International Finance Corporation (IFC) is an international financial institute that is part of the World Bank group this institute works within many under developed countries and provides services like management, Investment, and Advisory to improve their economical conditions. The objective of this corporation is to improve the lifestyle of common people and provide them with all the basic needs to live in society in other words we can say that it re move the poverty from the countries and improve their lifestyle.
The department of International Finance Corporation (IFC) was established by the World Bank Group to provide loans and financial support to various underdeveloped countries to improve their economic conditions. This corporation invests in various projects in those countries, and because of this, they can generate various job opportunities. This corporation was first established in 1956 by the World Bank Group and now it works in more than 186 countries of the world. Makhtar Diop is the director manager of this organization and provides loans to various private project companies, in this way various job opportunities are produced and this makes it easy to deal with them.
International Finance History
In 1944, when the World Bank and the International Monetary Fund were established they became the world’s first international banking system later in 1956, they brought out a new idea of the International Finance Corporation (IFC) which has the main purpose of developing economic investments in private sectors and low developed countries. In 1957, this corporation made its first investment of almost $2 million in Brazil and then it expanded its objective to Asia and Africa and soon started to work at the global level. After 1970, the main objective of this corp. is to reduce poverty and offer more opportunities to the People for work. In 1990, it introduced of Global Bond Program and reached up to Eastern Europe and Former Soviet Unions. In 2000, it focused on a new idea of the Millennium Development Goal (MDG) and also got interested in climate change, and launched a project of solar system with $20 billion of annual funding. In 2020, the IFC continuously supported the COVID-19-affected countries with loans and health aid. Now this is working in more than 187 countries of the world.
FAQs
What is the objective of the International Finance Corporation?
The International Finance Corporation (IFC) is a member of the World Bank Group and has the objective of improving the economic conditions of underdeveloped countries and providing them with various job opportunities to improve their lives.
Is IFC a part of the World Bank Group?
Yes, the International Finance Corporation is an official member of the World Bank Group that was established in 1956 with the motto of reducing poverty in underdeveloped countries and providing them with a better lifestyle. Now this corp. is working in more than 180 countries and helping them in improving their economy.
Who owns this International Finance Corporation?
This Corporation is officially by World Bank Group and the idea of this corp. was given by Robert L. Garner, CEO of the World Bank in 1956.
