Introduction to IFC &
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1 Introduction to IFC & Prospects for Cooperation Ashgabat, Turkmenistan August 6, 2012 IFC s Structure Owned by 183 member countries IFC is the main driver of private sector development in the World Bank Group Collaborates with other members of the group, including the World Bank (IBRD and IDA), MIGA and ISCID Global: Headquartered in Washington, D.C. Local:More than 100 offices worldwide in 92 countries More than half of IFC s 3,438 staff work in field offices IFC s Purpose Catalyze inclusive and sustainable growth through: Promoting open and competitive markets in developing countries Supporting companies and other private sector partners where there is a gap Helping to generate productive jobs and deliver essential services to the underserved Catalyzing and mobilizing other sources of finance for private enterprise development 2 1
2 IFC s Three Businesses IFC IFC IFC Asset Investment Advisory Management Services Services Company Loans Equity Other forms of financing Advice Problemsolving Training Wholly owned subsidiary of IFC Private equity fund manager Invests third party capital alongside IFC 3 Summary of Investment Services: Europe & Central Asia Program Results in FY12 Total commitments: $4.2 billion ($2.9 bn own account and d$12b $1.2 bn mobilization) in 114 projects. Financial Markets: $2.3 billion in 71 projects Infrastructure: $849 million in 18 projects Manufacturing, Agribusiness and Services: $997million in 25 projects Armenia, Azerbaijan, Georgia 213 Central Asia 121 Ukraine, Belarus 338 Regional projects 400 Bulgaria, Romania, Moldova 495 Russia 1,241 Turkey 631 Western Balkans
3 Summary of Advisory Services: Europe & Central Asia Access to Finance Increase the availability and affordability of ffinancial i services, particularly SMEs Investment Climate Encourage investment by fostering competitive markets, growth, and job creation Transaction Advisory Provide investment banking advice di in capital intensive itli t i projects Sustainable Business Advisory Make business more productive, inclusive i and profitable by adopting sustainable practices ECA Products: ECA Products: ECA Products: ECA Products: Microfinance SME banking Credit bureaus Insurance Leasing Sustainable energy Finance Risk management Trade finance Agribusiness finance Regulatory reform Debt resolution and business exit Investment policy Business taxation Trade logistics Industry specific consulting advice Project screening Due diligence Prepare contracts Financial modeling Identify investors Secure financing Sell, negotiate, close Clean energy Resource efficiency EST standards Corporate governance IFC s Strategic Priorities in Central Asia 1. Improve competitiveness / diversification 2. Strengthen the financial sector 3. Improve access to infrastructure Cross cutting: Mitigate climate change 6 3
4 Economic Reform in Turkmenistan Policy Objectives To diversify away from extractive industries To grow private share of GDP to 70% by 2020 To improve regulatory environment To privatize non core state assets To invest more in infrastructure IFC and the World Bank can help Turkmenistan meet these policy objectives. 7 Proposed areas for IFC engagement in Turkmenistan IFC could examine opportunities for: broadbased support to MSMEs targeted support to selected sectors of comparative advantage where greater private sector presence could be beneficial Potential investment activities Work with other IFIs on potential support for the financial sector Explore opportunities for SME finance through banks Consider investments in the real sector with domestic companiesorwithinternational or international joint ventures Potential advisory activities Jointly with the World Bank, explore opportunities for improving Investment Climate Work with the Government to identify opportunities for advisory support for Public Private Partnerships in selected sectors Access to Finance and Sustainable Business Advisory may engage in the longer term 8 4
5 Example: Benefits of regulatory reform Positive impact of simpler company start up One stop shop in Mexico 5% increase in registered firms, 2.8% employment One stop shop in Colombia 5.2% increase in firms registered Rd Reduction of entry procedures in India Idi 6%i increase in firms registered Reforms in several areas for bigger impact Entry reforms in Indian states with more flexible labor regulations 17.8% increase in output gains, larger than in states with less flexible regulations Secured transactions and collateral regimes Predictable priority system for creditors in cases of default: credit as percentage of GDP is 60% (compared to 30% where no predictability) Borrowers with collateral have 50% lower interest rates 9 Sequence of Our Investment Climate Work: Example of Ukraine IFC launches first SME Survey (subsequent surveys in 1997, 2001, 2002, 2003, 2004) SME Policy Development Project Phase I focused on permit reform SME Policy Development Project Phase II continued focus on permit reform + inspections Created comprehensive picture of Ukraine s SME sector Helped develop Ukraine s Law on Permits Helped adoptukraine s Law on Permits and Law on Inspections Ukraine IC Project Phase III focused on business start up, closing, permits and licensing, inspections, insolvency, food safety reform Helped pass Law on Business Start Up, Law on List of Permits, Law on Voluntary Closing of Business, Law on Market Surveillance, and Bankruptcy Law. Helped repeal Compulsory Certification of Food Products Ukraine IC Agribusiness Project focuses on streamlining regulations in the agri business sector. Expected outcome: streamlined regulation of postharvest handling and storage, food safety, and registration of agricultural inputs; and improved resource efficiency in agribusiness IMPACT $53.8 million in expected annual compliance cost saving to the private sector $300 million in the actual annual private sector cost savings 5
6 Strategic studies Proposed World Bank / IFC areas of engagement to promote private enterprise development Implementation activities Collaboration to support sustainable private sector development Identification of investment climate challenges Assistance to strengthen specific priority areas of for sustainable development of enterprises investment climate Assistance to strengthen strategies and support programs for enterprise development Privatization: Transaction Advisory Direct investment in the private sector by IFC (possible sectors: agribusiness, manufacturing, retail, construction materials) Collaboration to support development of financial sector and sustainable credit growth Analysis of opportunities for development of Technical assistance to strengthen bank supervision and NBFIs and strengthening th credit infrastructure t regulation lti Technical assistance to enhance payment systems Non bank financial institutions: Microfinance (programmatic approach; by laws, trainings, legal & technical issues), Leasing, Factoring (in collaboration with EBRD) Strengthening credit infrastructure in areas such as credit bureau, collateral registry (in collaboration with EBRD) Direct investment in private financial institutions by IFC (microfinance bank) IFC can help implement a pilot privatization IFC can help implement a pilot privatization Specific functions performed by IFC: Due diligence, inc. preparation of prospectus, contracts of sale, etc. Valuation, giving seller indication of likely sales price Comprehensive marketing to prospectus investors Conduct of negotiations to ensure client government gets best possible deal in light of current market conditions Projects currently underway: Banking: privatization of OJSC Zalkar Bank in the Kyrgyz Republic Agribusiness: construction o of cold storage facilities in Uzbekistan Transport: toll road concession in Kazakhstan (Big Almaty Ring Road) IFC is willing to share transaction costs with Turkmenistan 12 6
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