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Washington, D.C., December 19, 2014
—The Rockefeller Foundation and IFC, a member of the World Bank Group, are launching a project development facility aimed at unlocking private sector investment for infrastructure that helps build resilience across emerging markets.
Global institutional investors are keen to invest in infrastructure, but there aren’t enough well-structured projects. The major challenge lies in the early stages of project development. Often, governments lack the capacity to structure, negotiate, and manage complex infrastructure transactions. This is a critical bottleneck that delays and often stalls the development of projects. As a result, not enough projects are coming to market.
The Rockefeller Foundation is committing $10 million to this new facility. The facility will provide grant funding to support legal, technical, and financial advice to governments working with IFC on infrastructure projects that help cities build resilience and support poor and vulnerable people. This will accelerate the development of projects, and increase the number of bankable projects that reach financial close. The Foundation and IFC will aim to jointly raise an additional $40-$90 million from other partners, which could help the development of up to 80 medium-to-large scale projects globally.
“Governments often need sound advice to navigate complex agreements when they work with private sector companies to develop infrastructure projects,’’ said Karin Finkelston, IFC’s Vice President for Global Partnerships. “This partnership provides a crucial link that can help accelerate the development of bankable infrastructure projects across the world.”
This facility is part of a broader collaboration effort between The Rockefeller Foundation and the World Bank Group to expand financing solutions for resilience and infrastructure across emerging markets.
“Rapid urbanization, globalization, and the rise of extreme weather events are giving rise to a new set of shocks and stresses that threaten our collective wellbeing, so it is critical that we invest in infrastructure that builds resilience,” said Dr. Judith Rodin, President of The Rockefeller Foundation. “We are delighted to be working together with IFC to create more bankable infrastructure projects that build resilience and help communities that are particularly susceptible to associated shocks and stresses.”
``We are excited that The Rockefeller Foundation shares our objective of working with the private sector to address pressing challenges in infrastructure development,’’ said Anita Bhatia, Director, Development Partner Relations. ``Through this partnership, IFC and The Rockefeller Foundation will equip governments to negotiate effectively, manage risks, and achieve better development outcomes.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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About The Rockefeller Foundation
For more than 100 years, The Rockefeller Foundation's mission has been to promote the well-being of humanity throughout the world. Today, The Rockefeller Foundation pursues this mission through dual goals: advancing inclusive economies that expand opportunities for more broadly shared prosperity, and building resilience by helping people, communities and institutions prepare for, withstand, and emerge stronger from acute shocks and chronic stresses. To achieve these goals, The Rockefeller Foundation works at the intersection of four focus areas—advance health, revalue ecosystems, secure livelihoods, and transform cities—to address the root causes of emerging challenges and create systemic change. Together with partners and grantees, The Rockefeller Foundation strives to catalyze and scale transformative innovations, create unlikely partnerships that span sectors, and take risks others cannot—or will not. For more information, please visit
www.rockefellerfoundation.org
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