IFC S ADDITIONALITY: A PRIMER

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1 IFC S ADDITIONALITY: A PRIMER Updated September 30, 2010 Objective and Rationale: IFC s vision is that people should have the opportunity to escape poverty and improve their lives. By promoting open and competitive markets and providing investment and advisory support to private sector clients, we seek to create opportunities for progress in emerging markets. We help people work, prosper, and live better and longer lives. We aim to maximize our additionality so that IFC has a stronger development impact. The objective of this primer is to help you assess and communicate IFC s additionality more systematically and effectively, to our clients externally and to our Board and Senior Management internally. The primer provides you with a systematic thought process and a framework to identify and assess IFC s additionality and development impact throughout the project cycle, from business development to supervision. It does not, however, provide an all-inclusive list of every factor contributing to development impact and additionality, as each client or project has its own unique characteristics and needs. Imagine that you walk into the office of your Director to discuss a project prior to the concept review meeting or before the submission of the PDS-CONCEPT. Can you explain the rationale for investing in this particular project and describe IFC s additionality in just two minutes? Before you present your project to Senior Management or the Board, can you answer the following questions for yourself? 1. Why have we chosen to work with this client? 2. Can you put the project into a larger strategic context, in relation to IFC and World Bank Group (WBG) strategy and other projects in the country or sector? 3. What is IFC s additionality for our client in this project? Is our money really needed? Why is the private sector not willing or able to undertake this project on its own? What risks are we taking that others are not? What services are we providing that commercial financiers are not? Figure 1 illustrates the conceptual framework for IFC s additionality, with the emphasis on how this affects client selection as well as development impact. Figure 2 provides a road map for how to articulate these concepts effectively in each section of the PDS-CONCEPT. The main sections of the primer explain in further detail how to identify IFC s additionality and describe it clearly in respective sections of the PDS- CONCEPT. Annex I provides a framework for mapping IFC s additionality in idesk and for aggregating additionality for reporting. Annex II provides a good practice example. We hope that you will find the primer useful. Please consult with your Regional and Industry Strategist / Economist for additional guidance. 1

2 FIGURE 1: IFC S ADDITIONALITY CONCEPTUAL FRAMEWORK Maximizing our additionality through strategic selection of the client or project will lead to a stronger development impact. Explain the rationale for your project with the help of the template below. Why has this client chosen to work with us? Describe IFC s additionality. Why have we chosen to work with this client? Put the client/project in a larger, strategic context. Client s Needs 1. What is the client s strategy given the country and sector context? 2. What does the client need to implement its strategy successfully? 3. Why is the private sector not willing to undertake this project on its own? Why is there a need for IFC? The Role of Commercial Financiers What do commercial financiers offer this client? The Role of IFC What do we offer to this client? IFC s Client Strategy 1. Why do we want to work with this client? 2. How does this client or project help IFC achieve our own country /department/ sector strategy? 3. How does the relationship with this client fit with WBG strategy? Source: Client Relationship Manager IFC Country & Sector Strategy 1. What is IFC s strategy in the country/ sector? 2. What has IFC done so far in the country & sector? Source: IFC s Road Map, Sector Strategy, and your regional & industry economists The Role of Commercial Financiers Shared Roles IFC s : Unique to IFC -Is our money really needed? -What risks are we willing to take that others are not? -What services are we providing that others are not? World Bank Group Strategy 1. What is the strategy for the country/sector? 2. What has the WBG done so far in the country/ sector? Source: WBG Country Assistance Strategy (CAS) and past and present World Bank projects. RESULT: STRONGER DEVELOPMENT IMPACT 1. Provide the overall development impact and expected outcomes. 2. Select a set of development impact indicators to measure the project s impact on stakeholders. 2

3 FIGURE 2: IFC S ADDITIONALITY PDS CONCEPT ROAD MAP How to articulate IFC s strategy, additionality, and development impact effectively in the relevant sections of the PDS CONCEPT PDS CONCEPT IFC S STRATEGY, ADDITIONALITY AND DEVELOPMENT IMPACT IFC Strategic Context Explain why we have chosen to work with this client in terms of IFC s client and department strategies and how it fits with the WBG and IFC country, region and sector strategies. State briefly why the private sector is not doing this project on its own and why there is a need for IFC. Explain how it relates to other investment and advisory projects. Summarize IFC s role; what will IFC specifically do in the project? Summarize key development outcomes of the project. Project Concept State an investment thesis which explains the scope, rationale and risk/return profile of the project. If appropriate, cite lessons learned that were considered in this project. If relevant, include indicative financial tables. IFC s Expected covers the unique aspects of IFC s involvement. Evaluate each role we play in the project, and whether it qualifies as our additionality, based on answers to the following questions: o Is our money really needed? o What risks are we taking that commercial financiers are not willing to take? (Risk Mitigation) o What other services do we provide that others do not? (Knowledge / Innovation, Standard Setting, Policy Work) o What would happen without IFC s involvement? Would the project still proceed? If yes, how? How are the expected results likely to be better with IFC involved? Expected Development Impact Provide a brief description of the project s anticipated development impacts. These include impacts on all stakeholders beyond the project company: consumers, suppliers, employees, government, and the rest of the society. Describe if the project has any significant social and environmental impacts, and/or private sector development impact. Identify key indicators for each stated development impact that need to be reviewed during appraisal. Use your industry DOTS standard indicator guidance for selecting these indicators. 3

4 IFC S ADDITIONALITY PRIMER 1. IFC Strategic Context This section summarizes the strategic fit of the project. The following set of possible questions may help you to articulate this section. Please note only relevant information to the project should be included. Country/Sector Strategies Strategic Client/Project Selection What are the key development challenges in the sector? What are the needs of the businesses in the country/sector/market concerned? Which of these challenges or needs is IFC best qualified to take on, either on its own or with the World Bank or other partners? How is IFC currently addressing those needs, e.g. through financing, advisory services, or a combination of both? What is IFC s country/sector strategy? Is there any programmatic approach for the sector/department? What is IFC trying to achieve, e.g., in terms of sector development, market penetration, or standards setting? What is the WBG strategy for the country and the sector concerned? For reference, see the WBG s Country Assistance Strategy (CAS) document, IFC s Road Map, Bank Group sector strategies, and IFC s industry and sector guidelines, if available. Why do we want to work with the client in this particular project? How will this particular client help IFC achieve its strategic priorities and play a developmental role in the country/sector? How does this project fit with the WBG strategy for the country or sector? IFC s Role What is our client s strategy? What does the client need to implement its strategy successfully? What is IFC s proposal to the client? What will IFC specifically do in the project? Development Impact Summary What are the key development outcomes expected from the project? How do these relate to your development s goals? 2. IFC s Expected IFC s additionality is the benefit or value addition we bring that a client would not otherwise have. In other words, our additionality is a subset of our role that is unique to IFC and that cannot be filled by the client or any commercial financier. Key Questions: Is our money really needed? What benefits or value added in terms of risk mitigation, knowledge, and standards do we bring that clients do not have and that commercial financiers do not bring? Why is the private sector not willing to undertake this project on its own? What would happen without our involvement? Would our client still be able to achieve its objectives and complete the project? How will our involvement improve the expected development results? What would be the difference in outcome with or without our involvement? The following questions may help you to identify IFC s additionality for each role we may play in a project. For more details and explanation, refer to Annex I. 1) Does our Financial Risk Mitigation Role qualify as our? Does IFC offer financial products and services that are not readily available elsewhere? Is our money really needed? How uniquely do we address the client s financing needs in terms of: a. Longer-term financing (longer tenor and/or longer grace period) b. Local currency financing c. Mobilization through syndications that benefit from IFC s preferred creditor status d. Long-term partnerships through loan and equity investments 4

5 IFC S ADDITIONALITY PRIMER e. Innovative financing structure and other financial instruments (e.g., partial risk guarantees, risk management products, trade finance credit lines) 2) When does our Non-financial Risk Mitigation (i.e. Comfort and Stamp of Approval) Role qualify as our? The client may value IFC s engagement and take additional comfort when IFC puts its stamp of approval on a transaction. a. In addition to financing for our own account, we can introduce our client to other financial institutions and investors. We can be the catalyst in mobilizing additional resources and can help enhance the client s image and credibility in international financial markets. b. When investing in a difficult environment, the client may seek comfort in our political and country risk coverage. As a member of the World Bank Group, IFC has access to government authorities and policymakers in times of need. c. In a market or sector going through a reform or privatization, we can act as an honest broker for our client in its relationship with the government or can play the catalyst role in a transition sector. 3) When does our Policy Setting work (in coordination with the World Bank) bring unique value? The client may benefit from an improving investment climate in its country or sector through advice to governments from the World Bank and IFC, which can help strengthen regulatory foundations and relevant laws. 4) When is our Knowledge and Innovation Capacity (i.e. Advisory Role) unique and additional? When working with local clients and second-tier companies, or when a client moves into new markets and sectors, IFC can bring in global knowledge as well as technical and industry knowledge. a. Do we help our client set its business strategy or improve operations? b. Do we convey global expertise and sector knowledge to the client? c. Do we take the lead in pioneering the products and services the client needs? d. Do we offer the client any other value-adding services, such as sustainability financing, local supply chain linkages, community development, or gender programs? 5) Does IFC s expertise in Standard Setting add value? The client may value IFC s expertise in cases where the standards of the country or sector are insufficient or not well implemented and monitored. a. Is IFC the only provider of expertise in environmental and social standards? Do we raise the bar for the client and project in terms of our environmental and social standards? b. Do we offer any value-added services for energy efficiency or renewable energy? c. Do we help our client set up or improve its procedures in key areas, such corporate governance? 5

6 IFC S ADDITIONALITY PRIMER 3. Expected Development Impact As a development institution, IFC cares about the impact of the projects in our member countries. Hence we need to examine not only the private return generated by a project, but also the broader impact of the project on society as a whole. It is therefore important that these development impacts be well understood and clearly presented in the PDS-CONCEPT, in all other project cycle documents, and to the general public. This helps ensure continued support for what IFC is doing. Present the anticipated development impact along the following four broad lines: 1. Financial performance 2. Economic performance 3. Social and environmental performance 4. Private sector development impacts Identify the impacts that are significant for the specific project. This should always include financial and economic returns, and other key impacts on society, as appropriate to the project and department-specific tracking objectives. (Departmental tracking templates have been developed with the DOTS champions.) As part of economic impact, include impacts on stakeholders affected by the project beyond the project company itself (e.g., consumers, suppliers, workers, government, and host communities). For each stated impact, identify concrete, time-bound indicators to be tracked during supervision. Indicators should be project-specific, realistic, directly observable, and meaningful. They should include a time-bound performance benchmark. For more guidance on articulating the development impact and identifying Impact Indicators, consult with the Economists or DOTS Champions in your department or region. Also refer to the Development Effectiveness Unit s DOTS Intranet site, which contains background materials, the DOTS Tip Sheet, and specific departmental DOTS guidance. (Development Effectiveness» DOTS - Tracking Results). For investment projects with associated Advisory Services, refer to the Results Measurement for Advisory Services website ( 6

7 Annex I: IFC s IFC can offer various value propositions to its clients and play different roles in a project depending on the client s strategy and needs. Any of these roles could qualify as IFC s additionality if the role is fulfilled only by IFC and cannot be complemented by the client or other commercial financiers. The list below may help you describe IFC s additionality in project documents. As a list of this sort cannot cover every possible project, we recommend that you assess IFC s additionality for each project individually based on the conditions of the country and sector as well as client s needs. Financial Risk Mitigation: Provider of financial products and services which are not readily available elsewhere. Local currency financing Longer tenors Resource mobilization Equity Other financial products and innovations Long-term partnerships Financing in a crisis IFC is able to provide loans in local currency at maturities generally not available in the market. This is especially important to borrowers whose business focuses on the domestic market and whose earnings are therefore mainly in domestic currency. A local currency loan protects a client from currency mismatches in case of exchange rate depreciations. IFC can provide local currency debt financing in four ways: loans from IFC denominated in local currency; risk management products that allow clients to hedge existing or new foreign currency denominated liabilities back into local currency; credit enhancement structures that allow clients to borrow in local currency from other sources; and credit lines from local financial institutions. IFC is able to provide loans with longer maturities than are available otherwise in most developing countries. IFC can raise resources from other entities to make additional funding available to the client. Resource mobilization includes syndications (participations and parallel loans) and structured finance. For syndications (also called B-loans), IFC is the lender of record, and commercial banks or other financial institutions acquire participations. Participants take the same risk as IFC on a pro rata basis. IFC will syndicate such a loan for the account of participants only. B-loan participants benefit from IFC's Preferred Creditor Status, which offers protection from transfer and convertibility risk on investments under IFC's umbrella. Structured finance includes partial credit guarantees, securitizations, and risk-sharing facilities; IFC uses these products to help clients raise funding from other investors, often while helping build a developing country s capital markets. IFC provides equity investments - an ownership interest in a company or enterprise that represents a claim on the assets of the entity in proportion to the number and class of shares owned. Through such investments, IFC can often supervise the development of the company or project more closely. IFC provides equity that is otherwise not available in the market. IFC has developed products that provide clients with cost-effective forms of financing that are not otherwise available to them. Financial products are as diverse as equity and debt funds, trade finance, long-term derivatives, currency-hedging instruments, interest rate derivatives, commodity derivatives, risk management swaps, and municipal funds. One of IFC's strategic priorities is to establish long-term partnerships with emerging players in developing countries to finance growth and promote sustainable behavior in their business practices across multiple projects. IFC can also encourage product innovation by providing clients with evolving, growing, and increasingly sophisticated help. In addition, clients consider IFC s continuing support across economic cycles to be a comparative advantage. This could include south-south investments. IFC can continue providing long-term financing in crisis situations, e.g. our countercyclical role. Given IFC's mission, we are more able than other investors to stand by our clients in the event of national financial distress or conflict. IFC also provides financing in fragile and conflict-affected countries. Non-financial Risk Mitigation: Comfort to clients and investors; catalytic help in mobilizing resources; IFC s stamp of approval. Introducing clients to IFC helps introduce companies to commercial banks, institutional investors, and other IFIs to secure further financing. IFC can also actively attract other investors to IFC's projects. Investors financial institutions and respond due to IFC's reputation in the market and its signaling function for sound projects. (This role is in addition to resource mobilization above). investors Political and country risk IFC does not provide political risk guarantees, but we can offer investee companies and co-investors certain protection from arbitrary political action through our reputation and special relationship cover with governments. (This role is in addition to resource mobilization above). Stamp of approval IFC's participation will positively influence the perception of the market and/or public. This serves as an informal "certificate" to the company or project in terms of quality and in sensitive issues such as corporate governance, environmental and social standards, etc. Moreover, IFC provides a positive branding to the company or project through its partnership. Broker for government IFC acts as an intermediary between private sector and governments. Through its worldwide presence, IFC can leverage its relationship with government institutions on municipal, regional or relations national levels and so facilitate negotiations between project sponsors and government officials. Policy Setting (together with the World Bank): Improve the investment climate for private sector through advice to governments. Catalyst in policy/regulatory IFC offers technical assistance and advisory services for policy and regulatory change on a broad array of topics, from advising governments on privatization deals, to technical assistance in business change enabling environment, sector reform efforts and/or foreign investment policy setting. For example, IFC's foreign investment advisory service can trigger the opening of public enterprises to investments of the private sector. IFC helps to create the regulatory environment to sustain this change in ownership. 7

8 Annex I: IFC s Knowledge / Innovation (i.e. Advisory): Provider of expertise in financial reform, and technical, market, and industry knowledge to clients. Privatization / public - private partnerships Financial structuring IFC can advise governments of developing countries on the privatization of state-owned assets or the implementation of public-private partnerships, often helping structure effective and transparent bidding and selection processes. In other cases, IFC finances potential investors in privatizations. IFC can also help standardize the state share-transfer process as a foreign equity owner. IFC advises client and partners on the financial structure of investment projects. IFC can suggest more creative and innovative financing models and add value by adjusting risk and return, e.g. better security structures. Financial institution IFC works with banks and specialized financial institutions to strengthen their corporate governance and their capacity to provide financial services to micro, small, and medium enterprises, home building buyers, and disadvantaged groups such as women entrepreneurs and indigenous peoples. IFC s financing helps banks target largely untapped markets, such as environmental finance, housing finance, microfinance, and leasing. Through advisory work, often in combination with its investments, IFC helps financial institutions increase access to finance or offer more innovative products that deepen the financial markets. Technical and industry IFC shares its knowledge of technical and commercial sustainability with clients at all stages of a project. IFC evaluates each investment s viability from a managerial, marketing, cost knowledge competitiveness, and profitability prospective, and recommends best industry practices and benchmarks (e.g., best practice standard for origination of mortgage-backed securities, product development for SME lending, design and implementation of pilot projects, strengthening private schools capacity to access funding, and engineering and technical studies). Business strategy / IFC advises clients on strategy, operations, and international best practice to add value to its investments. Advice ranges from minor strategic issues to the refocusing of the strategy or changes in operations the corporate structure. IFC also provides recommendations on strengthening financial management, information systems, risk management, human resources, operational manuals, and other operational areas that improve the sustainability of a business. Global knowledge IFC can leverage its relationships with companies around the world to transfer knowledge of global markets. By sharing its global knowledge, IFC is able to introduce international best practices to its client companies. IFC can also provide global comparators and benchmarks. Supplier development IFC can help develop suppliers to its client companies, spreading economic benefits more widely, improving SME suppliers access to new markets and creating indirect employment opportunities around an investment. IFC can also help strengthen supply and distribution chains for an investment client. Other value-added services IFC offers a wide range of other value-added services, tailored to the needs of the individual client or project (e.g., Gender-Entrepreneurship-Markets, sustainability financing, training for financial intermediaries, portfolio management tools, investment training, resettlement, community development programs, and insurance). Standard-Setting: Provider of expertise in environmental and social standards, energy efficiency and renewable energy, and corporate governance. Environmental and social IFC helps companies improve their capacity in the many areas of environmental and social management: social and environmental assessment and management systems; labor and working standards / implementation conditions; pollution prevention and abatement; community health, safety, and security; land acquisition and involuntary resettlement; biodiversity conservation and sustainable natural resource management; indigenous peoples; and cultural heritage. IFC introduces policies, provides guidance, establishes standards, and offers technical support and training in these areas. IFC also introduces international best practice in environmental policies to client companies and their suppliers. Corporate governance IFC uses its corporate governance methodology, which employs specialized assessment tools tailored to the specific governance priorities of publicly listed companies, founder and family-owned expertise firms, financial institutions, and newly privatized enterprises. The methodology incorporates IFC's lessons of experience from working with client companies on shareholder rights, the internal control environment, and transparency and disclosure. Energy efficiency and IFC identifies and implements improvements in production processes that help client companies reduce resource use, prevent pollution, or treat wastewater. These cleaner production measures renewable energy typically cut the cost of operations while helping surrounding communities and the environment. IFC can also provide energy efficiency financing. 8

9 Annex II: Best Practice Example Petstar S.A. de C.V. (#25577) Mexico, Waste Treatment and Management, Infrastructure Department IFC Strategic Context Mexico has the second-largest market for carbonated soft drinks after the United States and is the second-largest per capita consumer of soft drinks in the world. Polyethylene terephthalate (PET) bottles present a major challenge to solid waste management. Recyclable materials are seldom separated at source in Mexico, and PET bottles represent up to 15% of the volume of the mixed waste stream. Of the 34.5 million tons of solid waste generated in Mexico per annum, just 65% is formally collected and just 21% is disposed of in sanitary landfills. Collection of recyclable materials in Mexico relies heavily on the informal sector, and most PET is separated from the mixed waste stream by individual waste pickers. IFC s support to Petstar will promote socially responsible development and environmental sustainability in Mexico and will offer a private sector solution to this pressing environmental and social problem. In addition, the project will help strengthen the waste management sector in general in Mexico. IFC will support the IFC strategy by (i) promoting socially responsible development through reducing the incidence of child labor by improving access to education and reducing poverty and inequality through the support of poor and marginalized communities; (ii) increasing competitiveness by implementing one of the first BtB recycling facilities in the country, transferring new technology from Europe; and (iii) promoting environmental sustainability by recycling over 30,000 tons of post-consumer PET bottles per year back into new bottles. IFC s role in this project is to (i) catalyze and support Petstar s response to the social issues in its supply chain by developing a social responsibility program based on international best practice; (ii) advise the sponsor on a suitable financing structure to enable their first limited recourse project financing; (iii) advise the company on suitable contractual structures with equipment suppliers and product off-takers; and (iv) provide access to long-term funding and mobilize other suitable lenders. Project Concept Petstar plans to build and operate a bottle-to-bottle (BtB) recycling plant to produce food-grade recycled PET resin for sale back to the major carbonated soft drink and bottled water companies. The project sponsor is Promotora Ambiental S.A.B. de C.V. (PASA), Mexico s leading private environmental services business, with waste management operations in 42 cities. Total project cost is $33.5 million. IFC will provide an A-loan (up to $8.5 million), a C-loan (up to $5 million), risk management swaps of $7 million notional amount and an additional $11 million in the form of a senior B-loan (up to $7 million) and a subordinated B-loan (up to $4 million). IFC s Expected Provide long-tenor senior debt and flexible subordinated debt that is unavailable locally, as Mexican banks have limited experience and expertise in working with the waste management industry. Act as an anchor lender, helping Petstar raise additional financing from international commercial banks. Catalyze a response to child labor in the supply chain and fund advisory work to support design of a suitable program. Provide advice on implementation of the company s social responsibility program. Advise on appropriate risk allocation in off-take and equipment supply contracts. Intermediate a long term risk management product to lock in a rate for a client that cannot access reasonably priced hedging instruments on its own. Expected Development Impact The project will (i) generate local jobs; (ii) support employment in the broader waste plastics supply chain; (iii) benefit waste pickers through the social responsibility program developed by Petstar (which aims to improve working conditions and reduce child labor in the supply chain); (iv) help strengthen the waste management sector in general in Mexico; and (v) provide proof of concept and demonstration of BtB recycling. 9

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