East Asia and the Pacific
IFC’s investments in East Asia Pacific reached a record $2.9 billion in 71 projects in FY12, with an emphasis on the region’s poorest countries and markets. About 65 percent of our loan and equity financing went to frontier areas, such as Mongolia, the Mekong countries, rural China, and the Pacific Islands.
Strengthening commerce between emerging markets—South-South investments—is critical to generating economic growth and tapping new sources of funds. Last year, IFC committed the equivalent of $1.6 million to help Mongolian lender Urumqi Tianrong Microcredit Company establish a project that will expand access to finance for small businesses in Xinjiang, one of China’s poorest and most remote provinces.
We continued to create more business opportunities for the poor. IFC helped establish credit bureaus in Cambodia, Papua New Guinea, Tonga, and Vanuatu. We spent more than $28 million on our advisory projects, almost 6 percent more than in fiscal year 2011.