There is no standard application form for IFC financing. A company or entrepreneur, foreign or domestic, seeking to establish a new venture or expand an existing enterprise can approach IFC directly. The company or individual can request a meeting or submit a preliminary project proposal or corporate information. After these initial contacts and a review, IFC will request a detailed feasibility study or business plan to determine whether to appraise the project.
Appraisal and Investment Approval
Typically, an appraisal team comprises an investment officer with financial expertise and knowledge of the country in which the project is located and an engineer with the relevant technical skill and environmental specialist. The team is responsible for evaluating the technical, financial, and economic aspects of the project. This process entails visits to the proposed site of the project and extensive discussions with the project sponsors. After returning to headquarters, the team submits its recommendations to senior management. If financing of the project is approved, IFC's legal department drafts appropriate documents. Outstanding issues are negotiated with the company, government, or financial institutions involved, and the project is submitted to IFC's Board of Directors for approval.
Disbursement and Supervision
Following Board approval, disbursements are made under the terms of the legal documents agreed by all parties. IFC supervises its investments closely, consults periodically with management, sends field missions to visit the enterprise, and requires quarterly progress reports together with information on factors that might materially affect the enterprise in which it has invested. It also requires annual financial statements audited by independent public accountants.
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