The International Finance Corporation (IFC) was formed in July 1956 as an affiliate of the World Bank to assist enterprises, which will contribute to the economic development of developing member countries, and to promote growth of productive investment. The International Finance Corporation (IFC) began with 31 member countries and an authorized capital of $100 million. The membership grew up to 125 as at 1984 with an authorized capital of $650 million. Its members, most of whom are developing countries, provide its Capital resources.
Objectives of International Finance Corporation
- To assist in the financing and expansion of productive private enterprises that would contribute to the development of member countries.
- To bring together investment opportunities
- To contribute to the economic development of developing member countries
- To stimulate and create conditions conducive for the flow of foreign and domestic capital into productive investment in member countries.