London, June 23, 2015—IFC, a member
of the World Bank Group, yesterday opened an IFC treasury hub in the city
of London that will expand IFC's capital market activities in Africa, Europe,
and the Middle East.
IFC treasury provides core treasury services to the institution; raises
capital for its liquidity and operational needs; offers treasury solutions
to address the financing needs of IFC clients—private sector companies
in developing countries; and supports capital market development in emerging
markets. Until now, IFC has managed its treasury activities out of the
institution's Washington, D.C. headquarters.
Harriet Baldwin, UK Economic Secretary to the Treasury, said: “Britain
is home to some of the most important and successful financial firms on
the planet, benefitting businesses and working people across the country.
We are committed to maintaining our position as a global financial center
and so I am delighted that the International Finance Corporation has decided
to establish a treasury hub in London.
That IFC treasury has chosen to base itself here recognizes the key role
Britain’s financial firms and markets play in channeling sustainable finance
to emerging markets.”
Mark Boleat, Policy Chairman of the City of London, said: “I am delighted
that the IFC has chosen London as the location for its EMEA treasury hub
and am sure it will add to the IFC’s already impressive record in the
region and globally. The City has worked closely with IFC for over the
past year to make this a reality and we look forward to continuing to support
the IFC as it grows its presence in the capital.”
Nikhil Rathi, Director of International Development and Chief of Staff,
London Stock Exchange Group, said: “We are delighted to extend our
cooperation with the IFC as they launch a hub in London. London is home
to some of the deepest global capital markets and we look forward to working
closely with the IFC team to strengthen financial infrastructure for key
Jingdong Hua, IFC Vice President and Treasurer, said: "With a
full-fledged treasury team based in London, we will be able to seize market
opportunities and respond to the needs of our clients in neighboring regions
in real time. We will also continue our efforts to highlight opportunities
in emerging market currencies through strategic issuances listed in London."
IFC is the first issuer of Indian rupee-denominated Masala bonds and the
largest multilateral issuer of renminbi-denominated bonds listed on the
London Stock Exchange. Most recently IFC became the first international
issuer of offshore Turkish lira-denominated discount notes. The program
is managed out of the London Stock Exchange.
The core treasury team in Washington, D.C. will continue to serve as the
global headquarters for IFC’s treasury and capital market activities and
cover North and Latin America and the Caribbean. A treasury hub in Asia
is planned for 2016.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.