As part of the World Bank Group, IFC's overriding objective is to help reduce poverty and support sustainable development in developing countries. IFC pursues this mission by supporting the private sector to create jobs and simulate markets. This report, which assesses the impact of IFC toward that mission, appears at a time of unprecedented levels of private investment in the emerging markets.The report takes a look back at the development results that the IFC-supported projects have achieved in the last 10 years, the main lessons that have emerged at the project level and the strategic implications for IFC going forward, in the context of rapid organizational growth.Going forward, the report highlights major challenges IFC faces to achieving overall development effectiveness.