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whereinnovationmeetsimpact
IFC ANNUAL REPORT 2010 
   I   F   C  :   f  n  a  n  c   i  a   l   &  o  p  e  r  a   t   i  o  n  a   l   h   i  g   h   l   i  g   h   t  s  p   2  :   l  e   t   t  e  r     r  o  m   W  o  r   l   d   B  a  n   k   G  r  o  u  p   P  r  e  s   i   d  e  n   t  p   4  :   l  e   t   t  e  r     r  o  m   I   F   C   C   E   O  p   6  :   I   F   C   M  a  n  a  g  e  m  e  n   t   T  e  a  m
   h   i  g   h   l   i  g   h   t  s  a  n   d   l  e  a   d  e  r  s   h   i  p
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THE CONTEXT 
why the private sectormatters more than ever
The world paid a steep price or deects in the globalfnancial system. In the economic crisis that ensued, mil-lions o people were pushed back into poverty. In manycountries, public confdence in the virtues o privatemarkets dwindled. Yet prosperity cannot be restored and sustainedwithout a major contribution rom the private sector.The private sector provides more than 90 percent o jobs, creating opportunities or people to improvetheir lives. The private sector drives innovation, andprovides the goods and services needed to sustainand improve living standards. The private sector is alsothe main source o tax revenues, contributing to publicunding or health, education, and other services.These contributions are more important than everin the wake o the crisis, when governments ace evengreater constraints in serving their societies. Theresources needed to alleviate poverty and advancedevelopment are too vast or governments to provideon their own. The World Bank estimates the internationalfnancing needs o developing countries at $1.1 trillionin 2010 — most o which is expected to come rom pri-vate investors. In addition, more than 80 percent o theinvestment needed or climate-change mitigation andadaptation is expected to come rom private sources.Today, most developing countries recognize thecritical role o the private sector in development andpoverty reduction. Developing countries account or agrowing share o the global economy. They have a vitalinterest in getting private sector development right.So does the rest o the world.
IFC is a member of the World Bank Groupcreating opportunitywhere it’s needed most
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