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.
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,