The Institute was founded in 1955 at the Georgetown University Law Center[REF] A sister institute, the Insitut für Ausländisches und Internationales Wirtschaftsrecht,[REF] was founded at the same time at Johannes Goethe University in Frankfurt, Germany; it continues its work today [REF].
Beginning in the early 1970s-under the leadership of a new director, Professor Don Wallace, Jr., of Georgetown[REF] - the ILI expanded its focus to include professional training in the legal, economic, and financial problems of developing countries.