBV), the Vietnam Bankers Association and IFC jointly organized the countrys first sustainable finance workshop. The workshop featured international good practices in E&S risk management, including IFCs Performance Standards, the Equator Principles, and south-south knowledge shared by Chinas CBRC and Industrial Bank. In August 2009, in partnership with the SBV and CBRC, IFC facilitated a study tour by seven Vietnamese government agencies and four Vietnamese banks to China to exchange views with Chinese banking and regulatory counterparts and review experiences in implementing the Green Credit Policy. In June 2012, following a multi-ministry dialogue process, SBV received confirmation to develop E&S risk management guidelines, which are expected to be launched in 2013.
Central Bank of Nigeria, Circular to all Banks, Discount Houses and development Finance Institutions in Nigeria, September 24, 2012 www.cenbank.org/Out/2012/CCD/Circular-NSBP.pdf
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Green and sustainable development has become the trend in todays world. The financial regulatory authorities and financial institutions of emerging-market countries should promote social and economic green development along the following five aspects: 1. Integrate green development policies into national policy and strategy. 2. Develop green credit policies for banks. 3. Use effective incentives and mechanisms to guide the allocation of financial resources. 4. Incorporate social responsibility into a green credit culture. 5. Set up a legal system and supervision mechanism to oversee green credit mechanisms.
WANG Zhaoxing, Vice Chairman, China Banking Regulatory Commission
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We have developed an information exchange channel with CBRC, under which CBRC provides information on environmental non-compliance and clean production information to banks to use as reference in making credit decisions. MEP will be supporting the Green Credit Policy in three ways: Providing environmental information to support banks implementation of the Green Credit Policy Supporting CBRC in developing sector-specific guidelines Developing a rating system on businesses environmental performances.
BIE Tao, Deputy Director-General, Department of Policies and Regulations, Ministry of Environmental Protection
3. Green Credit Guidelines introduced by CBRC in February 2012, with technical support from IFC.
best practice to support Green Credit Policy implementation by banks. MEP also provides technical expertise for continued development of technical tools to support banks E&S risk management, and shares information on businesses environmental compliance. The Ministry of Finance and MEP further collaborated with four other government agencies to establish the China Clean Development Mechanism (CDM) Fund. In November 2007, the Ministry of Finance and the National Development and Reform Commission jointly launched the CDM Fund, which offers grants and investments to support activities in climate-related capacity building, as well as promotion of public awareness.
mechanisms and strategies within three main areas: 1. Promoting risk management 2. Promoting innovation 3. E stablishing effective monitoring and enforcement
on increasing green credit lending and optimizing the banks lending structures, such as by supporting clean- and renewable-energy projects, biodiversity protection and improvement in specific areas, and supporting forest- and water-facilitation projects.
Accessing environmental information without government support Difficulty launching voluntary emissionreduction projects Stopping lending to traditional highpollution and high- emission sectors such as coal power stations or the oil sector immediately Lack of evidence for the business case
Green credit opens huge market opportunities. It would transform and define the future banking industry.
LI Renjie, President, China Industrial Bank
The following Chinese banks shared their experiences at the International Green Credit Forum in Beijing:
end of 2011, ABC reported that its environmentally friendly and energy- efficiency lending portfolio exceeded 88.168 billion yuan ($14 billion). According to ABCs 2011 Corporate Social Responsibility Report, the bank also reportedly rejected 106 credit applications totaling 4.157 billion yuan. ABC has developed more than 20 sector-specific guidelines covering all major polluting and energyintensive industries. Environmental governance has been integrated into the management system and responsibilities allocated to the relevant departments: The credit department has responsibility for policy development and oversight; the operational department for green products innovation; and the risk management department is responsible for E&S performance ratings. In order to control exposure to sectors with high environmental impacts, high energy consumption, and surplus capacity, all new borrowers in these sectors need approval by the ABC head office. There is a credit ceiling given to heavy industries like iron, steel, and paper producers. ABC also provides consulting services to customers on clean energy innovation.
rather than simply a corporate social responsibility. SPDB has extended more than 100 billion yuan ($ 16 billion) to the green sector. Five product lines have been developed as part of business innovation in response to the Green Credit Policy. These include energy-efficiency financing, clean energy financing, environmental financing, carbon finance, and environmental-equipment supply chain financing. SPDBs Green Credit Products also have a special focus on supporting SMEs, such as through energy-efficiency financing, emissions trading, and providing new forms of financing to small businesses. In order to build capacity of staff around green credit, two annual bank-wide trainings have been developed specifically focusing on green credit policy and implementation.
processes and improved overall risk management. It has driven business innovation in new areas such as energy efficiency, carbon finance and environmental finance, resulting in the launch of a series of green-finance products and services under a specific green-finance brand. IB has developed a corporate policy on sustainable finance and integrated it into its operations. A professional team was established to deal with green-finance operations and the bank improved its internal E&S risk management system drawing from international experiences. Several important shifts have occurred. IB shifted from passively following lending restrictions to proactively seeking business opportunities. Emissionreduction services and implementation of the Equator Principles have been recognized as tools for achieving competitive advantage and new business opportunities. IBs business goals have also aligned with Chinas national goals and societal needs.
Green concepts take time to shape, but we need to be dedicated to promoting green credit. ICBC has done this by establishing procedures and processes. But most importantly, we have to establish a green culture topdown. Education and communication of green concepts from the top will allow every employee to incorporate green culture into their lives.
YIN Hong, ICBC
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There are several stakeholders who can impair your project, cash flow and reputation if you dont manage E&S issues effectively. These include NGOs, other commercial and development banks, and the media. Investment in E&S issues should be part of your business plan from an early stage. This is fundamentally about credit enhancement.
Roberto Dumas Damas, Head of Social and Environment Risk, Itau BBA
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these issues are for cash flow, credit analysis, reputation and image 2. Y ou need to have an interdisciplinary team: engineers, lawyers, managers, E&S experts, bankers, etc. 3. Build sustainability with your client 4. Train your front and back office 5. Learn how to deal with client resistance Damas emphasized the need to raise awareness among financial institutions and clients that green credit is a business and financial opportunity and is a measure to protect against risk. The Equator Principles add value by providing one language for classifying and describing projects. He pointed out the power of stakeholders communities, civil society, nongovernmental organizations, and governments who can block a project if it is not up to par with environmental, social and governance standards. Using a uniform language helps facilitate and speed up the issuing of loans. The Equator Principles are used by banks clients to help them address and manage E&S issues effectively. The principles E&S Risk Screening Tools
enhance a financial institutions reputation among its peers, clients, central banks, and stakeholders. Analysts that evaluate EPFI stocks know there is a comprehensive system to evaluate risk. Lack of consistency in applying the Equator Principles is more often due to lack of capacity in applying standards. The principles are designed to be applied in emerging markets, therefore the earlier the emerging markets adopt these principles, the stronger the outcome. More experiences and lessons from emerging-market financial institutions will help further develop an effective framework that can be used internationally.
KYC / On-Boarding
Pre-Credit Committee
Credit
Legal Documentation
Monitoring
the risks, and communicates with the clients to see if they have the capabilities of risk control. During the loan-approval process, the banks environmental team will conduct a technical assessment of the project, and carry out internal and external due diligence based on the risk. E&S risk management is integrated throughout the five phases of the banks loan process: i) onboarding, ii) re-credit committee, iii) credit, iv) legal documentation, and v) monitoring.
in 2006 and 2008 respectively. By the end of September 2008, Industrial Bank had extended approximately 2.8 billion yuan energy-efficiency loans in China.
Environmental and social risk evaluation and management has improved Standard Banks business practices and loan portfolios. It also improves the banks reputation, and clients recognize their risk management capabilities and entrust them with more business.
Nigel Beck, Head of Environment, Standard Bank Group
We integrate social risk management into the existing credit process. We help clients comply with the Equator Principles and find new opportunities. A top-down model is very important, as well as a fulltime team to implement policies. We must continue to promote awareness among our staff.
LU Biying, Deputy Manager of Sustainable Finance Division, Compliance Department, China Industrial Bank
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ii. Integration of green practices into management systems still needs to improve:
Banking professionals and lending departments still lack sufficient capacity and expertise to assess environmental, social and governance impacts when issuing loans. If the banking sector does not have the ability to assess ESG impacts, they will probably ignore the related risks when making
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v. How can banks effectively reach small businesses with green credit?
Many of the approaches to green credit and sustainable finance discussed at the Forum, such as the Equator Principles, focus on large projects and corporate finance. Participants in the session highlighted the need to serve small businesses, as these businesses can make a significant impact in achieving the goals of green credit, particularly in areas such as renewable energy. The panelists said
this is an important frontier. The United Nations Environment Programme Finance Initiative and IFC provide a range of tools and resources to assist banks in aligning their green-credit lending with SMEs. Reaching SMEs also requires support from the other partner institutions involved in green credit, namely central banks and governments, which can help create the right policies and regulatory incentives, and be willing to share risk with banks.
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7. Useful Resources
SUSTAINABLE BANKING NETWORK FOR REGULATORS
At the International Green Credit Forum, initiated by China Banking Regulatory Commission and IFC, banking regulator representatives from 10 countries collectively endorsed that IFC guide and contribute to an international network of banking regulators to support their collective learning and facilitate exchanges of experiences and lessons. IFC will continue to convene and support the Sustainable Banking Network for Regulators, which is hosted on IFCs eCollaborate platform: https:// ifcecollaborate.ifc.org/groups/sustainablebanking-network. IFCs Sustainability Framework www.ifc. org/envsocstandards. IFCs Sustainability Framework articulates a strategic commitment to sustainable development and states IFCs approach to risk management. IFCs Performance Standards are an integral part of the framework. Together with the World Bank Group EHS Guidelines, they have become a global benchmark for E&S risk management in emerging-market investments and are used as a basis for the Equator Principles. Importantly, IFCs approach is revised periodically in consultation with stakeholders around the world. Effective on January 1, 2012, the latest updates reflect evolving good practices for sustainability and risk mitigation over the past five years. They incorporate modifications on challenging issues, including supply-chain management, resource efficiency and climate change, ecosystem services, labor practices and human rights. The framework consists of: The Policy on Environmental and Social Sustainability, which defines IFCs commitment to environmental and social sustainability. The Performance Standards, which define clients responsibilities for managing their environmental and social risks. The Access-to-Information Policy, which articulates IFCs commitment to transparency. FIRST Portal www.firstforsustainability.org. FIRST (Financial Institutions: Resources, Solutions and Tools) for Sustainability is a one-stop shop for financial institutions to get information and learn about the benefits of environmental and social risk management, and how to identify and take advantage of environmental business opportunities. The Equator Principles www.equator-principles.com. The Equator Principles are a credit-risk management framework for determining, assessing and managing environmental and social risk in project finance transactions. Project finance is often used to fund the development and construction of major infrastructure and industrial projects. 30
The principles are adopted by financial institutions and applied where total project capital costs exceed $10 million. They are based on IFCs Sustainability Performance Standards and the World Bank Group EHS Guidelines. The principles provide a minimum standard for due diligence to support responsible risk decision-making.
UNEP Finance Initiative www.unepfi.org. United Nations Environment Programme Finance Initiative is a global partnership between UNEP and the financial sector. More than 200 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance.
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CONTACT US
Rong Zhang Program Manager, Asia Environmental and Social Standards [email protected] Atiyah Curmally Global Product Specialist [email protected] Quyen Thuc Nguyen Program Manager Access to Finance Advisory Services [email protected]
CREDITS
Produced by IFC East Asia and Pacific Environmental and Social Risk Management Program for Financial Institutions, a joint program of IFCs Access to Finance Advisory and Sustainable Business Advisory, with technical support from IFC Environment, Social and Governance Department. Thank Rong Zhang, Wei Yuan, Louise Gardiner, Hannfried von Hindenburg, and Jing Yu for their contributions to this ebook. Disclaimer The findings, interpretations, views, and conclusions expressed herein are those of the author and interviewees and do not necessarily reflect the views of the Executive Directors of the International Finance Corporation or of the International Bank for Reconstruction and Development (the World Bank) or the governments they represent. Copyrights IFC encourages use and distribution of its publications. Content from this document may be used freely and copied into other formats without prior permission, provided that clear attribution is given to the original source and that the content is not used for commercial purposes.
OUR VISION
That people should have the opportunity to escape poverty and improve their lives.
OUR VALUES
Excellence Commitment Integrity Teamwork Diversity
OUR PURPOSE
To create opportunity for people to escape poverty and improve their lives by catalyzing the means for inclusive and sustainable growth, through: Mobilizing other sources of finance for private enenterprise development Promoting open and competitive marketsnin developing countries Supporting companies and other privaten sector partners where there is a gap Helping generate productive jobs and deliver essential services to the poor and vulnerable
To achieve its purpose, IFC offers developmentimpact solutions through firm-level interventions (direct investments, Advisory Services, and the IFC Asset Management Company); promoting global collective action, strengthening governance and standard-setting; and business enabling environment work.
International Finance Corporation 2121 Pennsylvania Avenue, NW | Washington, DC 20433 USA www.ifc.org
2013