The IFC is a member of the World Bank Group, established in 1956 to promote the growth of productive private enterprises in the developing member countries. All member countries of World Bank are qualified to the membership of the IFC.
The objectives of the IFC are:
- To provide loans and equity capital for private enterprises thereby complementing the resources of private investors.
- To bring together investment opportunities, by encouraging local and foreign private investors to cooperate in joint ventures.
- To provide technical assistance for member countries on private investment projects so that their enterprises can be productive and financially sound.
- To stimulate and help create conditions conducive to the flow of private domestic and foreign capital into productive investments in member countries.
Although the IFC has been promoting productive private investments in developing member countries in line with the objectives of its establishment, the foreign capital flow into these countries have not been sufficient to make for impressive private sector performance.