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BUILDING A BETTER FUTURE

Annual Report 2023 -----------

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Annual Report 2023

IFC has one focus: private sector solutions to address development challenges. We take on tough problems that governments alone can’t solve, providing business-based answers that are innovative, inclusive, and equip leaders with key tools for success.

A confluence of global development challenges means that we must raise our level of ambition to create a world free of poverty on a livable planet. In response, we have increased our private capital mobilization, investment, and advisory services to new levels, harnessing the power of the power of the private sector for impact—where it is needed most.

Highlights of anticipated impact from FY23 projects

11.5M Tons GHG emissions reduction of CO2 equivalent each year

2.2-3.1M GHG emissions reduction of CO2 equivalent each year

2.2M GHG emissions reduction of CO2 equivalent each year

11.2B GHG emissions reduction of CO2 equivalent each year

496K GHG emissions reduction of CO2 equivalent each year

Letter from IFC Managing Director, Makhtar Diop

This year brought a continued wave of challenges with global growth slowing sharply, extreme poverty increasing, the climate crisis intensifying, and new conflicts emerging. As these overlapping crises continued to intensify, IFC responded with scale and speed.

Inclusion

Across everything we do, IFC works to support inclusive business models that improve livelihoods and create opportunities for the people who need them most.

This means opening doors to business opportunities for women entrepreneurs and job creation for those at the base of the economic pyramid, such as refugees. More broadly, it also means widening the private sector’s role in countries that receive little investment or face other major challenges. However it is defined, inclusive business models are needed for growth to be sustainable and effective in reducing poverty.

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Innovation

Simplifying our internal business processes this year allowed us to do more than ever — moving faster, working more flexibly, and taking on more risks.

In today’s challenging global conditions, we must open our minds to new ways of doing business. We are supporting innovative business models that drive the development outcomes governments desire but cannot achieve with their own resources.

Breaking new ground means working with new clients and partners, engaging early in the process, experimenting with new tools and approaches, and sometimes mitigating risks with blended finance. But these are risks that must be taken. They allow us to find opportunities amid the challenges, proving the business case time and again for others to follow.

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Strategy in Action

Working within the World Bank Group, IFC is the largest global development finance institution focused on mobilizing private sector solutions to achieve a world free of poverty on a livable planet. At a time of unprecedented global challenges, we are raising our private capital mobilization, investment, and advisory services to new levels, harnessing the potential of the private sector to deliver meaningful impact for the people and places that need it most.

In our work, we focus on solutions that are innovative, inclusive, and equip leaders with knowledge and skills to address development challenges. The summaries that follow highlight some of our most impactful work in FY23.

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