I F C A D V I S ORY SERV I C ES | AC C ESS TO FI N AN C E 94162 GLOBAL LEasing Toolkit An Introduction In Partnership with foreword 1 Foreword IFC has supported lease market development and institution Leasing plays a critical role in promoting sustainable private building for 40 years through a unique combination of sector in emerging markets, as it particularly helps underserved investment and advisory products, and in partnership with markets, such as SMEs, to gain access to finance. Introducing our technical and development partners. Since our first and leasing as an alternative source of equipment finance for successful engagement in Korea, we have invested over $1.6 enterprises promotes the development of domestic financial billion in 60 countries and advised 94 developing countries markets and encourages competition and efficiency for on leasing regulations. IFC has strongly contributed to the sustainable financial markets growth. It is a relevant product development of the leasing industry in emerging markets and to support investments in the real and service sectors, and spur our knowledge and expertise is recognized by both private and productivity, profits, jobs and income. public stakeholders. As a result, we increasingly emphasize IFC helps dynamic institutions and industries reach the our knowledge management efforts to help synthesize and underserved and contribute to bridging the SME finance gap broadly disseminate best practices and lessons learned through currently estimated at more than $2 trillion. We are committed publications, manuals, and toolkits. and well positioned to continue our work by developing strong We are pleased to introduce the IFC Global Leasing Toolkit, a financial institutions and offer sustainable leasing services to practical guide for entities engaged in equipment leasing for SMEs and the underserved in emerging markets. We hope that small and medium enterprises (SMEs). This Toolkit draws the Toolkit will complement a broad range of our investment on IFC’s efforts to disseminate best practices and tools in and advisory services and help build the capacity of financial response to the changing landscape of the leasing industry. It institutions and leasing firms to set up or improve equipment is a comprehensive working manual on how to manage and leasing. operate a leasing entity targeting the SME market, primarily Going forward, leasing will continue to play a major role in intended for banks, non-bank financial institutions and other IFC’s financial markets strategy, particularly as we focus our leasing entities. Focused toolkits are expected to help our clients development efforts on IDA countries, frontier, fragile and effectively respond to new market opportunities in climate conflict-affected markets to reach our development goals. change mitigation, food security agenda, growing Islamic finance, and optimally adapt to local conditions. Peer Stein Global Business Line Leader Access to Finance Advisory 2 Global Leasing Toolkit—AN INTRODUCTION introduction 3 Introduction Objectives of the Global Leasing Toolkit The Global Leasing Toolkit (“the Toolkit”) has three Who will find the Toolkit useful? objectives: While the Toolkit is targeted at both bank-affiliated and non- •• To provide a practical guide for managers of leasing enti- bank lessors, especially institutions offering financing products ties, especially bank-affiliated lessors, with an emphasis to SMEs, it will also be useful to business entities engaged in or on leasing entities offering lease products to small and considering engaging in leasing operations. These include private medium-sized enterprises (SMEs). equity institutions, microfinance institutions, equipment sellers, and manufacturers looking at leasing as a means to facilitate •• To provide a practical guide to financial institutions, busi- the sale of their equipment, as well as international financial nesses such as equipment suppliers and vehicle dealers, and institutions (IFIs). other entities considering entering into or engaging in the business of leasing equipment to SMEs. How the Toolkit was written •• To provide an efficient means for IFC’s SME Advisory Ser- vices, as well as IFC leasing projects globally, to engage with The Toolkit combines IFC’s more than 35 years of experience the management of leasing entities and other stakeholders supporting equipment leasing entities in emerging markets, including those considering entering into leasing or invest- including both Advisory Services and debt and equity ing in leasing entities. investments in leasing entities world wide, with the experience of two experts. These experts together have over 65 years of experience establishing and managing leasing entities in the The Toolkit is a working manual United States, both bank-affiliated and non-bank lessors, The Toolkit is designed to be a working manual. Making and extensive international advisory experience in the former extensive use of case studies, it has been written and devised Soviet Union, the Middle East, Southeast Asia and Sub- by leasing professionals with extensive experience in founding Saharan Africa. and operating leasing entities, both non-bank and bank affiliated. The information in this Toolkit is the result of years of practical experience of leasing professionals—both inside and outside of IFC. The Global Leasing Toolkit draws on IFC’s 35 years of experience supporting equipment leasing entities in emerging markets. 4 Global Leasing Toolkit—AN INTRODUCTION Why the global leasing toolkit? However, this table also shows that Africa’s market share in 2008 declined, even though leasing volume in Africa increased In many emerging markets, the equipment leasing needs of SMEs substantially in 2008. Since Africa contains many of the are not being adequately addressed. Based on its long experience poorest countries in the world, it can reasonably be stated developing leasing in emerging markets, IFC strongly believes the that leasing activity in the poorest countries is falling behind Toolkit will: the rest of the world, especially in relation to fast-growing countries in Asia and South America. 1. Help give SMEs in emerging markets, and especially in developing countries, the same access to leasing—and At the same time, the equipment financing needs for SMEs the same benefits from leasing—as currently enjoyed in emerging markets, has never been greater. The demand by SMEs in the United States and other industrialized for leasing in emerging markets includes, but is by no means countries. limited to: 2. Help leasing entities operating in emerging markets, •• SMEs engaged in construction, including roads and bridges and especially in developing countries, develop a prof- itable business, primarily but not exclusively based on •• Modern equipment to meet International Product Quality leasing to SMEs. Standards required when SMEs export their products to the United States, Japan, or the European Union, and The Worldwide Leasing Yearbook, as represented by the table below, estimates 2008 world-wide leasing volume at •• A $500.00 motor bike to allow a small farmer in Tajikistan just over $643 billion. Between 2007 and 2008 the share or the Lao PDR to bring his produce to a local market of the worldwide leasing volume represented by emerging quickly. markets (Asia, South America, and Africa) has increased by approximately 52 percent, from 19.5 percent in 2007 to 29.6 percent in 2008. Table 1: Lease volume and growth by region, 2007—2008 Region Lease volume Percent growth Percent of world Percent of world Percent change 2008 ($ billion) 2007–2008 market volume market volume in market 2007 2008 volume 2007–2008 Europe 312.2 (15.0) 41.1 48.5 7.4 North America 134.3 (38.3) 38.0 20.9 (17.1) Asia 124.0 4.5 14.7 19.3 4.6 South America 56.8 37.1 3.0 8.8 5.8 Africa 9.6 67.8 1.8 1.5 (0.3) Australia/NZ 6.9 (14.2) 1.4 1.1 (0.3) TOTALS 643.8 Source: White Clarke Global Leasing Report introduction 5 At the same time as SME leasing needs in emerging markets are not being adequately addressed, the leasing industry in the United States and other industrialized countries has aggressively expanded its SME leasing business. Today, SMEs in industrialized countries routinely lease all types of equipment, for purposes including expanding their business and improving the efficiency of their operations. As long as the demand for SME leasing in emerging markets is largely unmet, SMEs in industrialized countries will continue to have a comparative advantage over similar SMEs in emerging markets especially in terms of access to leasing and utilization of valuable working capital. The reasons leasing has become so popular among SMEs in the United States and other industrialized countries, and will become the financing tool of choice for SMEs in emerging markets, include the following: •• Businesses make money by using equipment, not by own- ing equipment. Leasing allows the lessee to use the cash benefits arising from using the equipment, whether it is increased revenues, decreased costs or both, as the primary Leasing practitioners like to say, means to make the lease payments. •• Leasing helps businesses conserve cash, which they can use when talking about the advan- for other needs with a higher return on investment, com- pared to paying cash for equipment acquisitions, includ- tages of their product, “Cash is ing hiring more employees, developing sales and markets, making bulk purchases of raw materials at a discount, and king.” SMEs, no matter where addressing other working capital needs. in the world they are located, must utilize their cash in areas of their businesses that achieve the highest returns. Leasing is a major tool available to SMEs to help ac- complish this objective. 6 Global Leasing Toolkit—AN INTRODUCTION Four Emerging Market Needs There are four important “needs” that must be addressed before leasing can address the unmet demand in emerging markets, each discussed further below: •• The need for improved financing availability •• The need for improved information about the benefits of leasing •• The need to respond to market opportunities, and •• The need to adapt to local conditions. The Toolkit is organized to assist users in addressing all four needs. Need for Improved Financing Availability The three most important considerations in access to financing, in descending order of importance, are these: 1. Availability—whether or not the financing is available 2. Term Structure—including type of lease (finance or operating lease), number of lease payments, payment frequency (seasonal, monthly), and residual payment 3. Price—as expressed by yield or implicit rate to the lessor and, amount of each lease payment (primarily in Leasing helps businesses conserve the case of Islamic finance) Unless financing is available (No. 1 above), term structure cash that they can use for other (No. 2) and price (No. 3) are irrelevant. This is always true, regardless of the type of financing, needs with a higher return on While SMEs in the United States and other industrialized investment. countries have historically enjoyed almost the same financing availability as that enjoyed by larger businesses, SMEs in emerging markets have little or no access to financial services and financing products. This is especially true of financing products with a repayment period of more than 12 months, particularly leasing. The table on the following page (“Use of Financial Institutions”) illustrates the limited extent to which SMEs in selected emerging markets use commercial banks for their financing needs and the extent to which banks require that borrowers put up additional collateral in return for loan extensions. introduction 7 Table 2: Use of Financial Institutions Country Percent of firms As a As a Value of As a As a (& year of data) using banks to percent percent of collateral needed percent percent of fund of IFC worldwide for loan of IFC worldwide investments Regional norm (% of loan amount) Regional norm Classifica- Classifica- tion tion Bangladesh 24.68 90.7 104.5 147.06 82.6 102.0 (2007) Bolivia 22.24 107.6 94.2 185.74 138.7 128.8 (2006) Cambodia 11.25 41.8 47.6 180.01 101.6 124.8 (2007) Jordan 8.55 36.2 51.9 127.99 85.8 88.7 (2006) Russia 30.62 82.3 129.7 116.47 87.5 80.8 (2009) Senegal 19.77 151.5 83.7 127.09 89.1 88.1 (2007) Source: World Bank Enterprise Surveys By discussing in detail not just the universally recognized If there is either no information or no understanding, there is principles and best practices of leasing, but also how these no activity. principles and best practices are applied in emerging markets, From the point of view of the lessee, leasing is a simple product. the Global Leasing Toolkit will However, the internal procedures lessors have to undertake to •• serve to improve the availability of lease financing for offer attractive leasing products to potential lessees are often SMEs, and very complex. This Toolkit will largely focus on the lessor’s internal procedues. •• help leasing entities take advantage of a promising new market, namely leasing to SMEs. There is a significant need for leasing professionals everywhere, in emerging markets as well as the developed countries, to Need for Improved Information About the completely understand the products they are responsible for Benefits of Leasing selling and to explain the benefits to potential lessees. This Toolkit will help leasing professionals not only to develop In emerging markets where there is access to financing leasing products attractive to SMEs and profitable to the leasing products, including leasing, it is often the case that: entity but also to assist leasing professionals in explaining the benefits of leasing to their potential customers. •• SMEs are either unaware of the availability of lease financ- ing or do not understand the benefits to their businesses offered by financing products such as leasing, or both, and •• there is a limited ability or willingness of financial institu- tions—and the professionals who work in them to explain to their customers the benefits of financing products such as leasing. 8 Global Leasing Toolkit—AN INTRODUCTION The Need to Respond to New Market The Need to Adapt to Local Conditions Opportunities Leasing operations can vary greatly, depending on the type of The leasing industry is constantly evolving in response to new legal system and regulatory and supervisory regime in which market opportunities, especially in emerging markets. Leasing they operate. professionals must evolve with the industry, both by understanding Globally, the leasing industry must respond to and exist within trends in the marketplace and by developing new skills to take a variety of legal systems and regulatory and supervisory regimes advantage of the opportunities resulting from new trends. in use throughout IFC’s practice area. Therefore, the Toolkit To help the user develop plans to address new trends in the addresses not just universally accepted leasing principles and best marketplace, the Toolkit considers in detail three markets practices, but also how those principles and best practices are likely to account for a substantial amount of the future growth applied in different legal systems and different regulatory and in the leasing industry, especially the leasing industry in supervisory regimes in use around the world. Using this approach, emerging markets: the Toolkit has much greater relevance to the leasing professional operating in a particular emerging market, who must address the 1. Leasing of agricultural equipment particular operational issues arising from the local legal system 2. Leasing of equipment designed to improve efficiency and the particular regulatory and supervisory regime as well. and reduce production of greenhouse gasses, and 3. Islamic finance. introduction 9 Global leasing toolkit strategy How the Toolkit is organized Given the reasons for producing the Global Leasing Toolkit The Toolkit is organized into parts and components, based on and the four emerging market needs, as described above, the the “life cycle” approach just described. Toolkit strategy consists of the following five pillars: •• Part I—Creating and Operating a Leasing Entity 1. A focus on the “life cycle” of a leasing entity, from incep- •• Part II—Capitalizing a Leasing Entity and Funding a tion through funding, initial organization, and start-up Lease Transaction operations. •• Part III—Lease Production 2. A focus on the “life cycle” of a lease transaction, from origination through credit evaluation, processing, closing •• Part IV—Lease Processing and servicing an existing lease. •• Part V—Leasing Entity Operations 3. A focus on specialty markets that will be major factors in the future growth of the leasing industry in emerging •• Glossary of Leasing Terms markets, as well as a focus on how leasing operates under •• Documentation Samples, Interactive Spreadsheets and different legal systems and regulatory and supervisory Worksheets (on CD-ROM) regimes. •• Focused Toolkits 4. Inclusion of a complete set of sample documents that are normally used in lease transactions, as well as docu- Parts I and II of the Toolkit focus on the life cycle of a leasing ments used internally in leasing operations, interactive entity, while Parts III, IV and V focus primarily on the life spreadsheets covering lease capitalization and funding, cycle of a lease transaction. The Base Toolkit contains leasing lease pricing, lease profitability, and examples of lease principles and best practices that are universally recognized. pricing calculations. The “Focused Toolkits” apply those universal principles and 5. Ease of use and distribution, through the use of an inter- best practices to three specialty markets likely to account for a active CD-ROM combined with a Web portal. significant portion of the future growth of leasing in emerging markets and therefore are of particular interest to IFC and its The “life cycle” concept is the major organizing principle of stakeholders. It also includes a focused toolkit describing how the Toolkit. This approach provides the user with a logical and leasing entities are affected by the legal systems, supervisory chronological framework with which to examine particular and regulatory regimes found in emerging markets. matters relating to both the founding and operation of a leasing entity as well as the origination, processing and servicing of a . lease transaction. The Toolkit makes extensive use of case studies, based on IFC’s 35 years of experience in assisting and investing in leasing entities in emerging markets as well as the approximately 65 years of experience of the two experts in starting and operating leasing entities, both bank-affiliated and independent lessors. The “life cycle” concept is the In addition The Toolkit contains a variety of interactive spread sheets and worksheets providing the user a practical and detailed major organizing principle of the command of important leasing principles and best practices. Global Leasing Toolkit. 10 Global Leasing Toolkit—AN INTRODUCTION Description of the global Part IV—Lease Processing leasing toolkit components Once a lessee says “yes” to a lease proposal, that lease request is processed, starting with the credit process, defined as getting the credit officer to say “yes.” Part IV includes a detailed Part I—Creating and Operating a Leasing discussion of credit procedures, including computation of the Entity financial ratios that are critical elements of the credit process, and discussion of how to draft a credit memo for consideration Part I focuses on the leasing entity, from inception to initiation by the credit officer and/or credit committee, including an of operations. It provides the user with a framework for example of a credit memo. developing their own concept for a leasing entity and provides an outline for a business plan, and a suggested organization Part IV also illustrates the importance of standard lease chart. It also names and describes various management documents used in lease transactions, and explains how to positions within a leasing entity, provides suggestions for prepare them. Under the topic of documentation Part IV shows organizing committees, such as the credit committee, and how to set up the proper insurance coverage and how operational describes committee roles. documents are used internally to support transactions and leasing entities. Finally, Part IV covers lease servicing, portfolio Part II—Capitalizing a Leasing Entity and management, customer service, billing, handling of non- performing leases, and equipment management. Funding a Lease Transaction Part II describes alternatives available to leasing entities for Part V—Leasing Entity Operations capitalizing their business and funding lease transactions. The discussion is supported by case studies and charts illustrating Successful production and processing of leases requires that the impact of capitalization and lease funding decisions. In a leasing entity operate in an efficient manner. Part V covers addition, Part II covers the sale and purchase of lease portfolios, leasing entity accounting, with a major emphasis on management how portfolio sales/purchases are priced, and techniques to accounting, defined as the means by which the management of improve the profitability of portfolio sales/purchases. Case leasing entities assesses the success not only of their business, studies and worksheets serve as illustrations. but of various business lines, departments, and lease products. In addition Part V covers management information systems, from the perspective of 30 discrete leasing activities that are Part III—Lease Production found in all leasing entities in various forms. The objective is to Part III covers in detail lease origination and how to get show the user how to decide between a number of monitoring a prospective lessee to say “yes.” It shows how to use credit alternatives, both automated and manual, for each discrete and other information to develop and refine lease products, leasing activity. The collective decisions on how to monitor discusses specific sales strategies and techniques, and shows each activity constitute a management information system. different methods for pricing leases so that they are both Lease management software packages are also discussed. attractive to the lessee and profitable for the lessor. Included Management accounting and a management information in pricing is a discussion of lease “mathematics” which, among system are symbiotic. One cannot exist without the other. other things, introduces the tools used to price and structure lease transactions. There is liberal use of case studies, as well as Glossary of Leasing Terms worksheets that show the user how to price a lease transaction. This includes definitions of leasing terms used in the Toolkit and in leasing worldwide. introduction 11 Documentation Samples, Interactive The fourth focused toolkit assists the user in applying Spreadsheets and Worksheets (on interactive universally-recognized leasing principles and best practices in markets with different legal systems and regulatory and CD-ROM) supervisory regimes. A major feature of the Toolkit that significantly enhances In each focused toolkit, principles and best practices discussed its utility is its accompanying interactive CD-ROM, which in the Base Toolkit are applied to the conditions described. For includes a collection of many of the documents a lessor needs example, in “Islamic Finance” it is necessary to consider how on a daily basis. The samples include transactional documents lease structuring and pricing are Sharia–compliant, how the for the lessee and lessor, operational documents and forms for capitalization of leasing companies is Sharia–compliant, how the lessor, and ancillary forms and documents. In Part IV, Lease insurance is handled, and so on. Processing, a description is provided for each form, together with the purpose and significance of the form or document. In order to facilitate its distribution and ease of updating, the In addition, the CD-ROM includes a variety of worksheets entire Global Leasing Toolkit is available on CD-ROM and and spreadsheets, covering various leasing activities, including presented inside a Web portal. Both the Base and focused toolkits pricing, funding decisions, and financial projections. are also available in printed form. In order to facilitate interactivity and ease of updating, the document samples and worksheets are Focused Toolkits available only on CD-ROM. The objective of the four focused toolkits is to provide the user with practical information relating to three specialty markets that are expected to account for a major portion of the future growth of the leasing industry in emerging markets, including: Successful production and •• Financing of agricultural equipment processing of leases requires •• Financing of equipment designed to improve efficiency and reduce the production of greenhouse gases, and a leasing entity to operate in an •• Islamic Finance efficient manner. 12 Global Leasing Toolkit—AN INTRODUCTION key ifc leasing contacts 13 IFC Leasing Contacts Africa (Sub-Saharan) Investment Services Contact: Allen Forlemu Advisory Services Contacts: Senior Investment Officer David Crush Rue Aime Cesaire x Impasse FN 18 Prolongee Regional Business Line Leader Dakar, Senegal IFC Advisory Services, Africa Email: AForlemu@ifc.org 4 Fricker Road, Illovo Boulevard Illovo 2196 Johannesburg, Republic of South Africa East Asia & Pacific Email: DCrush@ifc.org Advisory Services Contacts: Jonathan Danjuma Gigin Operations Officer, Leasing Program Matthew Gamser House No.1 Central Link Street Regional Business Line Leader South Legon IFC Advisory Services, East Asia and Pacific P.O. Box CT 2638 14th Floor, One Pacific Place Accra, Ghana 88 Queensway, Admiralty, Hong Kong Email: JGigin@ifc.org Email: MGamser@ifc.org Brian Kirungi Jinchang Lai Operations Officer, Leasing Program Principal Operations Officer Commercial Bank of Africa Building IFC Advisory Services, Mekong Mara/Ragati Road 63 Ly Thai To Street Upper Hill Chengdu, China Nairobi, Kenya Email: JLai1@ifc.org Email: BKirungi@ifc.org Mingyu Ma Riadh Naouar Operations Officer Program Manager, Leasing Program IFC Advisory Services, Mekong Rue Aime Cesaire x Impasse FN 18 Prolongee 63 Ly Thai To Street Dakar, Senegal Chengdu, China Email: RNaouar@ifc.org Email: MMa1@ifc.org 14 Global Leasing Toolkit—AN INTRODUCTION Investment Services Contact: Investment Services Contact: Aliou Maiga Manager, Financial Markets Timothy M. Krause 14th Floor, One Pacific Place Senior Manager, Financial Markets 88 Queensway, Admiralty, Hong Kong Bolshaya Molchanovka 36/1 Email: AMaiga1@ifc.org Moscow, Russian Federation 121069 Email: TKrause@ifc.org Europe and Central Asia Latin America Advisory Services Contacts: Advisory Services Contacts: Rolf Berndt Regional Business Line Leader Greta Bull IFC Advisory Services, Europe and Regional Business Line Leader Central Asia IFC Advisory Services, Latin America and Buyukdere Cad. No: 185 The Caribbean Kanyon Ofix Blogu, Kat: 10 Levent 34394 Miguel Dasso No.104 Istanbul, Turkey Piso 5, San Isidro, Lima, Perú Email: RBerndt@ifc.org Email: GBull@ifc.org Raiomand Billimoria Marco Aurelio Gonzalez Revatta Project Manager Operations Officer IFC Advisory Services, Europe and IFC Advisory Services, Mexico City Central Asia Montes Urales 715, Piso 5 International Business Center, 15th floor Colonia Lomas de Chapultepec 107 B, Amir Timur Street Delegacion Miguel Hidalgo Tashkent 100084, Uzbekistan Mexico, D.F., 11000 - Mexico Email: RBillimoria@ifc.org Email: MGonzalezrevatta@ifc.org Patrick Luternauer Investment Services Contact: Regional Business Line Leader Giriraj S. Jadeja IFC Advisory Services, Europe and Senior Manager Central Asia Montes Urales 715, Piso 5 Bolshaya Molchanovka 36/1 Colonia Lomas de Chapultepec Moscow, Russian Federation 121069 Delegacion Miguel Hidalgo Email: PLuternauer@ifc.org Mexico, D.F., 11000 - Mexico Email: GJadeja@ifc.org key ifc leasing contacts 15 Middle East and North Africa Sayed Tarek Kamal Operations Officer Advisory Services Contacts: IFC Advisory Services, South Asia United House (4th Floor) Xavier Reille 10 Gulshan Avenue, Gulshan 1, Regional Business Line Leader Dhaka 1212, Bangladesh IFC Advisory Services, Middle East & North Africa Email: SKamal1@ifc.org Nile City Towers, N.Tower, 24th Flr, 2005C Cornich El Nil, Ramlet Boulac Mohammad Rehan Rashid Email: XReille@ifc.org Program Manager IFC Advisory Services, South Asia Murat Sultanov 10 Gulshan Avenue, Gulshan 1, Operations Officer Dhaka 1212, Bangladesh IFC Advisory Service, Middle East & North Africa Email: RRashid@ifc.org 16, Ahmed Orabi Street, Shemeesani Amman 11195, Jordan Email: MSultanov@ifc.org Investment Services Contact: Ayaan Z. Adam Investment Services Contacts: Manager, Financial Markets 50-M, Shanti Path Bilal Rabah Al Sugheyer Gate No. 3, Niti Marg Investment Officer Chanakyapuri Middle East & North Africa Mumbai, India T16 Ahmed Orabi Street, Shimeisani Email: AAdam@ifc.org Amman 11193- Jordan Email: BSugheyer@ifc.org Mouayed Makhlouf GLOBAL—Washington D.C., USA Manager, Financial Markets Middle East & North Africa Advisory Services Contacts: 10th Floor, West Side Minerva Kotei The Gate, D.I.F.C. Global Product Specialist Dubai, United Arab Emirates IFC Advisory Services, Access to Finance Email: MMakhlouf@ifc.org 2121 Pennsylvania Avenue, NW Washington, DC 20433, USA Email: MKotei@ifc.org South Asia Doreen Oppan Advisory Services Contacts: Consultant IFC Advisory Services, Access to Finance Victor Navaranjan Antonypillai 2121 Pennsylvania Avenue, NW Associate Operations Officer Washington, DC 20433, USA 15th Floor, DHPL Building, Email: DOppan@ifc.org 42 Navam Mawatha, Colombo 2, Sri Lanka Panayotis Varangis Email: VAntonypillai@ifc.org Global Head, Products IFC Advisory Services, Access to Finance Jennifer Isern 2121 Pennsylvania Avenue, NW Regional Business Line Leader Washington, DC 20433, USA IFC Advisory Services, South Asia Email: PVarangis@ifc.org 50-M, Shanti Path, Gate No. 3, Niti Marg Chanakyapuri, New Delhi 110 021, India Email: JIsern@ifc.org Investment Services Contact: Paul Rusten Principal Financial Specialist Global Financial Markets 2121 Pennsylvania Avenue, NW Washington, DC 20433, USA Email: PRusten@ifc.org 2121 Pennsylvania Avenue, NW Washington, DC 20433, USA www.ifc.org