Washington, D.C., November 17, 2011
—IFC, a member of the World Bank Group, has been recognized as the Best Multilateral/Development Bank in 2011 by LatinFinance, one of the most influential publications on financial markets in Latin America and the Caribbean. The award was announced during the annual conference of the Federation of Latin American Banks (Felaban) in Miami this week.
IFC was singled out by LatinFinance as "the best for its strategy, leadership, and overall performance" among other multilaterals and development banks operating in Latin America and the Caribbean.
"IFC outshone other multilaterals," LatinFinance said in its November/December issue. “IFC has proven to be an innovator this year.”
In fiscal year 2011, IFC provided $5.3 billion in financing to private sector projects in the region, $3 billion of which came from IFC’s own account, with the rest mobilized through participant banks. This marked a 50 percent volume increase from 2009. IFC provided the largest amount of multilateral funding to the region’s private sector in fiscal year 2011, the magazine noted.
"IFC financed initiatives in a host of countries and sectors, mobilizing funds that help countries move toward sustainable and inclusive growth,” IFC Latin America and Caribbean Director Paolo Martelli said. "If one of our dollars can raise three or four dollars, it helps address poverty and contribute to strong, stable growth."
LatinFinance recognized IFC’s ability to mobilize significant long-term capital in the region, and its innovative and inclusive approach. It also mentioned recent, high profile examples of IFC’s investment and advisory projects in the region.
Highlights included the structuring and bidding process for Colombia’s $3 billion Ruta del Sol highway; the financing and syndication for the Port of Santos in Brazil; the structuring of a local currency facility with Paraguay’s Central Bank; an innovative, remittance-secured debt financing for El Salvador’s Fedecrédito; and financing to Nicaragua’s largest greenfield geothermal power project in more than 25 years, San Jacinto.
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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