April 1, 2006
When the International Finance Corporation (IFC), the private sector arm of the World Bank, was founded in 1956, it was to fulfill a small but significant role promote sustainable private investment in developing countries to reduce poverty and improve lives. Fifty years on, the world is a very different place.
The iron curtain has been flung wide open. Europe has come together to form the world's second-biggest trade block. Large countries that were once financial pariahs, like Russia, have embraced foreign investment that in turn is fueling growth.
Rather than simply relegating infrastructure and other projects to state-run companies, governments are increasingly seeking private f
With private sector investment playing an increasingly big role the world over, it's time for the cash-rich International Finance Corporation to invest more.