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p. 13 of 95 BACK | NEXT Message from the Chairman of the Board of Directors Members, Capital Stock and Voting Power The Record Abbreviations 2004 in Review: Board of Directors' Report New and Revised Policies and Procedures Development Partnerships Governing Structures Financing Operations Funding Financial Resources Loans Technical Assistance Grants Equity Investments Cofinancing and Guarantee Operations Resource Transfers Private Sector Operations Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor Part 1: Institutional Effectiveness Part 2: Poverty Reduction Part 3: Financial Statements: Management's Discussion and Analysis

Annual Report 2004 : 2004 in Review: Board of Directors' Report

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Loans

Total lending approved in 2004 for public and private sectors amounted to $5.3 billion for 80 loans to 64 projects. This was lower than 2003 lending because of decreased lending to Bangladesh, PRC, India, and Pakistan. The average loan size in 2004 was $66.0 million, compared with $72.0 million in 2003. Twenty DMCs and one regional project received loans. A total of $3.6 billion was disbursed. Of this, $2.4 billion (68%) were for public sector project loans. The rest was for public sector program and sector loans, and private sector loans.

Of the total lending, loans with government guarantees were over $4.9 billion for 58 projects comprising $3.7 billion for 27 loans from OCR and $1.2 billion for 47 loans from theconcessional ADF. Fourteen were policy-based programs amounting to $1.1 billion representing 23% of total public sector lending. Of program lending, $815.0 million for 7 loans or 73% of the total came from OCR and $306.4 million for 9 loans or 27% from the ADF. Policy-based programs support DMC efforts to improve policy, institutional, and investment environments and to help meet short-term adjustment costs. Lending to the private sector without government guarantee using OCR amounted to $346.9 million.

The largest DMC borrowers in 2004 were the PRC and India receiving $1.3 billion or 24% each of the total. Other top borrowers were Pakistan ($709 million or 13%) and the Philippines ($446 million or 8%). The transport and communications sector received the largest share of lending at $2,030.9 million (38%) followed by energy $761.8 million (14%), and law, economic management, and public policy $584.4 million (11%) (see tables 1—5 in the Statistical Annex).

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