how the international finance corporation ifc works
the ifc was established in 1956 as a member of the world bank group focused on investing in economic development it claims to be the largest global development institution focused on the private sector in developing countries the ifc says it also seeks to ensure that private enterprises in developing nations have access to markets and financing 1the ifc s most recent stated goals include the development of sustainable agriculture expanding small businesses access to microfinance supporting infrastructure improvements as well as promoting climate health and education policies the ifc is governed by its 184 member countries and is headquartered in washington d c ifc global financingto raise money the ifc issues bonds in markets around the world as of 2021 the ifc has issued 10 553 billion worth across 178 bonds in 20 currencies 2in fiscal year 2021 the ifc invested 31 5 billion in long term and short term finance including 10 8 billion mobilized from other investors 3the total amount of fast track financing to support private companies and developing countries impacted by the economic downturn caused by the spread of covid 19 the 14 million results from an 8 million increase announced in march 2020 4example of an ifc investmentthe ifc provided 145 million in financing to help one of the world s largest dairy producers frieslandcampina acquire a controlling stake of 51 of engro foods pakistan s leading dairy processor 5 although pakistan is the fourth largest milk producing country in the world demand has consistently outpaced supply due to poor infrastructure and an outdated supply chain small subsistence farms account for nearly 80 of the industry s output frieslandcampina has promised to share its experience and best practices with the smaller farmers who supply engro foods along with the majority of the dairy processors in pakistan the stated goal is to help these small farmers increase productivity and reduce waste the ifc said it expects that 200 000 farmers and 270 000 distributors will benefit from frieslandcampina s acquisition of engro foods in addition the investment is projected to create 1 000 new jobs in the dairy supply chain 5criticism of the ifcthe ifc has faced criticism as its size and influence around the globe have grown it says one of its primary goals is to reduce poverty through economic development but critics say it has begun to act more like a private investment bank with a focus on corporate profit sometimes with disregard for the environmental and social impacts of its projects 