Annual Review 2023

As the Facility for Investment Climate Advisory Services (FIAS) partnership reaches the midpoint of its five-year strategy cycle, IFC and World Bank projects supported by the FIAS multi-donor trust fund are delivering advisory and upstream services to help client countries sustainably grow their private sectors and generate inclusive job opportunities. In fiscal year 2023, FIAS is supporting a robust roster of projects helping client countries mitigate and adapt to the economic impacts of climate change. The FIAS 2023 Annual Review and the companion FIAS 2023 Annual Review–Executive Summary describe rapid growth in the project portfolio, strong results in investment generation, and work helping key business sectors modernize and participate in the digital economy. This year’s Annual Review includes detailed reporting on FIAS-supported work in gender and inclusion and climate change adaptation and mitigation. Managed by IFC, the FIAS trust fund is one of the oldest and largest in the World Bank Group. 

Annual Review 2023: Executive Summary

As the Facility for Investment Climate Advisory Services (FIAS) partnership reaches the midpoint of its five-year strategy cycle, IFC and World Bank projects supported by the FIAS multi-donor trust fund are delivering advisory and upstream services to help client countries sustainably grow their private sectors and generate inclusive job opportunities. In fiscal year 2023, FIAS is supporting a robust roster of projects helping client countries mitigate and adapt to the economic impacts of climate change. The FIAS 2023 Annual Review and the companion FIAS 2023 Annual Review–Executive Summary describe rapid growth in the project portfolio, strong results in investment generation, and work helping key business sectors modernize and participate in the digital economy. This year’s Annual Review includes detailed reporting on FIAS-supported work in gender and inclusion and climate change adaptation and mitigation. Managed by IFC, the FIAS trust fund is one of the oldest and largest in the World Bank Group.  

FY22-26 strategy

Founded in 1985, the Facility for Investment Climate Advisory Services (FIAS) supports World Bank Group projects that foster open, productive, and competitive markets, and unlock sustainable private investment in business sectors that contribute to growth and poverty reduction. “Upstream Advisory for Creating Investment Opportunities, Sustainable Growth, and Jobs”, the FIAS strategy for FY22–26, describes the role of FIAS as a key source of support enabling the IFC 3.0 Creating Markets Upstream Agenda and building private sector potential in IFC client countries. FIAS prioritizes work in International Development Association countries, Sub-Saharan Africa, and countries in fragile and conflict-affected situations. The FIAS program emphasizes crosscutting work advancing gender and inclusion, climate change mitigation and adaptation, and digitalization. Client-facing projects supported by FIAS are implemented by IFC Advisory Services country teams. FIAS is managed by IFC and supported by nearly 20 Development Partner countries and donor institutions and co-financed by the World Bank Group. FIAS is one of the Bank Group’s oldest and largest multi-donor trust funds.

Annual Review 2022

New economic challenges require new approaches, so it is timely that 2022 marked the beginning of a new five-year strategy cycle for the Facility for Investment Climate Advisory Services (FIAS) partnership. The economic impacts of COVID-19, Russia’s invasion of Ukraine, and the devastating earthquake in Türkiye and Syria have fallen especially hard on developing countries. In these circumstances, the advisory services delivered by IFC and supported by FIAS can play a key role in unlocking sustainable private investments in sectors that contribute to growth and poverty reduction. FIAS also supports projects that increase economic opportunities for women and help client countries address the challenges of climate change. The FIAS 2022 Annual Review and companion FIAS 2022 Annual Review–Executive Summary describe how FIAS support advances the IFC 3.0 Creating Markets agenda through a range of interventions, from economy-wide reform to improvements in promising business sectors.

Annual Review 2022: Executive Summary

New economic challenges require new approaches, so it is timely that 2022 marked the beginning of a new five-year strategy cycle for the Facility for Investment Climate Advisory Services (FIAS) partnership. The economic impacts of COVID-19, Russia’s invasion of Ukraine, and the devastating earthquake in Türkiye and Syria have fallen especially hard on developing countries. In these circumstances, the advisory services delivered by IFC and supported by FIAS can play a key role in unlocking sustainable private investments in sectors that contribute to growth and poverty reduction. FIAS also supports projects that increase economic opportunities for women and help client countries address the challenges of climate change. The FIAS 2022 Annual Review and companion FIAS 2022 Annual Review–Executive Summary describe how FIAS support advances the IFC 3.0 Creating Markets agenda through a range of interventions, from economy-wide reform to improvements in promising business sectors.

Annual Review 2021

The Facility for Investment Climate Advisory Services (FIAS), one of the World Bank Group's largest multi-donor trust funds, helps emerging markets and developing economies (EMDEs) foster open, productive, and competitive markets and unlock sustainable private investments in sectors that contribute to growth and poverty reduction. The FIAS 2021 Annual Review reports on the results of IFC Advisory Services and other World Bank Group projects and programs supported by FIAS in FY21. The report also summarizes the results of the five-year FY17–21 FIAS strategy cycle. During this challenging period, marked by the global economic impact of the COVID-19 pandemic, FIAS completed the five-year cycle near, at, or ahead of target in virtually all its key impact areas, including reforms to improve conditions for inclusive private sector growth, reduced regulatory burdens on private sectors, and new investment generated.

Annual Review 2021: Executive Summary

The Facility for Investment Climate Advisory Services (FIAS), one of the World Bank Group's largest multi-donor trust funds, helps emerging markets and developing economies (EMDEs) foster open, productive, and competitive markets and unlock sustainable private investments in sectors that contribute to growth and poverty reduction. The FIAS 2021 Annual Review–Executive Summary provides a condensed version of the FIAS 2021 Annual Review on the results of IFC Advisory Services and other World Bank Group projects and programs supported by FIAS in FY21. The report also summarizes the results of the five-year FY17–21 FIAS strategy cycle. During this challenging period, marked by the global economic impact of the COVID-19 pandemic, FIAS completed the five-year cycle near, at, or ahead of target in virtually all its key impact areas, including reforms to improve conditions for inclusive private sector growth, reduced regulatory burdens on private sectors, and new investment generated.

Annual Review 2020

In fiscal 2020, the fourth year of the FY17–21 strategy cycle, FIAS support helped bring about 20 investment climate reforms in 26 client countries, nearly two-thirds of them borrowing countries of the International Development Association (IDA). The FIAS 2020 Annual Review describes key projects and results of this work, with a focus on the priority areas of Sub-Saharan Africa, IDA, and states in fragile and conflict-affected situations (FCS). It also details FIAS-supported rapid response by IFC Advisory Services teams to economic crises in developing countries brought on by the COVID-19 pandemic as well as support for the IFC 3.0 Creating Markets Upstream initiative. The report highlights strong results achieved through FIAS-supported projects in 20 FCV countries in FY20, including Chad, the Democratic Republic of Congo, Guinea-Bissau, Haiti, and Kosovo.

Annual Review 2020: Executive Summary

In fiscal 2020, the fourth year of the FY17–21 strategy cycle, FIAS support helped bring about 20 investment climate reforms in 26 client countries, nearly two-thirds of them borrowing countries of the International Development Association (IDA). The FIAS 2020 Annual Review—Executive Summary presents highlights of this work, with a focus on the priority areas of Sub-Saharan Africa, IDA, and states in fragile and conflict-affected situations (FCS). It also details FIAS-supported rapid response by IFC Advisory Services teams to economic crises in developing countries brought on by the COVID-19 pandemic as well as support for the IFC 3.0 Creating Markets Upstream initiative. The report outlines FIAS-supported projects in 20 FCV countries in FY20, including Chad, the Democratic Republic of Congo, Guinea-Bissau, Haiti, and Kosovo.

Annual Review 2019

In fiscal 2019, the third year of the FY17–21 strategy cycle, FIAS support helped bring about 31 investment climate reforms in 18 partner countries, more than half of them borrowing countries of the International Development Association. The FIAS 2019 Annual Review describes key projects and results, with a focus on the priority areas of Sub-Saharan Africa, IDA, and states affected by fragility, conflict, and violence (FCV). The report highlights strong results achieved in 22 FCV countries in FY19, including Afghanistan, Mali, and Zimbabwe. The report also discusses implications of the COVID-19 pandemic on FIAS client countries and the implications for FIAS-supported work.