Accelerating Impact

Thousands gathered for the IMF/World Bank Group Annual Meetings to see how the World Bank Group is evolving, is meeting the demands of a rapidly changing world, and is leveraging private sector expertise and capital to address urgent development needs.

 

By Djenno Bacvic, Maria Galang, and Julia Schmalz

The World Bank Group data were on full display at the 'Data Playground' at this year’s #WBMeetings. Visitors discovered, hands-on, how data can ‘play’ a key role in shaping global development.

The World Bank Group data were on full display at the 'Data Playground' at this year’s #WBMeetings. Visitors discovered, hands-on, how data can ‘play’ a key role in shaping global development.

IFC continues to play a crucial role in realizing the vision of a future-ready World Bank Group. Our efforts directly support the Group's evolution towards becoming a bigger, better, and more impactful institution capable of addressing complex global challenges at scale. 

This year's meetings provided a platform to showcase how IFC is advancing the key priorities outlined in the Development Committee paper. We're demonstrating tangible progress in expanding our financial capacity and operational efficiency, developing innovative approaches to mobilize private capital, and deepening our engagement in fragile and low-income countries. Our accelerated climate action and focus on job creation align directly with the World Bank Group's mission of achieving a world free of poverty on a livable planet. 

Makhtar Diop, Managing Director of IFC and Mostafa Terrab, Chairman and CEO of the OCP Group.

Makhtar Diop, Managing Director of IFC and Mostafa Terrab, Chairman and CEO of the OCP Group.

Makhtar Diop, Managing Director of IFC and Mostafa Terrab, Chairman and CEO of the OCP Group ‪@OCPCHANNEL‬ discuss sustainable agriculture, innovation and jobs for young people at the World Bank 2024 Annual Meetings. Learn more: http://wrld.bg/nfPi50TTTQQ

Climate Action and Sustainable Development

  • In FY24 IFC delivered $19.4 billion in climate finance, including $10.2 billion mobilized from private sources, aligning with the World Bank Group's commitment to 45% climate finance by 2025. 
  • IFC concluded the last fiscal year with 96% of its investment operations aligned with the goals of the Paris Agreement. This surpasses the 85% target set for 2023 and positions IFC well on its path to achieving 100% alignment by July 1, 2025. 
  • IFC is driving a coordinated push to green hard-to-abate sectors -- from zero-carbon steel to battery storage -- ramping up our advisory work to help clients decarbonize and adapt to climate change. 

Colombia Minister of Finance & Public Credit Ricardo Bonilla meets with Managing Director Makhtar Diop. In July, IFC and BBVA in Colombia issued a US$15 million first tranche of the world's first biodiversity bond that will amount to US$70 million, with the objective to finance projects that address the key drivers of biodiversity loss, particularly focused on reforestation, regeneration of natural forests on degraded lands, climate-smart and regenerative agriculture, restoration of wildlife habitats, among others. 

Colombia Minister of Finance & Public Credit Ricardo Bonilla meets with Managing Director Makhtar Diop. In July, IFC and BBVA in Colombia issued a US$15 million first tranche of the world's first biodiversity bond that will amount to US$70 million, with the objective to finance projects that address the key drivers of biodiversity loss, particularly focused on reforestation, regeneration of natural forests on degraded lands, climate-smart and regenerative agriculture, restoration of wildlife habitats, among others. 

Managing Director Makhtar Diop greets Barbados Prime Minister Mia Mottley. IFC is committed to aligning its operations with the Paris Agreement goals and significantly increasing its climate-related investments. This focus is integral to the World Bank Group's vision of achieving sustainable development while preserving a livable planet. In FY24 IFC delivered $19.4 billion in climate finance, including $10.2 billion mobilized from private sources, aligning with the World Bank Group's commitment to 45% climate finance by 2025. 

Managing Director Makhtar Diop greets Barbados Prime Minister Mia Mottley. IFC is committed to aligning its operations with the Paris Agreement goals and significantly increasing its climate-related investments. This focus is integral to the World Bank Group's vision of achieving sustainable development while preserving a livable planet. In FY24 IFC delivered $19.4 billion in climate finance, including $10.2 billion mobilized from private sources, aligning with the World Bank Group's commitment to 45% climate finance by 2025. 

Banners for equality are on display during the World Bank/IMF Annual Meetings are fixtures in the IFC lobby year-round.

Banners for equality are on display during the World Bank/IMF Annual Meetings are fixtures in the IFC lobby year-round.

World Bank Group Advances Gender Strategy, Unveils Economic Opportunity Ambitions

The World Bank Group today took the first steps toward implementing  Gender Strategy 2030, announcing a set of actions and concrete goals that aim to boost economic opportunities for more women.

By 2030, the World Bank Group aims to:

  • Enable 300 million more women to use broadband, unlocking essential services, financial services, education, and job opportunities.
  • Support 250 million women with social protection programs, focusing especially on the poorest and most vulnerable.
  • Provide 80 million more women and women-led businesses with capital, addressing a critical constraint to entrepreneurship growth.

“When we increase women’s economic participation, it not only boosts the global economy, but also strengthens families and communities,” said Ajay Banga, President of the World Bank Group. “Through economic empowerment we are building a ladder out of poverty and extending hope and dignity as far as possible.”

Weaving Inclusion: Empowering Women for a Gender-Inclusive World. Bayermaa's weaving is more than fabric—it's a story of hope and progress. Follow her journey as she overcomes barriers, secures access to capital, and connects with a global market. IFC’s Roadmap 2030, provides a blueprint for how the organization will work with the private sector to advance gender equality and economic inclusion of women, implementing the World Bank Group Gender Strategy 2024-30.

How can we (finally) attain gender equality? Nathalie Akon Gabala and Hana Brixi share their insights on the World Bank Group ambitions to accelerate equality.

Women Leaders as Agents of Change and Inspiration: A conversation between Makhtar Diop and Michelle Bachelet

A spirited discussion on the importance of women’s leadership, entrepreneurship, employment and financial inclusion.

Expanding Financial Capacity and Operational Efficiency

The global development landscape demands a more robust and agile World Bank Group. In response, IFC is scaling up its financial commitments and streamlining operations to enhance its impact. This transformation is critical to addressing the complex challenges facing developing countries and mobilizing private capital at an unprecedented scale.

  • IFC committed a record $56 billion in FY24, with $22.5 billion raised from partners - a 50% increase from FY23, demonstrating significant progress in mobilizing private capital.  
  • A new Concessional Capital Window is being created to provide additional support for projects in vulnerable countries, complementing IDA resources and addressing the unique needs of fragile markets.  
  • IFC is streamlining its processes to become more agile and responsive to client needs aligning with the World Bank Group's evolution towards greater efficiency.  

These efforts support the overall goal of creating a bigger, more impactful World Bank Group capable of addressing global challenges at scale.

Read more in our Annual Report.

Translators help facilitate the conversation during a bilateral meeting with the Uzbekistan delegation.

Translators help facilitate the conversation during a bilateral meeting with the Uzbekistan delegation.

Sérgio Pimento, IFC’s Vice President for Africa, signs an investment in Building Logistics Services S.A (BLS), a leading logistics operator in Morocco, with Moncef Belkhayat, CEO of H&S Invest Holding (right) and  Marie-Laure Mazaud, CEO of STOA. The investment will support the company’s growth strategy, create jobs, and deepen Morocco’s role as a regional logistics and trade hub.  

Sérgio Pimento, IFC’s Vice President for Africa, signs an investment in Building Logistics Services S.A (BLS), a leading logistics operator in Morocco, with Moncef Belkhayat, CEO of H&S Invest Holding (right) and  Marie-Laure Mazaud, CEO of STOA. The investment will support the company’s growth strategy, create jobs, and deepen Morocco’s role as a regional logistics and trade hub.  

Hungary’s Minister of Finance, Mihály Varga meets with Managing Director Makhtar Diop, marking ten years of the Hungary- @IFC_org Partnership and taking stock of the extensive collaboration across emerging markets. The region faces challenges such as the need for substantial climate-related investments, closing the infrastructure gap, and addressing the MSME financing gap. IFC is playing a crucial role in mobilizing private capital, promoting sustainable development, and supporting crisis response efforts in the region. 

Hungary’s Minister of Finance, Mihály Varga meets with Managing Director Makhtar Diop, marking ten years of the Hungary- @IFC_org Partnership and taking stock of the extensive collaboration across emerging markets. The region faces challenges such as the need for substantial climate-related investments, closing the infrastructure gap, and addressing the MSME financing gap. IFC is playing a crucial role in mobilizing private capital, promoting sustainable development, and supporting crisis response efforts in the region. 

Private Capital Mobilization and Innovation   
Bridging the vast investment gap in emerging markets requires innovative approaches to attract private capital. IFC is at the forefront of developing new financial instruments and risk mitigation strategies to overcome barriers to institutional investment in developing countries. These innovations are key to unlocking the potential of private sector finance for sustainable development. 

  • IFC is developing a new scalable, replicable, and sustainable securitization program to reach institutional investors. IFC is currently working on the inaugural issuance, targeted in the coming months. 

Regional Vice President for Europe, Latin America and the Caribbean Alfonso García Moro, second from left, with advisor Redouane Benhamadi, left, Senior Manager CEUWE Siby Diabira, and Director CEUDR Ines Rocha. 

Regional Vice President for Europe, Latin America and the Caribbean Alfonso García Moro, second from left, with advisor Redouane Benhamadi, left, Senior Manager CEUWE Siby Diabira, and Director CEUDR Ines Rocha. 

Elena Bourganskaia, IFC Vice President for Corporate Support, Riccardo Puliti, IFC Regional Vice President for Asia and the Pacific, and John Gandolfo, IFC Vice President and Treasurer, share a smile during a meeting with Atsushi Mimura, Japan’s Vice Minister of Finance.

Elena Bourganskaia, IFC Vice President for Corporate Support, Riccardo Puliti, IFC Regional Vice President for Asia and the Pacific, and John Gandolfo, IFC Vice President and Treasurer, share a smile during a meeting with Atsushi Mimura, Japan’s Vice Minister of Finance.

Emmanuel Nyirinkindi, IFC’s Vice President of Cross-Cutting Solutions, confers with Linda Rudo Munyengeterwa, Director for the Transaction Advisory Department (Public-Private Partnerships and Corporate Finance Services).  IFC is at the forefront of developing innovative financial instruments and risk mitigation strategies to overcome barriers to investment in developing countries. These innovations are key to mobilizing private capital for sustainable development.

Emmanuel Nyirinkindi, IFC’s Vice President of Cross-Cutting Solutions, confers with Linda Rudo Munyengeterwa, Director for the Transaction Advisory Department (Public-Private Partnerships and Corporate Finance Services).  IFC is at the forefront of developing innovative financial instruments and risk mitigation strategies to overcome barriers to investment in developing countries. These innovations are key to mobilizing private capital for sustainable development.

IFC and World Trade Organization Co-hosted Discussion: Boosting Supply Chain Trade in Emerging Markets.

(From left to right) Chief of Staff Mary Jean Moyo, Managing Director Makhtar Diop, VP for Economics and Private sector Development Susan Lund, VP for Industries Mohamed Gouled, and VP for Risk and Finance Federico Galizia have an impromptu meeting. 

(From left to right) Chief of Staff Mary Jean Moyo, Managing Director Makhtar Diop, VP for Economics and Private sector Development Susan Lund, VP for Industries Mohamed Gouled, and VP for Risk and Finance Federico Galizia have an impromptu meeting. 

Managing Director Makhtar Diop continues a conversation with World Trade Organization Director General Ngozi Okonjo-Iweala, center, and Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso.

Managing Director Makhtar Diop continues a conversation with World Trade Organization Director General Ngozi Okonjo-Iweala, center, and Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso.

Published in October 2024