This annual report reviews theInternational Finance Corporation's (IFC) operationsactivity during FY03, a period that emphasized coordination,and mutually reinforcing efforts among World Bank Groupunits, particularly in pursuing private sector developmentin client countries. The report stresses the need forsupport of IFC's priorities, including emerging, andfrontier markets, technical assistance, and advisoryservices to help improve investment climates, and small andmedium enterprises. Also underscored, is the significance ofIFC's presence in difficult, country environments as acentral component of its development mandate, whileIFC's counter-cyclical role in the face of heightenedinvestor uncertainty, and volatility of capital flows todeveloping countries, is recognized, as is theCorporation's performance within the annual portfolioperformance review, despite continued difficulty in theglobal economic environment. IFC's financial managementis reviewed, and its leadership for protecting theCorporation's financial integrity, without compromisingits development mandate, was commendable, though the need tomaintain profitability, while increasing developmentimpacts, is stressed. The report presents financialhighlights, particularly outlining IFC's commitment toinnovation, impact, and sustainability, and furtheridentifies the period's operational, and regionaloutlook. The annual review also summarizes the financial andportfolio reviews, as well as technical assistance andadvisory services during FY03.
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