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Basic Fact About IFC
The International Finance Corporation (IFC)
promotes sustainable private sector investment in developing countries as
a way to reduce poverty and improve people's lives.
IFC is a member of the
World Bank Group
and is headquartered in Washington, DC. It shares
the primary objective of all World Bank Group institutions: to improve the
quality of the lives of people in its developing member countries.
IFC Mission Statement
.
Established in 1956, IFC is the largest multilateral
source of loan and equity financing for private sector projects in the developing
world. It promotes sustainable private sector development primarily by:
- Financing private sector projects located in the developing
world.
- Helping private companies in the developing
world mobilize financing in international financial markets.
- Providing advice and technical assistance
to businesses and governments.
Read more about IFC's
Products and Services
.
To find information about existing and proposed IFC projects, search
IFC project documents
.
Ownership and Management
IFC
has 175
member countries
, which collectively determine its policies and approve investments. To join
IFC, a country must first be a member of the IBRD. IFC's corporate powers
are vested in its
Board of Governors
, to which member countries appoint representatives.
IFC's share capital, which is paid in, is provided by its member countries,
and voting is in proportion to the number of shares held. IFC's authorized
capital is $2.45 billion.
Statement of Capital Stock and Voting Power
.
The
Board of Governors delegates many of its powers to the
Board of Directors
, which is composed of the Executive Directors of the IBRD, and which represents
IFC's member countries. The Board of Directors
reviews all projects.
The
President of the World Bank Group
, James
D. Wolfensohn, also serves as IFC's president. IFC's
Executive Vice President
, Peter
Woicke, is responsible for the overall management of day-to-day operations.
Although IFC coordinates its activities in many
areas with the other institutions in the World Bank Group, IFC generally
operates independently as it is legally and financially autonomous with its
own
Articles of Agreement
, share
capital,
management
and
staff.
Funding of IFC's Activities
IFC's
equity and quasi-equity investments are funded out of its net worth: the
total of paid in capital and retained earnings.
Strong shareholder support, triple-A ratings, and the substantial paid-in
capital base have allowed IFC to raise funds for its
lending activities on favorable terms in the international capital
markets.
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