INTERNATIONAL FINANCE CORPORATION

(IFC) United Nations specialized agency affiliated with but legally separate from the International Bank for Reconstruction and Development (World Bank). It was founded to stimulate the economic development of its members by providing capital for private enterprises when sufficient private capital is not available. The corporation officially came into existence on July 24, 1956, and its aid has been aimed at less developed areas. Executive directors of the World Bank also serve as directors of the IFC. Headquarters are in Washington, D.C. In financing only predominantly private enterprises, it makes loans without government guarantee of repayment. Unlike most other organizations of its kind, the IFC cannot stipulate where the proceeds of its loans will be spent. The IFC seeks to diversify its investments; commitments have been made in the fields of tourism development, animal feeds, iron and steel, fertilizers, and textiles.