More than $7.1 Billion
to Foster Sustainable Growth, Promote Job Creation and Mitigate the Impact
Washington DC, August 13, 2020 —
IFC, a member of the World Bank Group, committed a record $7.1 billion
to support private sector development in Latin America and the Caribbean
in fiscal year 2020, enabling investments to foster sustainable growth
across the region, create jobs and fight the impacts of the COVID-19 pandemic.
Out of the $7.1 billion invested in the fiscal year ending June 2020, the
long-term financing in the region included a record $4 billion mobilized
from other investors. IFC’s work with public-private partnerships contributed
almost $1.2billion to this mobilization.
Despite the challenges of delivering during a global health pandemic that
is still unfolding in Latin America and the Caribbean, IFC exceeded its
previous record commitment of $6.2 billion in the region during fiscal
Investments were spread across the region in markets of all sizes – from
$2.2 billion of total long-term financing in Brazil to a record $1.1 billion
of commitments in Central America. IFC’s portfolio focused on a variety
of sectors such as infrastructure, agribusiness, renewable energy, finance,
education, and financing for small and medium-sized enterprises (SMEs),
including women-owned businesses.
“IFC is committed to help Latin America and the Caribbean emerge from
the COVID-19 crisis with a clear focus on private sector-led economic development,”
said Georgina Baker, IFC Regional Vice President for Latin America and
the Caribbean and Europe and Central Asia. “Throughout the year, we
delivered projects that helped to mitigate climate change, promote innovation
and inclusion, and improve the lives of people in the region. In the last
months, we’ve doubled our efforts to support companies large and small
as they face the economic impact of the pandemic. We will continue creating
markets to foster sustainable development and reduce poverty in the region.”
IFC also provided Advisory Services in Latin America and the Caribbean,
with a portfolio of projects aimed at improving the business environment
and the investment policy in the region. These projects were characterized
by their innovative approach, including a joint project with the World
Bank in Colombia to develop a novel methodology that will make possible
a complete assessment of the quality of care across the health care sector
– both public and private.
Since the pandemic hit, IFC has focused its efforts on helping the private
sector mitigate the economic fallout. In March, IFC announced $8 billion
in global fast-track financing to help companies affected by the outbreak.
Since then, more than $3.8 billion have been committed globally. In Latin
America and the Caribbean, IFC has provided support to existing clients,
injecting much needed liquidity to businesses that depend on trade, especially
- In Central America, IFC loaned $314
million through local banks to support the continuity of trade, guaranteeing
the export and import of critical agricultural and health products.
- In Brazil, IFC provided a $100 million
loan to Banco Daycoval, a leading mid-sized Brazilian bank, to expand access
to finance for SMEs, including women-owned businesses.
- In Paraguay, IFC provided a $10 million
loan to Agrofertil, injecting liquidity to the leading agribusiness company
to allow it to continue financing the pre-harvest capital needs of agricultural
For more information about IFC’s COVID-19 response, please visit www.ifc.org.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work in more than 100 countries, using our
capital, expertise, and influence to create markets and opportunities in
developing countries. In fiscal year 2019, we invested more than $19 billion
in private companies and financial institutions in developing countries,
leveraging the power of the private sector to end extreme poverty and boost
shared prosperity. For more information, visit www.ifc.org.