IFC—International Finance Corporation
Founded in 1956, the IFC assists with private sector investments, primarily through mobilizing capital on international financial markets, and by providing technical assistance and advice to governments and businesses in developing countries. The IFC coordinates its activities in many areas with the other institutions in the World Bank Group: the World Bank president also serves as the IFC's president. Its current executive vice president is Jin-Yong Cai. The IFC generally operates independently as it is legally and financially autonomous with its own Articles of Agreement, share capital, management and staff.
The IFC has 3100 staff; 181 members; and lends in 80 countries, with 40 per cent of its investments in the financial sector. The IFC's worldwide committed portfolio as of financial year 2005 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. In 2008 the IFC´s worldwide committed portfolio for its own account was $32.3 million and $7.5 million held for participants in loan syndications. The IFC´s invovlement in assisting credit to thousands of households means that since 2004 the IFC has channeled $718 million in support of the issuance of more than $4 billion in mortgage backed securities which has facilitated developing countries´ entanglement in the financial crisis of 2007/2008.
Published: Saturday 27th May 2006, last edited: Monday 28th January 2013
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