IFC Annual Report 2024

Investment Rating - The report indicates a strong commitment to mobilizing private sector solutions for development, with a record investment of $56 billion in fiscal year 2024, including over $22 billion mobilized from partners [3][24][31]. Core Insights - The World Bank Group is enhancing its operational effectiveness to address intertwined global challenges such as poverty, climate change, and food insecurity, with a commitment to provide electricity access to 300 million people in Africa by 2030 [4][16]. - The IFC is focusing on innovative financial instruments and partnerships to boost private sector investment in emerging markets, aiming to increase annual guarantee issuance to $20 billion by 2030 [10][38]. - The report emphasizes the importance of digital transformation, with a digital lending portfolio totaling $5.6 billion as of June 2024, aimed at establishing the foundations of a digital economy in developing countries [17][19]. Summary by Sections Leadership Perspectives - The leadership highlights the need for a better bank to tackle pressing global challenges and emphasizes the importance of partnerships with the private sector [4][10][20]. Results - The World Bank Group committed $117.5 billion in fiscal 2024, with $31.7 billion from IFC, reflecting a significant increase in financing to address development needs [4][56]. - The IFC's net income for fiscal 2024 was $1.485 billion, with total assets amounting to $108.187 billion [58]. Strategy in Action - The IFC is channeling 45% of its annual financing to climate action by 2025, focusing on both mitigation and adaptation efforts [15][7]. - The report outlines the establishment of the Private Sector Investment Lab to address barriers to private sector investment in emerging markets [38][39]. Critical Functions - The report discusses the Global Emerging Markets Risk Database (GEMS) Consortium, which aims to enhance transparency and mobilize private investment in emerging markets [39]. - The Knowledge Compact for Action is introduced as a strategy to leverage knowledge and expertise in crafting development plans [40][41].