National and Regional DFIs

  • Austria: Austrian Development Bank (OeEB)
  • Belgium: Belgium Corp. for International Development (SBI-BMI)
  • Belgium: Belgium Investment Company for Developing Countries (BIO)
  • Brazil: National Bank for Economic & Social Development (BNDES)
  • Canada: FinDev Canada
  • ​China: China Development Bank (CDB)
  • Denmark: Investment Fund for Developing Countries (IFU)
  • Finnland: Finnfund
  • France: Agence Française de Développement (AFD & Proparco)
  • Germany: KfW (KfW DEG)
  • India: IDFC Limited (IDFC) 
  • Italy: CDC Development Finance (SIMEST & CDP)
  • Japan: Japan International Cooperation Agency (JICA)
  • Netherlands: Netherlands Development Finance Company (FMO)
  • Norway: Norfund
  • Portugal: Sociedade para o Financiamento do Desenvolvimento (SOFID)
  • Russia: Vnesheconombank (VEB)
  • South Korea: Korea Development Bank (KDB)
  • Spain: Compañía Española de Financiación del Desarrollo (COFIDES)
  • Sweden: Swedfund International (Swedfund)
  • Switzerland: Swiss Development Fund for Emerging Markets (SIMEF)
  • United Kingdom: CDC Group (CDC)
  • United States: US Development Finance Corporation (DFC)

dcs advisory Experts team

international financing institutions

Daniel Dean

Vienna, Austria

Mark Moseley

London, UK

Chris Hanson

Lewes DE, USA

Meet Our IFI Experts Team!

International Finance Institutions (IFIs) financing includes debt, equity and guarantee facilities and other support provided by multilateral, national and regional Development Finance Institutions (DFIs).  IFIs and DFIs operate may operate globally or regionally, based on their charter, membership and other criteria.  These institutions generally have a mandate to provide funding, financing and other assistance in developing and less developed countries where there may be inadequate access to domestic and foreign debt and equity sources available for the development of key infrastructure and the delivery of critical public services.  Some of the most prominent IFI/DFI institutions that we cover globally include:

Multilateral DFIs

  • The World Bank Group (WBG)
    • International Bank for Reconstruction & Development (IBRD)
    • International Finance Corporation (IFC)
    • International Development Association (IDA)
    • Multilateral Investment Guarantee Association (MIGA)
  • European Bank for Reconstruction & Development (EBRD)
  • European Investment Bank (EIB)
  • Asian Development Bank (ADB)
  • Asian Infrastructure Investment Bank (AIIB)
  • Eurasian Development Bank (EDB)
  • International Investment Bank (IIB)
  • Inter-American Development Bank (IDB)
  • African Development Bank (AfDB)
  • Islamic Development Bank (IsDB)
  • Global Environment Fund (GEF)
  • Global Partnership for Results-Based Approaches (GPRA)
  • International Fund for Agricultural Development (IFAD)

In countries and regions where IFIs and DFIs play a role, their impact with respect to financing transactions can be significant.  In addition to providing loans, lines, guarantees, equity shareholdings, grants, hedging products and other forms of direct support to the host government or public or private sector companies in the host country, participation from these institutions also generally requires compliance with certain environmental, social, health & human safety, anti-corruption and procurement standards.  In many cases, where there is IFI/DFI participation and leadership in the financing transaction, other domestic and international commercial lenders, equity investors and other financiers may be motivated to participate in transactions they otherwise wouldn't.  Therefore, in many financing situations in developing and less developed nations, various forms of participation from IFIs/DFIs can play a key role in the success of a financing transaction.

Many DCS affiliates have extensive experience working with numerous IFI/DFI organizations around the globe.  Our affiliates have advised both the IFI/DFI organizations themselves on particular financing initiatives and programs or have advised clients who were the borrowers or recipients of financial support from the IFI/DFI organizations.  In other cases, we have also advised commercial lenders, equity sponsors and other financiers participating in IFI/DFI supported transactions.  Through these experienced, we have accumulated decades of relevant experience and knowledge of IFI/DFI products, programs and policies.  Through this knowledge and experience we are ideally situated to assist our borrower/sponsor clients or advise the IFI/DFI's with respect to any transaction within the core sectors that we focus on, including the infrastructureenergy & utilitiesindustrialsoil & gas, and real estate sectors.  IFI/DFI advisory services are a complementary and an integral component of many of our comprehensive transaction advisory services mandates.  

The following are the the main applications of IFI/DFI financing support that we focus on within the sectors and markets we cover:

  • Project Financing.  Project financing direct IFI/DFI loans and related letters- and lines-of-credit, guarantees and similar credit facilities and or IFI/DFI equity participation and other support are used to fund an infrastructure project (new-build, rehabilitation/renewal), an industrial plant or facility and purchase of equipment, or other large capital project.

  • Acquisition Financing. Acquisition financing entails IFI/DFI loans and related commercial letters- and lines-of-credit, guarantees and similar credit facilities and or IFI/DFI equity participation and other support used to fund the leveraged acquisition of a company or an existing asset (many times in the case of a privatization or industry sector market restructuring and liberalization initiative).

As the "borrower side" financial advisor, we will assist our client throughout the entire commercial debt raising process from identifying a list of potentially suitable commercial lenders to execution and closing of loan agreements.  The following outlines the typical "borrower side" process that we provide under a commercial debt advisory mandate.

  • Preliminary discussions with IFI/DFIs and host country.  DCS experts maintain standing relationships with many potentially suitable IFI/DFI financing providers in the geographical and sectoral markets that we cover, and therefore we are generally informed about their activities and support programs in the relevant country or region.  In most cases, where IFI/DFI support is relevant, the host country may already be a a member and may already be involved in multiple IFI/DFI programs.  Where DCS advisors are involved in the very early stages of these discussions is our ability to advise the borrower/project sponsor, the host government and the IFI/DFI as to the optimal use of IFI/DFI funding, financing and support in effort to achieve the greatest beneficial impact on the project.  If necessary, at this stage we can also assist our borrower/sponsor client in preparing and submitting IFI/DFI financing and support applications.

  • Financial modeling.  Amongst the first activities that we will undertake when mandated as the borrower's advisor is to begin to develop a financial model (or update and amend a previous model, in the case we may have worked on the client's business or asset in the past).  The "debt case financial model" will evolve through the course of the debt capital raising process (including IFI/DFI facilities and other forms of financing, as the case may be).  The model will become increasingly refined and may be adjusted ton incorporate certain comments from the IFI/DFI's and other prospective lenders.  

  • Assemble and coordinate borrower/sponsor due diligence.  An initial and ongoing process will be to assemble all internal and third-party due diligence (contracts and agreements, audits, reports, studies, analyses, databases, etc.)  This data will be necessary for assembly into the Lender Information Memorandum (LIM), discussed below.  However, a great deal of this data will also be necessary for the financial modeling workstream.  In some cases, where there may be due diligence items (such as third-party reports, studies and analyses) that are lacking or insufficient, the borrower can decide whether to pursue these at that time.

  • IFI/DFI presentations.  IFI/DFI presentations, have traditionally been conducted in a physical format.  In the COVID-19 and post-COVID world environment many IFI/DFI meetings are conducted virtually.  In the case there are multiple IFI/DFI's (and potentially other commercial lenders, ECA/Ex-Im's and other lenders) we will help advise our client whether it may be more appropriate to organize separate lender meetings or group meetings, whether the meeting should be physical or virtual.   DCS advisors will assist the client in selecting the optimal IFI/DFI presentation approach based on the unique circumstances of the transaction. 

  • Lenders Information Memoranda (LIM).  We will prepare the LIM, which provides all potential lenders (including IFI/DFI's) with a highly detailed presentation of the financing plan, key financial metrics, pro forma revenue and debt service coverage projections and related sensitivity analyses, proposed key creditor protections (covenants, security, pledges, guarantees, etc.), risk allocation profiles, company or asset business and market discussions, contractual and corporate structures, management structure, proposed contracts and credit agreements, legal and technical analyses, market studies and demand/revenue forecasts, environmental and social plans and policies, and bankable feasibility studies (as applicable).  Much of this information will generally constitute material non-public information.  Data in the LIM will be supported by information and data contained in the virtual data room.  The LIM and data room will be used by investors to conduct necessary due diligence.

  • Virtual Data Room. On behalf of our borrower clients, we will establish and maintain a secure and encrypted "virtual data room" as a repository for all confidential and non-confidential information that will be accessible and used by all potential lenders (including IFI/DFI's) in effort to complete lender due diligence, provide binding commitment letters and execute loan agreements.

  • Management meetings and site visits.  In most cases, representatives of the IFI/DFI credit teams will request one or more physical or virtual meeting(s) with the borrower's and/or guarantor's management and potentially site visits (COVID era travel restrictions has limited this possibility).  These meetings are generally for the purpose of allowing the IFI/DFI's to ask additional questions of the borrower's management on items that cannot be adequately answered in the LIM and data room (or by DCS as the debt advisor).

  • Final Negotiations.  After the the IFI/DFI teams have completed their due diligence, the DCS/borrower-side advisory team will negotiate all substantive final terms, conditions and pricing in the credit agreements and related schedules.

  • Binding Commitment Letters.  Based on the agreed material terms of the credit agreement(s), we will request that the member parties representing the IFI/DFI's will provide their Binding Commitment Letters, which shall include final binding terms sheets including all material loan terms, including the commitment amount, currency denomination, final maturity, amortization, pricing and key required covenants, terms and conditions).

  • Commercial Closing.  The date that all credit agreements and schedules are dually executed between borrower and the lender(s).

  • Financial Closing.  The date that all conditions precedent of the IFI/DFI and the borrower/sponsor are satisfied and loans and lines can be drawn by and other credit credit facilities become effective.

In many project finance and development finance situations, IFI/DFI financing is also combined with categories of debt financing such cases where the financing structure also involves credit from Commercial Lending InstitutionsExport Credit Agencies (ECA's), Export-Import Banks (EX-IMs), capital markets (bond investors), governmental lenders and providers of providers of hedging instruments (derivatives counterparties).  Particularly in the case of ECA/Ex-Im-linked financing there are specific structures available (such as "covered loan" structures, "B-Loan" and DFI/IFI-led loan syndication structures).  In some cases, having multiple classes of lenders in the financing stack can introduce unwieldy intercreditor issues.  DCS advisor have a great deal of experience with multi-class debt structures and in favorably negotiating intercreditor agreements between multiple investor classes.

DCS advisors are able to provide IFI/DFI advisory services on a stand-alone basis on behalf of public and private sector clients who are pursuing project financing and acquisition transactions.  In most cases, as IFI/DFI financing will be only one element of a larger project delivery program, DCS will also be providing other complementary transaction advisory services in relation to other transaction elements.  Our preference is always to provide such comprehensive transaction advisory services and coordinate all elements of the transaction, including project financing on behalf of our clients.

Under any IFI/DFI advisory mandate, DCS will draw from our vast global network of veteran industry expert advisor affiliates and our relationship consultants in order to assemble the most appropriate team to match the specific needs of the transaction at hand.  This will always include leadership of DCS affiliate experts who possess decades of global transactional experience related to the specific sector and transaction type.  In any IFI/DFI transaction advisory service mandate, our preferred role is always to serve as the lead project/program manager.  Within this role we are also able to assist in the selection and procurement (or subcontracting) and management of other advisors, including local and international legal, technical, tax, commercial and due diligence advisors or other specialized advisors, as the specific transaction may require.  To the extent that other third-party advisors are required, there are many value added advantages of allowing DCS to assist in the procurement of these advisors.  First, DCS expert affiliates themselves possess many of the required legal, technical, commercial and managerial skill sets and we are best positioned to determine which additional outside third-party skill sets are required and which firms or individuals should be hired in these roles.  Secondly, IFI/DFI advisory projects are often very complex undertakings, requiring the management and coordination of many simultaneous workstreams.  DCS advisors are experts inproject and program management services and are ideally suited to manage and coordinate a multi-dimensional advisory team most efficiently and effectively.

Complementing our IFI/DFI advisory services, DCS advisors offer the following complementary advisory services that may be applicable, dependent on the requirements of the specific IFI/DFI transaction situation.

DCS experts provide comprehensive IFI/DFI advisory services in the following sectors that we specialize in.  Please click on the below links to learn more about the sectors that we cover:

DCS experts provide comprehensive IFI/DFI advisory services to the following categories of clients:

capital fundraising services

international financing institutions Advisory