Hong Kong SAR, China, October 9, 2012
—IFC’s investments in East Asia and the Pacific reached a record $2.9 billion in 71 projects in fiscal year 2012, with an emphasis on those countries and markets most in need. About two-thirds of the loan and equity financing by IFC, a member of the World Bank Group, went to less developed and frontier areas, such as Mongolia, the Mekong region, rural China, and the Pacific Islands.
IFC’s new investment and advisory projects in East Asia and the Pacific are expected to improve opportunities for close to 130,000 farmers and provide access to better education and health services for 1.2 million people. IFC’s projects also aim to increase access to loans and other financial services for around 5.4 million micro, small, and medium enterprises in the region.
Of the total investments during the fiscal year that ended on June 30, 2012, $2.55 billion were for IFC’s own account, up 30 percent from last year, and $376 million were mobilized from commercial banks and other sources.
“Our work this past fiscal year resulted in strong development impact. In particular, we succeeded in helping to provide financing for small and medium enterprises that are the backbone of many economies in East Asia and the Pacific,” said Sérgio Pimenta, IFC Director for East Asia and Pacific.
IFC helped establish credit bureaus in Papua New Guinea, Tonga, and Vanuatu. Overall, IFC spent $28.3 million on our advisory projects in East Asia and the Pacific, around 5 percent more than in fiscal year 2011.
“Going forward, we will put an even greater emphasis on strengthening commerce between emerging markets, so-called South-South investments, as they are critical to generating economic growth and tapping new sources of funds,” Pimenta said.
In fiscal year 2013, IFC will also step-up its efforts to mobilize capital from commercial banks and other financial institutions and increase its financing and advice for climate-friendly projects.
IFC opened two new offices in the region, extending its reach to support private sector development and create opportunity for people. In September 2011, IFC inaugurated its office in Singapore to draw on the city-state’s knowledge and expertise in urban and infrastructure development.
In August of this year, IFC opened its Yangon office to support Myanmar’s economic reforms. IFC will focus on improving the regulatory framework to improve the country’s business climate, supporting its nascent banking and microfinance industry, and helping to develop the infrastructure sector.
About IFC
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
www.ifc.org
.
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