Strategic Objectives Expanding access to finance. IFC works with financial institutions to broaden access to finance, with emphasis on smaller enterprises, housing finance, and leasing. IFC's advice and innovative products also strengthen financial markets. Increasing private participation in key sectors. In infrastructure and social sectors, IFC promotes new approaches that increase private participation in delivering crucial services. Helping successful enterprises grow. With many client companies poised to become competitive global players, IFC provides long-term financing and global experience to raise standards and improve performance. Focusing where needs are greatest. In high-risk and low-income countries, IFC uses its capital and advice to demonstrate the viability of private enterprises and to help governments improve the investment climate. Ensuring sustainability. IFC applies its expertise in corporate governance and environmental and social development to strengthen clients' operations and to improve practices throughout the project finance community.		The International Finance Corporation invests in private sector enterprises and provides technical assistance and advisory services, helping to reduce poverty and improve people's lives. In fiscal 2005, IFC played a key role in promoting a sustainable private sector in developing and transition countries. The Corporation set a record in its profitability and achieved measurable development impact. This fiscal year... To support tsunami relief, IFC set up a matching grant program for partner companies in East and South Asia. IFC also established a tourism loan facility to support the recovery. IFC established the Global Trade Finance Program, which helps banks deliver trade financing by providing risk coverage in difficult markets. With the World Bank, IFC continued to assess the investment climate of developing countries, including through the annual Doing Business report. Through structured finance and local currency financing, IFC arranged an increasing number of innovative transactions that build domestic financial markets. IFC increased investments in renewable energies and helped develop the market for carbon finance. The Corporation advised governments on bringing private participation into infrastructure, health care, and other public services, with 25 such transactions underway in FY05. With donors, IFC sponsored financial markets technical assistance in more than 60 countries, with emphasis on access to finance for small businesses and on high-risk or low-income economies, particularly in Africa and the Middle East. IFC launched key initiatives to support women entrepreneurs and grassroots businesses; the Corporation also helped set up a regional association of African business schools and assisted private companies in addressing HIV/AIDS. IFC reviewed its Safeguard Policies, Policy on Disclosure of Information, and Environmental, Health, and Safety Guidelines through broad consultation with stakeholders, including governments, IFC clients and partners, and representatives of civil society. Malta and Timor-Leste joined IFC, bringing membership to 178 countries.
Resources and income, FY05 Operating income = $1.95 billion Net income = $2.02 billion Paid-in capital = $2.4 billion Retained earnings = $7.4 billion Borrowings for the FY = $2.0 billion Net worth = $9.8 billion		Operational Results summary, FY05 New projects committed: 236, in 67 countries Total financing committed: $6.45 billion Financing committed for IFC's own account: $5.37 billion Syndications mobilized from other financial institutions: $1.08 billion Total committed portfolio: $19.3 billion * Loans as a % of committed portfolio: 77% Equity as a % of committed portfolio: 17% Guarantees as a % of committed portfolio: 5% Risk management products as a % of committed portfolio: 1% *For IFC's own account as of June 30, 2005.