SIFEM is Switzerland's development finance institution (DFI). It completed its start-up period in 2013, confirming its relevance in development policy. By providing growth capital in the partner countries of Swiss development cooperation, SIFEM has already contributed to supporting and creating over 250,000 jobs to date.

Its activities also entail an element of financial risk. During the past year, macroeconomic uncertainty led investors to shun emerging markets. The resulting capital outflow placed additional pressure on these markets' domestic currencies. Consequently, a number of SIFEM's portfolio companies ran into financial difficulties during the year.

SIFEM recorded an operating loss of CHF 13.5 million for the 2013 financial year. Over the entire duration of its investments, SIFEM continued to post a sound rate of return of 8.7%.

The seven members of the Board of Directors, chaired by Jean-Daniel Gerber, were elected for a second three-year term. As the sole shareholder of SIFEM, the Swiss Confederation withdrew from the Board after the first term.

A detailed account of SIFEM’s operations and financial statements can be found in its 2013 Annual Report, available for download at www.sifem.ch.

SIFEM: Creating jobs through investment in emerging markets