International Finance Corporation
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- For other uses of IFC, see IFC (disambiguation).
- Independent Film Channel, more popularly known as IFC, is an American cable channel.
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:
o Financing private sector projects located in the developing world.
o Helping private companies in the developing world mobilize financing in international financial markets.
o Providing advice and technical assistance to businesses and governments.
Ownership and Management
IFC has 177 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 Vice President, Operations and Acting Executive Vice President, Asssad Jabre, 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.
External link
Template:UN-stubde:International Finance Corporation it:Società finanziaria internazionale