XPSR Individual Awards

Kupol Gold Mine - Russian Federation (back)
This joint IFC/MIGA project facilitated the construction and operation of a large and high-grade gold and silver open-pit and underground mine by a junior producer in extremely remote areas of Far East Russia. IFC provided $39 million in loans and MIGA guaranteed $20 million of sponsor equity and $361 million of non-shareholder loans. Through this project IFC supported: (i) a low-cost producer, despite its remote location, and (ii) a project that was expected to be the largest local employment generator. IFC also supported environmental and social issues by securing strong sponsor commitment to the best environmental and social practices. This was a very candid, objective, and well written XPSR. It was particularly strong in articulating the project's economic and private sector development impact, as well as IFC’s significant role and contribution. It had well-justified ratings, consistent with IEG ratings.

KuAz - Russian Federation (back)
In this project, IFC supported KuAz, the largest producer of caprolactam in the Russian Federation and the Commonwealth of Independent States to integrate its position into higher margin products, help the country diversify its traditional commodity revenue, mitigate environmental and social risks, and help the company address its corporate governance practices to enable access to international capital markets and create demonstration effects for other companies undergoing similar transformation process. IFC provided a senior loan of $15 million in 2005. The XPSR presented a well-documented rationale for the ratings, especially in the business success, private sector development, and IFC work quality dimensions.

Tribanco – Brazil (back)
IFC provided a credit line of $10 million to Tribanco, belonging to a group of companies that provide a wholesale distribution, training, and financing services to micro-, small-, and mediumsized retail outlets in Brazil. The goals of the project were to (i) support Tribanco in reaching micro and small enterprises underserved by the formal banking system (the bottom of the pyramid in the underdeveloped region of Brazil); (ii) demonstrate a viability of financing for this sector and hence create greater access to diverse funding sources; and (iii) improve in-house capacity building and provide technical expertise for small shop owners to upgrade their businesses and increase competitiveness through the provision of advisory services. This was a very good and thorough XPSR with excellent analysis and well substantiated ratings. The lessons were well written and valuable..

AES RivneEnergo/ AES KyivOblEnergo - Ukraine (back)
IFC provided a $45 million loan and a$5 million partial credit guarantee to two electricity distribution companies in Ukraine owned by the same consortium of local investors and international sponsor, AES Corporation, with the goal of: (i) reducing electricity losses; (ii) refurbishing parts of the aging network equipment; (iii) increasing network capacity in high growth areas; and (iv) improving management efficiency through investments in communication systems and information technology. Due to similarities in the underlying projects, financing to the two
companies was jointly approved and transacted by IFC. Although two XPSRs were prepared, they were essentially identical and prepared by the same XPSR team. Both XPSRs were of high quality, with extensive environmental reviews and very good financial analysis.

Factorline – Chile (back)
This project was the first IFC financial sector investment in Chile in over a decade. IFC provided a loan of $5 million to Factorline S.A., one of the largest independent factoring companies in Chile, to expand its international factoring operations. Its target clients are Chilean small- and medium-sized enterprises which need a faster payment of their sales receivables to finance their working capital needs. IFC’s objectives were to: (i) provide funding to finance Factorline’s international factoring business, and (ii) diversify Factorline’s funding in terms of maturity and lending sources. This was a high quality XPSR. It was objective and balanced, with well-justified ratings and good lessons.

Departmental Award (back)

IEG presents the CY2010 Good Practice XPSR Departmental Award to Infrastructure and Natural Resources - EMENA. Among 15 XPSRs in infrastructure, five were nominated for good practice and two won the individual awards. Both individual award winners are located in the EMENA region. This illustrates the commitment of the department to high quality of self evaluation.

IFC Project Completion Report (PCR) Quality Awards

Philippines Sustainable Energy Finance Project (back)
The project set out to support the creation of a commercial financing market for sustainable energy projects in the Philippines to improve energy security and economic productivity and promote private enterprise in the energy sector. Working with two local financial intermediaries with a view to promoting sustainable development with better use of natural resources and reduction in greenhouse gas emissions, the program aimed to: (i) improve access to financing for sustainable energy projects, which would continue beyond the support of IFC financial instruments and Advisory Services (ii) promote the growth of and private enterprise demand for energy efficiency and renewable energy projects. The PCR was very well written, presented data and analysis in a balanced, objective fashion, and assigned ratings in line with PCR ratings criteria. It also contained several strong lessons learned.

Municipal Simplification in Ecuador (back)
This project aimed to reduce transaction costs of formality for firms by decreasing the cost, time, and requirements necessary to obtain Municipal Operating Licenses and Construction Permits in the Municipalities of Quito and Manta. The PCR developed a very clear description and assessment of achievements, carefully comparing results against what was intended to be achieved in the original project design. It was well structured, clear and to-thepoint. The PCR also had a very strong lessons learned section.

GEM Africa MSME (back)
Part of a combined Investment Services/Advisory Services initiative in Malawi, this was the first Africa GEM/MSME collaboration which aimed to support NBS Bank Malawi to implement a women’s lending program with an objective of reaching a minimum target of 30 percent of women borrowers within the Africa MSME portfolio—equivalent to roughly 1,838 new loans disbursed to women entrepreneurs by 2012, valued at $6.3 million. To achieve this, the project helped NBS bank to tailor its lending practices and products to better meet the needs of women entrepreneurs, and to support women entrepreneurs to boost their financial literacy, develop business plans, improve the quality of their bank loan applications, and enhance their loan management abilities. The PCR was thorough and of high quality. The lessons learned were well elaborated and useful.

Middle East and North Africa Region (MENA) Corporate Governance Code (back)

The project goal was to help build a sustainable business in the MENA region through improved corporate governance. To do this, the project worked to support the development of effective corporate governance, legal, and regulatory frameworks in select MENA countries, and build the business case for banks and companies to improve corporate governance practices in line with internationally recognized principles. The PCR was well written, responsive to the PCR guidelines and provided adequate data and analysis to justify ratings. It also developed several useful lessons learned.

Also see: World Bank Winners | MIGA Winners