Baku, Azerbaijan, April 1, 2013
—IFC, a member of the World Bank Group, and the State Oil Fund of the Republic of Azerbaijan have invested in IFC’s new global infrastructure fund to support companies working to improve and develop infrastructure in emerging markets.
The new fund has raised $500 million thus far, including $100 million from IFC and $150 million from Azerbaijan’s sovereign wealth fund, as well as significant contributions from other sovereign wealth and pension funds. The State Oil Fund of the Republic of Azerbaijan is planning to increase its commitment to $200 million upon the final closing
The IFC Global Infrastructure Fund will make equity investments in power, transportation, utilities, and telecommunications, providing access to basic services in countries where these services are needed most.
“We value our partnership with the State Oil Fund of the Republic of Azerbaijan,” said Thomas Lubeck, IFC’s Regional Manager for the South Caucasus. “This cooperation is aimed at increasing private sector participation in infrastructure, helping people in developing countries get access to basic services.”
Investment in infrastructure projects forms a key part of IFC’s institutional strategy. IFC delivers landmark projects with direct and indirect benefits for the poor. In fiscal 2012, IFC invested $2.7 billion in core infrastructure sectors such as power, transport, and water, including nearly $1.3 billion mobilized from other investors. These projects helped provide water to more than 34 million people and power to nearly 42 million.
The IFC Global Infrastructure Fund is managed by the IFC Asset Management Company, a wholly-owned subsidiary of IFC, which mobilizes and invests third-party capital, enabling institutional investors to benefit from IFC’s expertise in achieving strong equity returns and positive development impact. The company manages $5.2 billion of capital across six investment funds.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit