The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C.. It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC's stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable.
Since 2009, the IFC has focused on a set of development goals that its projects are expected to target. Its goals are to increase sustainable agriculture opportunities, improve healthcare and education, increase access to financing for microfinance and business clients, advance infrastructure, help small businesses grow revenues, and invest in climate health.
The IFC is owned and governed by its member countries but has its own executive leadership and staff that conduct its normal business operations. It is a corporation whose shareholders are member governments that provide paid-in capital and have the right to vote on its matters. Originally, it was more financially integrated with the World Bank Group, but later, the IFC was established separately and eventually became authorized to operate as a financially-autonomous entity and make independent investment decisions. It offers an array of debt and equity financing services and helps companies face their risk exposures while refraining from participating in a management capacity. The corporation also offers advice to companies on making decisions, evaluating their impact on the environment and society, and being responsible. It advises governments on building infrastructure and partnerships to further support private sector development.
The corporation is assessed by an independent evaluator each year. In 2011, its evaluation report recognized that its investments performed well and reduced poverty, but recommended that the corporation define poverty and expected outcomes more explicitly to better-understand its effectiveness and approach poverty reduction more strategically. The corporation's total investments in 2011 amounted to $18.66 billion. It committed $820 million to advisory services for 642 projects in 2011, and held $24.5 billion worth of liquid assets. The IFC is in good financial standing and received the highest ratings from two independent credit rating agencies in 2018.
IFC comes under frequent criticism from NGOs that it is not able to track its money because of its use of financial intermediaries. For example, a report by Oxfam International and other NGOs in 2015, "The Suffering of Others," found the IFC was not performing enough due diligence and managing risk in many of its investments in third-party lenders.
Other criticism focuses on IFC working excessively with large companies or wealthy individuals already able to finance their investments without help from public institutions such as IFC, and such investments do not have an adequate positive development impact. An example often cited by NGOs and critical journalists is IFC granting financing to a Saudi prince for a five-star hotel in Ghana.
|International Finance Corporation|
IFC headquarters building, designed by architect Michael Graves
|Formation||July 20, 1956|
|Type||Development finance institution|
|Purpose||Private sector development, Poverty reduction|
Executive Vice President & CEO
|Philippe Le Houérou|
|World Bank Group|
The World Bank and International Monetary Fund were designed by delegates at the Bretton Woods conference in 1944. The World Bank, then consisting of only the International Bank for Reconstruction and Development, became operational in 1946. Robert L. Garner joined the World Bank in 1947 as a senior executive and expressed his view that private business could play an important role in international development. In 1950, Garner and his colleagues proposed establishing a new institution for the purpose of making private investments in the less developed countries served by the Bank. The U.S. government encouraged the idea of an international corporation working in tandem with the World Bank to invest in private enterprises without accepting guarantees from governments, without managing those enterprises, and by collaborating with third party investors. When describing the IFC in 1955, World Bank President Eugene R. Black said that the IFC would only invest in private firms, rather than make loans to governments, and it would not manage the projects in which it invests. In 1956 the International Finance Corporation became operational under the leadership of Garner. It initially had 12 staff members and $100 million ($844.9 million in 2012 dollars) in capital. The corporation made its inaugural investment in 1957 by making a $2 million ($16.4 million in 2012 dollars) loan to a Brazil-based affiliate of Siemens & Halske (now Siemens AG). In 2007, IFC bought 18% stake in the Indian Financial firm, Angel Broking. In December 2015 IFC supported Greek banks with 150 million euros by buying shares in four of them: Alpha Bank (60 million), Eurobank (50 million), Piraeus Bank (20 million) and National Bank of Greece (20 million).
The IFC is governed by its Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). Each member typically appoints one governor and also one alternate. Although corporate authority rests with the Board of Governors, the governors delegate most of their corporate powers and their authority over daily matters such as lending and business operations to the Board of Directors. The IFC's Board of Directors consists of 25 executive directors who meet regularly and work at the IFC's headquarters, and is chaired by the President of the World Bank Group. The executive directors collectively represent all 184 member countries. When the IFC's Board of Directors votes on matters brought before it, each executive director's vote is weighted according to the total share capital of the member countries represented by that director. IFC’s Chief Executive Officer oversees its overall direction and daily operations. Philippe Le Houérou is Chief Executive Officer of IFC. Since his appointment by World Bank Group President Jim Yong Kim in March 2016, Mr. Le Houérou has led the organization’s new strategy to create markets in less developed countries and redefine development finance by promoting initiatives and reforms that unlock billions of dollars in additional private sector investment.
Although the IFC coordinates its activities in many areas with the other World Bank Group institutions, it generally operates independently as it is a separate entity with legal and financial autonomy, established by its own Articles of Agreement. The corporation operates with a staff of over 3,400 employees, of which half are stationed in field offices across its member nations.
The IFC's investment services consist of loans, equity, trade finance, syndicated loans, structured and securitized finance, client risk management services, treasury services, and liquidity management. In its fiscal year 2010, the IFC invested $12.7 billion in 528 projects across 103 countries. Of that total investment commitment, approximately 39% ($4.9 billion) was invested into 255 projects across 58 member nations of the World Bank's International Development Association (IDA).
The IFC makes loans to businesses and private projects generally with maturities of seven to twelve years. It determines a suitable repayment schedule and grace period for each loan individually to meet borrowers' currency and cash flow requirements. The IFC may provide longer-term loans or extend grace periods if a project is deemed to warrant it. Leasing companies and financial intermediaries may also receive loans from the IFC. Though loans have traditionally been denominated in hard currencies, the IFC has endeavored to structure loan products in local currencies. Its disbursement portfolio included loans denominated in 25 local currencies in 2010, and 45 local currencies in 2011, funded largely through swap markets. Local financial markets development is one of IFC’s strategic focus areas. In line with its AAA rating, it has strict concentration, liquidity, asset-liability and other policies. The IFC committed to approximately $5.7 billion in new loans in 2010, and $5 billion in 2011.
Although the IFC's shareholders initially only allowed it to make loans, the IFC was authorized in 1961 to make equity investments, the first of which was made in 1962 by taking a stake in FEMSA, a former manufacturer of auto parts in Spain that is now part of Bosch Spain. The IFC invests in businesses' equity either directly or via private equity funds, generally from five up to twenty percent of a company's total equity. IFC’s private equity portfolio currently stands at roughly $3.0 billion committed to about 180 funds. The portfolio is widely distributed across all regions including Africa, East Asia, South Asia, Eastern Europe, Latin America and the Middle East, and recently has invested in Small Enterprise Assistance Funds' (SEAF) Caucasus Growth Fund, Aureos Capital's Kula Fund II (Papua New Guinea, Fiji, Pacific Islands) and Leopard Capital’s Haiti Fund. Other equity investments made by the IFC include preferred equity, convertible loans, and participation loans. The IFC prefers to invest for the long-term, usually for a period of eight to fifteen years, before exiting through the sale of shares on a domestic stock exchange, usually as part of an initial public offering. When the IFC invests in a company, it does not assume an active role in management of the company.
Through its Global Trade Finance Program, the IFC guarantees trade payment obligations of more than 200 approved banks in over 80 countries to mitigate risk for international transactions. The Global Trade Finance Program provides guarantees to cover payment risks for emerging market banks regarding promissory notes, bills of exchange, letters of credit, bid and performance bonds, supplier credit for capital goods imports, and advance payments. The IFC issued $3.46 billion in more than 2,800 guarantees in 2010, of which over 51% targeted IDA member nations. In its fiscal year 2011, the IFC issued $4.6 billion in more than 3,100 guarantees. In 2009, the IFC launched a separate program for crisis response, known as its Global Trade Liquidity Program, which provides liquidity for international trade among less developed countries. Since its establishment in 2009, the Global Trade Liquidity Program assisted with over $15 billion in trade in 2011.
The IFC operates a Syndicated Loan Program in an effort to mobilize capital for development goals. The program was created in 1957 and as of 2011 has channeled approximately $38 billion from over 550 financial institutions toward development projects in over 100 different emerging markets. The IFC syndicated a total of $4.7 billion in loans in 2011, twice that of its $2 billion worth of syndications in 2010. Due to banks retrenching from lending across borders in emerging markets, in 2009 the IFC started to syndicate parallel loans to the international financial institutions and other participants.
To service clients without ready access to low-cost financing, the IFC relies on structured or securitized financial products such as partial credit guarantees, portfolio risk transfers, and Islamic finance. The IFC committed $797 million in the form of structured and securitized financing in 2010. For companies that face difficulty in obtaining financing due to a perception of high credit risk, the IFC securitizes assets with predictable cash flows, such as mortgages, credit cards, loans, corporate debt instruments, and revenue streams, in an effort to enhance those companies' credit.
Financial derivative products are made available to the IFC's clients strictly for hedging interest rate risk, exchange rate risk, and commodity risk exposure. It serves as an intermediary between emerging market businesses and international derivatives market makers to increase access to risk management instruments.
The IFC fulfills a treasury role by borrowing international capital to fund lending activities. It is usually one of the first institutions to issue bonds or to do swaps in emerging markets denominated in those markets' local currencies. The IFC's new international borrowings amounted to $8.8 billion in 2010 and $9.8 billion in 2011. The IFC Treasury actively engages in liquidity management in an effort to maximize returns and assure that funding for its investments is readily available while managing risks to the IFC.
In addition to its investment activities the IFC provides a range of advisory services to support corporate decisionmaking regarding business, environment, social impact, and sustainability. The IFC's corporate advice targets governance, managerial capacity, scalability, and corporate responsibility. It prioritizes the encouragement of reforms that improve the trade friendliness and ease of doing business in an effort to advise countries on fostering a suitable investment climate. It also offers advice to governments on infrastructure development and public-private partnerships. The IFC attempts to guide businesses toward more sustainable practices particularly with regards to having good governance, supporting women in business, and proactively combating climate change.
The IFC established IFC Asset Management Company LLC (IFC AMC) in 2009 as a wholly owned subsidiary to manage all capital funds to be invested in emerging markets. The AMC manages capital mobilized by the IFC as well as by third parties such as sovereign or pension funds, and other development financing organizations. Despite being owned by the IFC, the AMC has investment decision autonomy and is charged with a fiduciary responsibility to the four individual funds under its management. It also aims to mobilize additional capital for IFC investments as it can make certain types of investments which the IFC cannot. As of 2011, the AMC managed the IFC Capitalization Fund (Equity) Fund, L.P., the IFC Capitalization (Subordinated Debt) Fund, L.P., the IFC African, Latin American, and Caribbean Fund, L.P., and the Africa Capitalization Fund, Ltd. The IFC Capitalization (Equity) Fund holds $1.3 billion in equity, while the IFC Capitalization (Subordinated Debt) Fund is valued at $1.7 billion. The IFC African, Latin American, and Caribbean Fund (referred to as the IFC ALAC Fund) was created in 2010 and is worth $1 billion. As of March 2012, the ALAC Fund has invested a total of $349.1 million into twelve businesses. The Africa Capitalization Fund was set up in 2011 to invest in commercial banks in both Northern and Sub-Saharan Africa and its commitments totaled $181.8 million in March 2012. As of 2018, Marcos Brujis serves as CEO of the AMC.
The IFC prepares consolidated financial statements in accordance with United States GAAP which are audited by KPMG. It reported income before grants to IDA members of $2.18 billion in fiscal year 2011, up from $1.95 billion in fiscal 2010 and $299 million in fiscal 2009. The increase in income before grants is ascribed to higher earnings from the IFC's investments and also from higher service fees. The IFC reported a partial offset from lower liquid asset trading income, higher administrative costs, and higher advisory service expenses. The IFC made $600 million in grants to IDA countries in fiscal 2011, up from $200 million in fiscal 2010 and $450 million in fiscal 2009. The IFC reported a net income of $1.58 billion in fiscal year 2011. In previous years, the IFC had reported a net loss of $151 million in fiscal 2009 and $1.75 billion in fiscal 2010. The IFC's total capital amounted to $20.3 billion in 2011, of which $2.4 billion was paid-in capital from member countries, $16.4 billion was retained earnings, and $1.5 billion was accumulated other comprehensive income. The IFC held $68.49 billion in total assets in 2011.
The IFC's return on average assets (GAAP basis) decreased from 3.1% in 2010 to 2.4% in 2011. Its return on average capital (GAAP basis) decreased from 10.1% in 2010 to 8.2% in 2011. The IFC's cash and liquid investments accounted for 83% of its estimated net cash requirements for fiscal years 2012 through 2014. Its external funding liquidity level grew from 190% in 2010 to 266% in 2011. It has a 2.6:1 debt-to-equity ratio and holds 6.6% in reserves against losses on loans to its disbursement portfolio. The IFC's deployable strategic capital decreased from 14% in 2010 to 10% in 2011 as a share of its total resources available, which grew from $16.8 billion in 2010 to $17.9 billion in 2011.
In 2011, the IFC reported total funding commitments (consisting of loans, equity, guarantees, and client risk management) of $12.18 billion, slightly lower than its $12.66 billion in commitments in 2010. Its core mobilization, which consists of participation and parallel loans, structured finance, its Asset Management Company funds, and other initiatives, grew from $5.38 billion in 2010 to $6.47 billion in 2011. The IFC's total investment program was reported at a value of $18.66 billion for fiscal year 2011. Its advisory services portfolio included 642 projects valued at $820 million in 2011, compared to 736 projects at $859 million in 2010. The IFC held $24.5 billion in liquid assets in 2011, up from $21 billion in 2010.
The IFC received credit ratings of AAA from Standard & Poor's in December 2012 and Aaa from Moody's Investors Service in November 2012. S&P rated the IFC as having a strong financial standing with adequate capital and liquidity, cautious management policies, a high level of geographic diversification, and anticipated treatment as a preferred creditor given its membership in the World Bank Group. It noted that the IFC faces a weakness relative to other multilateral institutions of having higher risks due to its mandated emphasis on private sector investing and its income heavily affected by equity markets.
IFC Sustainability Framework articulates IFC's commitment to sustainable development and is part of its approach to risk management. IFC’s Environmental and social policies, guidelines, and tools are widely adopted as market standards and embedded in operational policies by corporations, investors, financial intermediaries, stock exchanges, regulators, and countries. In particular, the EHS Guidelines contain the performance levels and measures that are normally acceptable to the World Bank Group, and that are generally considered to be achievable in new facilities at reasonable costs by existing technology.
The IFC has created a mass-market certification system for fast growing emerging markets called EDGE ("Excellence in Design for Greater Efficiencies"). IFC and the World Green Building Council have partnered to accelerate green building growth in less developed counties. The target is to scale up green buildings over a seven-year period until 20% of the property market is saturated. Certification occurs when the EDGE standard is met, which requires 20% less energy, water, and materials than conventional homes.
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AccessBank Liberia (ABL), is a microfinance commercial bank in Liberia. It is one of the commercial banks licensed by the Central Bank of Liberia, the national banking regulator.Advans
Advans is a microfinance bank based in Luxembourg active in a number of developing countries. It was established in 2005.The organisation is supported by a number of European government development banks that include Netherlands Development Finance Company, European Investment Bank, International Finance Corporation, UK governments CDC Group and the German government KfW.
It is active in Pakistan, Democratic Republic of Congo, Cambodia, Cameroon, Ghana, Nigeria, Tunisia and Myanmar.Altria
Altria Group, Inc. is an American corporation and one of the world's largest producers and marketers of tobacco, cigarettes and related products. It operates worldwide and is headquartered in Henrico County, Virginia, just outside the city of Richmond.
Altria is the parent company of Philip Morris USA, John Middleton, Inc., U.S. Smokeless Tobacco Company, Inc., Philip Morris Capital Corporation, and Chateau Ste. Michelle Wine Estates. Philip Morris International was spun off in 2008. Altria maintains a ~10% stake in Belgium-based brewer ABInBev. It is a component of the S&P 500 and was a component of the Dow Jones Industrial Average until February 19, 2008. On January 6, 2009, Altria acquired UST Inc., a smokeless tobacco manufacturer, which also owned wine producer Ste Michelle Wine Estates, and is now a subsidiary of Altria.Argentina and the World Bank
Argentina has a longstanding relationship with the World Bank. Argentina has one of the biggest economies in Latin America and is rich in natural resources, which could play a large part in its future economic development.BKash
bKash (Bengali: বিকাশ) is a mobile financial service in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. This mobile money system started as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, United States of America. bKash users can deposit money into their mobile accounts and then access a range of services, in particular transferring and receiving money domestically, making payments and buying airtime top-up. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner, in March 2014, Bill & Melinda Gates Foundation became an investor in the company, and in April 2018 Ant Financial, the operators of Alipay (a concern of Chinese giant Alibaba Group), became an equity partner.Fortune magazine ranked bKash among the top 50 companies in their "Change the World" list in 2017. According to them, 22% of Bangladeshi adults use bKash with around 4.5 million daily transactions.Choropampa District
Choropampa District is one of nineteen districts of the Chota Province, Peru. It is located in the Northern Peruvian highlands and renowned for its gold reserves, with South Americas largest goldmine operations.
An elemental mercury spill occurred in June 2000 along a road that passed through the three villages Choropampa, Magdalena and San Juan from a truck contracted by Yanacocha mining; the Compliance/Advisor Ombudsman of the International Finance Corporation /Multilateral Investment Guarantee Agency investigated, as described in the 2006 exit report.Compliance Advisor/Ombudsman
The Office of the Compliance Advisor/Ombudsman (CAO) is a recourse mechanism for projects supported by the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group. It was established in 1999 and is based in Washington, D.C.Global Trust Bank (India)
Global Trust Bank (India) (GTB) was founded on 21 October 1994 and commenced operations at Secunderabad. Its founders included Ramesh Gelli (its first Chairman), Sridar Subasri, and Jayant Madhob, among others. The bank introduced a number of technology-based innovations and responsive service.GTB was involved in the stock market scam of 2001, that the stockbroker Ketan Parekh ran. GTB lent heavily to individuals speculating in the stock market; when the market crashed the bank suffered extensive losses. One consequence was that merger talks with UTI Bank fell through. The Reserve Bank of India (RBI) forced Gelli to resign. Gelli's successor resigned after six months, and Gelli's son joined the board of directors. In 2004, Gelli briefly returned to the bank in February 2004 before being again forced to resign.RBI examined GTB's accounts for 2001-2 and found that GTB's net worth had turned negative, but did not close the bank. GTB did not address its problems. Instead, and despite its dire straits, GTB continued to grow. It had 87 branches in 2002-2003, and grew to 103 branches before the RBIC forced it to close. It also paid interest on deposits at a rate equal to or better than other banks in its area. GTB sought to recapitalize itself by bringing in new investors. In mid-2004 GTB was in close talks with Newbridge Capital. Newbridge was to invest US$200million, subject to RBI approval. However, RBI was reluctant to permit private investors to restructure GTB.The RBC issued a Moratorium Order on 24 July 2004. Before GTB's winding up, Goldman Sachs owned 4% of the bank and the International Finance Corporation owned 5%. Oriental Bank of Commerce acquired GTB on 14 August 2004. Shareholders in GTB received nothing for their shares; depositors, however, suffered no loss. After acquiring GTB, OBC discovered that GTB's situation was even worse than it had appeared at the time of acquisition. OBC did gain an increased presence in the southern parts of India, where its presence had been weak and GTB's was extensive.GTB had been leaner than OBC. OBC had ten times the staff and branches than GTB, but only four to five times as much in the form of deposits, investments, or advances.Gulf African Bank
Gulf African Bank (GAB), whose full name is Gulf African Bank Limited, is a commercial bank in Kenya operating under an Islamic banking regime. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.As of December 2014 the bank was a mid-sized financial services provider in Kenya. Its total assets were valued at approximately US$191.8 million (KES:19, 753, 647 billion), with customer deposits totalling approximately US$153.3 million (KES:15.8 billion), and shareholders' equity estimated at approximately US$30.6 million (KES:3.15 billion). At that time, the bank was ranked number 25, by assets, out of the 43 licensed banks in Kenya then. The bank has plans to enter Uganda and Tanzania.Independent Evaluation Group
The Independent Evaluation Group (IEG) is an independent unit within the World Bank Group charged with objectively evaluating the activities of the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA; collectively, the World Bank), the work of International Finance Corporation (IFC) in private sector development, and Multilateral Investment Guarantee Agency's (MIGA) guarantee projects and services to provide accountability, and determine what works, what doesn't and why. The head of IEG, the Director-General, Evaluation, reports directly to the Bank Group’s Board of Executive Directors and not to Bank Group management.International organization membership of the United States
The following is a list of international organizations in which the United States of America officially participates.
Asian Development Bank (ADB) (nonregional member)
Asia-Pacific Economic Cooperation (APEC)
Association of Southeast Asian Nations (ASEAN) (dialogue partner)
Australia-New Zealand-United States Security Treaty (ANZUS)
Bank for International Settlements (BIS)
Black Sea Economic Cooperation Zone (BSEC) (observer)
Colombo Plan (CP)
Council of Europe (CE) (observer)
Council of the Baltic Sea States (CBSS) (observer)
Dominican Republic–Central America Free Trade Agreement (CAFTA-DR)
Euro-Atlantic Partnership Council (EAPC)
European Bank for Reconstruction and Development (EBRD)
European Organization for Nuclear Research (CERN) (observer)
Fédération Internationale de Football Association (FIFA)
Food and Agriculture Organization (FAO)
Group of Seven (G7)
Group of Eight (G8)
Group of Ten (G10)
Group of Twenty Finance Ministers and Central Bank Governors (G20)
Inter-American Development Bank (IADB)
International Atomic Energy Agency (IAEA)
International Bank for Reconstruction and Development (IBRD)
International Centre for Settlement of Investment Disputes (ICSID)
International Chamber of Commerce (ICC)
International Civil Aviation Organization (ICAO)
International Criminal Police Organization (Interpol)
International Development Association (IDA)
International Energy Agency (IEA)
International Federation of Red Cross and Red Crescent Societies (IFRCS)
International Finance Corporation (IFC)
International Fund for Agricultural Development (IFAD)
International Grains Council (IGC)
International Hydrographic Organization (IHO)
International Labour Organization (ILO)
International Maritime Organization (IMO)
International Mobile Satellite Organization (IMSO)
International Monetary Fund (IMF)
International Olympic Committee (IOC)
International Organization for Migration (IOM)
International Organization for Standardization (ISO)
International Red Cross and Red Crescent Movement (ICRM)
International Telecommunication Union (ITU)
International Telecommunications Satellite Organization (ITSO)
International Trade Union Confederation (ITUC)
Multilateral Investment Guarantee Agency (MIGA)
North American Free Trade Agreement (NAFTA)
North Atlantic Treaty Organization (NATO)
Nuclear Energy Agency (NEA)
Nuclear Suppliers Group (NSG)
Organisation for Economic Co-operation and Development (OECD)
Organization for Security and Cooperation in Europe (OSCE)
Organisation for the Prohibition of Chemical Weapons (OPCW)
Organization of American States (OAS)
Pacific Community (SPC)
Pacific Islands Forum (PIF) (partner)
Permanent Court of Arbitration (PCA)
South Asian Association for Regional Cooperation (SAARC) (observer)
Southeast European Cooperative Initiative (SECI) (observer)
United Nations (UN)
United Nations Conference on Trade and Development (UNCTAD)
United Nations High Commissioner for Refugees (UNHCR)
United Nations Institute for Training and Research (UNITAR)
United Nations Mission for Justice Support in Haiti (MINUJUSTH)
United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA)
United Nations Security Council (UNSC) (permanent member)
United Nations Truce Supervision Organization (UNTSO)
Universal Postal Union (UPU)
World Bank Group (WBG)
World Customs Organization (WCO)
World Health Organization (WHO)
World Intellectual Property Organization (WIPO)
World Meteorological Organization (WMO)
World Organization of the Scout Movement (WOSM)
World Trade Organization (WTO)
World Veterans Federation (WVF)
Zangger Committee (ZC)List of international banking institutions
This is a list of International banking institutions
African Development Bank
Asian Development Bank
Asian Infrastructure Investment Bank
Bank for International Settlements
Bank of World Residence Program (BWRP)
Black Sea Trade and Development Bank
Caribbean Development Bank
Eurasian Development Bank
European Bank for Reconstruction and Development
European Investment Bank
Islamic Development Bank
Preferential Trade Area Bank
World Bank Group
International Bank for Reconstruction and Development (IBRD)
International Development Association (IDA)
International Finance Corporation (IFC)
Multilateral Investment Guarantee Agency (MIGA)
International Centre for Settlement of Investment Disputes (ICSID)List of specialized agencies of the United Nations
Specialized agencies are autonomous organizations working with the United Nations and each other through the co-ordinating machinery of the United Nations Economic and Social Council at the intergovernmental level, and through the Chief Executives Board for co-ordination (CEB) at the inter-secretariat level. Specialized agencies may or may not have been originally created by the United Nations, but they are incorporated into the United Nations System by the United Nations Economic and Social Council acting under Articles 57 and 63 of the United Nations Charter. At present the UN has in total 15 specialized agencies that carry out various functions on behalf of the UN. The specialized agencies are listed below.Rosemarie Esber
Rosemarie M. Esber is a researcher and writer with degrees from the University of London and Johns Hopkins University with a background in the history, culture, and economy of the Middle East and North Africa. Her published work is centered on Arab oral history. She has served as a consultant to the United Nations, the World Bank, and the International Finance Corporation.Sadiola Gold Mine
The Sadiola Gold Mine is an open-pit gold mine situated near Sadiola, in the Kayes Region of Mali. The operation is jointly owned by AngloGold Ashanti and Iamgold, who each have an effective holding of 41%, while the Government of Mali owns the remaining 18%. The International Finance Corporation originally held 6% of the mine put sold this share equally to Anglo and Iamgold in December 2009.Apart from Sadiola and the nearby Yatela Mine, AngloGold Ashanti's also operates the Morila Gold Mine in Mali. The production of its mines in Mali contributed 8 percent to the company's overall production in 2008.Tete Province
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The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and most well-known development bank in the world and is an observer at the United Nations Development Group. The bank is based in Washington, D.C. and provided around $61 billion in loans and assistance to "developing" and transition countries in the 2014 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations are the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). The first two are sometimes collectively referred to as the World Bank.
The World Bank's (the IBRD and IDA's) activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation and rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, and electricity), large industrial construction projects, and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries. Loans or grants for specific projects are often linked to wider policy changes in the sector or the country's economy as a whole. For example, a loan to improve coastal environmental management may be linked to development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution.The World Bank has received various criticisms over the years and was tarnished by a scandal with the bank's then President Paul Wolfowitz and his aide, Shaha Riza, in 2007.Électricité du Laos
Électricité du Laos (EDL) is the state corporation of Laos that owns and operates the country's electricity generation, electricity transmission and electricity distribution assets. The company also manages the import and export of electricity from the national electricity grid of the country. EDL was founded in 1959 and is headquartered in Vientiane.
In July 2010, the International Finance Corporation loaned $15 million to Electricite du Laos for the expansion of electricity networks and substations in rural areas of Laos. The company has also received debt financing from the Asian Development Bank.
By 2020, the government expects to provide electricity to 90 percent of Lao households.
|World Bank Group|
Category World Bank
World Bank GroupCountry Relations