International Finance Corporation
Bank of the Year
What is it?
The private finance division of the World Bank.
What has it done?
During 2007, it provided debt and equity finance to a number of water companies and projects in the developing world, including Chennai Water Desalination Ltd., Hyflux, Asia Environment Holdings, Manila Water, Beijing Sound, Andrade Gutierrez Concessões, and Veolia Water Africa, Middle East and India.
Why is it shortlisted?
- Following the collapse of the private water sector in 2002-2003, the IFC has struggled to find a role in the water sector. Through a string of deals which came to fruition in 2007, it has re-established itself as a major force in extending water services across the developing world.
- By absorbing some of the risk that dampens ambition in these markets, the IFC has ensured greater engagement by private water companies.
- The IFC has built an essential bridge between the knowledge, contacts, and understanding of the World Bank Group, and the dynamism and experience of the private water sector.