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IFC Annual Report 2008 : Creating Opportunity, Volume 1The International Finance Corporation
 (IFC) annual report continues an approach pioneered last
 year, combining information on the investments and advisory
 services, sustainability, development effectiveness, and
 donor partnerships. The report covers fiscal 2008 (July 1,
 2007, through June 30, 2008) and discusses the year's
 new business as well as the performance and development
 results of the portfolio. In FY08, new investments totaled
 $16.2 billion, rising 34 percent from the previous year. The
 IFC seeks to enhance the accountability and to articulate
 the vision, core corporate values, purpose, and the way the
 IFC works for a wide range of stakeholders: client
 companies, governments, partners, local communities affected
 by the activities, advocacy organizations, investors, and
 the staff.
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IFC Annual Report 2006 : Increasing Impact, Volume 1The International Finance Corporation (IFC), in its 50th year, is the largest provider of multilateral financing for private sector projects in the developing world. In fiscal 2006, it committed $6.7 billion in funds from its own account and mobilized an additional $1.6 billion through syndications and $1.3 billion through structured finance. Based on the total costs of the private sector projects it helped finance this year, each $1 in IFC commitments for its own account resulted in an additional $2.88 in funding from other sources. Altogether, IFC supported 284 investment projects in 66 countries. This year nearly a quarter of IFC commitments were in low-income or high-risk countries, demonstrating the viability of private enterprise even in difficult environments. IFC's investment commitments to firms operating in the Middle East and North Africa more than doubled in fiscal 2006, and commitments for private sector projects in Sub-Saharan Africa increased nearly 60 percent. IFC introduced a new development outcome tracking system for investment operations to measure and track results throughout the life of a project; a similar system was implemented to monitor the development impact of all active technical assistance and advisory projects.
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Private Equity and Venture Capital in SMEs in Developing Countries : The Role for Technical AssistanceThis paper discusses the constraints for
 private equity financing of small and medium enterprises in
 developing economies. In addition to capital, private
 equity investors bring knowledge and expertise to the
 companies in which they invest. Through active participation
 on the board of directors or in partnership with management,
 private equity investors equip companies with critical
 improvements in governance, financial accounting, access to
 markets, technology, and other drivers of business success.
 Although private equity investors could help to create,
 deepen, and expand growth of small and medium enterprises in
 developing economies, the vast majority of private equity in
 such markets targets larger or more established enterprises.
 Technical assistance, when partnered with private equity,
 can unlock more investor commitments and considerably
 enhance the ability of small and medium enterprises in
 emerging markets to raise private equity capital. Technical
 assistance provides funding that allows private equity funds
 to extend their reach to smaller companies. Technical
 assistance can mitigate some level of risk and increase the
 probability of successful investments by funding targeted
 operational improvements of investee companies. Dedicated
 technical assistance facilities financed by third parties,
 such as development finance institutions, governments, or
 other parties, have emerged to fill this critical need. The
 paper discusses the provision of investment capital twinned
 with technical assistance, which is now more accepted by
 limited partners and general partners or fund managers and
 is becoming more of a market model for private equity
 finance focused on small and medium enterprises.