international financial institution offers investment advisory asset management services encourage private sector development developing countries member headquartered washington united_states established private sector arm advance economic development investing strictly profit commercial projects reduce poverty promote development stated aim create opportunities people escape poverty achieve better living standards financial resources private enterprise promoting accessible competitive markets supporting businesses private sector entities creating jobs delivering necessary services poverty stricken vulnerable focused set development goals projects expected target goals increase sustainable agriculture opportunities improve health education increase access financing business clients advance infrastructure help small businesses grow revenues invest climate health owned governed member countries executive leadership staff conduct normal business operations corporation shareholders member governments provide paid capital right vote matters originally financially integrated established separately eventually authorized operate financially autonomous entity independent investment decisions offers array debt equity financing services helps companies face risk participating management capacity corporation offers advice companies making decisions evaluating impact environment society responsible advises governments building infrastructure partnerships support private sector development corporation assessed independent year evaluation report recognized investments performed reduced poverty recommended corporation define poverty expected outcomes explicitly better understand effectiveness approach poverty reduction strategically corporation total investments amounted billion committed million advisory services projects held billion worth liquid assets good financial standing received highest ratings independent credit rating agencies history designed delegates woods conference consisting operational joined senior executive expressed view private business play important role international development garner colleagues proposed establishing new institution purpose making private investments developing countries served bank government encouraged idea international corporation working tandem invest private enterprises accepting guarantees governments managing enterprises collaborating party investors describing president said invest private firms loans governments manage projects operational leadership garner initially staff members million million dollars capital corporation inaugural investment making million million dollars loan brazil based affiliate bought stake firm december supported greek banks million buying shares million million million million governance governed meets annually consists governor member country country finance minister treasury secretary member typically governor alternate corporate authority rests governors delegate corporate powers authority daily matters lending business operations board directors consists executive directors meet regularly work headquarters chaired president executive directors collectively represent member countries board directors votes matters brought executive director vote weighted according total share capital member countries represented director executive vice president ceo oversees overall direction daily operations october serves executive vice president ceo president appointed serve new executive vice president ceo chinese citizen served managing director years financial sector experience coordinates activities areas institutions generally operates independently separate entity legal financial autonomy established articles agreement corporation operates staff employees half stationed field offices member nations services investment services investment services consist loans equity trade finance syndicated loans structured finance client risk management services treasury services management fiscal year invested billion projects countries total investment commitment approximately billion invested projects member nations makes loans businesses private projects generally seven years determines suitable schedule grace period loan individually meet currency cash flow requirements provide longer term loans extend grace periods project deemed warrant companies financial receive loans loans traditionally hard structure loan products local portfolio included loans local local funded largely swap markets local financial markets development strategic focus areas line aaa rating strict concentration asset liability policies committed approximately billion new loans billion shareholders initially allowed loans authorized equity investments taking stake manufacturer auto parts spain spain businesses equity directly private equity funds generally percent company total equity private equity portfolio currently stands roughly billion committed funds portfolio widely distributed regions including africa eastern_europe latin_america middle_east recently invested small enterprise assistance funds growth fund fund fiji equity investments include preferred equity loans participation loans prefers invest long term usually period years exiting sale shares domestic stock exchange usually initial public offering company assume active role management company guarantees trade payment obligations approved banks countries risk international transactions provides guarantees cover payment risks emerging market banks notes bills exchange letters credit bid performance bonds supplier credit capital goods imports advance payments issued billion guarantees targeted member nations fiscal year issued billion guarantees launched separate program crisis response known provides international trade developing countries establishment assisted billion trade operates effort capital development goals program created approximately billion financial institutions development projects different emerging markets syndicated total billion loans twice billion worth banks lending borders emerging markets started syndicate parallel loans international financial institutions participants service clients ready access low cost financing relies structured financial products partial credit guarantees portfolio risk transfers islamic finance committed million form structured financing companies face difficulty obtaining financing perception high credit risk assets predictable cash flows credit cards loans corporate debt instruments revenue streams effort enhance companies credit financial derivative products available clients strictly interest rate risk exchange rate risk risk exposure serves emerging market businesses international derivatives market makers increase access risk management instruments treasury role borrowing international capital fund lending activities usually institutions issue bonds emerging markets markets local new international amounted billion billion actively engages management effort maximize returns assure funding investments readily available managing risks advisory services addition investment activities provides range advisory services support corporate business environment social impact corporate advice targets governance managerial capacity corporate responsibility encouragement reforms improve trade ease business effort advise countries suitable investment climate offers advice governments infrastructure development public private partnerships attempts guide businesses sustainable practices particularly regards having good governance supporting women business climate change established wholly owned subsidiary manage capital funds invested emerging markets manages capital mobilized parties sovereign pension funds development financing organizations despite owned investment decision autonomy charged responsibility individual funds management aims additional capital investments certain types investments managed african latin american holds billion equity valued billion african latin american referred created worth billion march invested total million businesses set invest commercial banks northern sub africa commitments totaled million march serves ceo financial performance prepares consolidated financial statements accordance united_states reported income grants members billion fiscal year billion fiscal million fiscal increase income grants ascribed higher earnings investments higher service fees reported partial offset lower liquid asset trading income higher administrative costs higher advisory service expenses million grants countries fiscal million fiscal million fiscal reported net income billion fiscal year previous years reported net loss million fiscal billion fiscal total capital amounted billion billion paid capital member countries billion retained earnings billion accumulated comprehensive income held billion total assets return average assets basis decreased return average capital basis decreased cash liquid investments accounted estimated net cash requirements fiscal years external funding level grew debt equity ratio holds reserves losses loans portfolio strategic capital decreased share total resources available grew billion billion reported total funding commitments consisting loans equity guarantees client risk management billion slightly lower billion commitments core consists participation parallel loans structured finance funds initiatives grew billion billion total investment program reported value billion fiscal year advisory services portfolio included projects valued million compared projects million held billion liquid assets billion received credit ratings aaa december aaa november rated having strong financial standing adequate capital cautious management policies high level geographic anticipated treatment preferred given membership noted faces weakness relative institutions having higher risks mandated emphasis private sector investing income heavily affected equity markets
International Finance Corporation