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Understanding the World Bank Group: What is the IFC?

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Understanding the World Bank Group: What is the IFC?

July 1, 2021

Estimated reading time: 5 minutes

what is ifc world bank

The World Bank Group (WBG) is the world’s largest multilateral development agency. While the World Bank is technically an agency of the UN system, it is truly independent and has different sources of funding. But how much do you know about the WBG?

In this article, we will show what is the IFC and what is its role in the WBG – crucial information if you ever want to start a career at such an impactful IGO!

In pursuit of its mission, the OpenIGO network has prepared a comprehensive eBook and support and guidance services with the aim of highly increasing your chances of success in this competitive process.

Our comprehensive eBook will introduce you to the complex world of the World Bank Group and its approach towards international development, as well as will teach you how to prepare each of the documents required in detail, and will also get you ready for the interview and assessment center. This eBook was written and revised by a team of professors, human resources specialists, and former young professionals with a great deal of diligence.

In addition, we have developed support and guidance services. These services include revising your WBG YPP application documents (essay, curriculum vitae, and thesis/dissertation short summaries) and a mock interview as per the World Bank YPP model.

Having a mock interview with a professional who has extensive experience and knowledge of the World Bank YPP interview model will help you be better prepared for this phase, greatly increasing your chances of being selected for the desired vacancy.

WOULD YOU LIKE TO KNOW MORE ABOUT OUR World Bank YPP PRODUCTS & SERVICES?

WBG YPP – Products and Services

 

Want to discover how to write the perfect essay for the WBG YPP? Then check out our article on the topic!

 

International Finance Corporation (IFC)

The International Finance Corporation (IFC) is the biggest global development institution that focuses mainly on the private sector.

The IFC helps developing countries in the path to sustainable growth by financing investment, mobilizing capital in international financial markets, as well as providing advisory services to companies and governments.

Headquartered in Washington, D.C. (USA), the institution was established in 1956 and is a member of the World Bank Group.

The main objective of the IFC is to provide support for sustainable private sector development and growth in developing countries.

IFC’s place in the WBG

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in developing countries.

The Bank Group has set two goals for the world to achieve by 2030: end extreme poverty and promote shared prosperity in every country. IFC leverages their products and services—as well as products and services of other institutions across the World Bank Group—to create markets that address the biggest development challenges of our time.

IFC applies its financial resources, technical expertise, global experience, and innovative thinking to help clients and partners to overcome financial, operational, and other challenges.

The agency is also a leading mobilizer of third-party resources for projects engaged in difficult environments with leadership in crowding-in private finance that enables the development promotion beyond its direct resources.

IFC have more than 60 years of experience in unlocking private investment, creating markets and opportunities around the world.

Since 1956, IFC has leveraged $2.6 billion in capital to deliver more than $285 billion in financing for businesses in developing countries.

what is ifc world bank

WBG’s composition

The WGB is comprised of five institutions. They are:

  • The International Bank for Reconstruction and Development (IBRD): The IBRD offers loans to governments of middle-income and creditworthy developing countries.
  • The International Development Association (IDA): The IDA provides concessional loans and grants to governments of the poorest developing countries. It should be noted IBRD and IDA together are referred at the World Bank.
  • The International Finance Corporation (IFC): The IFC is the world’s largest development institution focused entirely on the private sector.
  • The Multilateral Investment Guarantee Agency (MIGA): MIGA’s aim is to promote foreign direct investment into developing countries in order to foster economic growth and improve the quality of life.
  • The International Centre for Settlement of Investment Disputes (ICSID): The ICSID supplies international facilities for conciliation and arbitration of disputes between international investors and States.

Would like to know more about World Bank internship opportunities? Then check our WB Internships overview:

World Bank Internships Overview

In pursuit of its mission, the OpenIGO network has prepared a comprehensive eBook and support and guidance services with the aim of highly increasing your chances of success in this competitive process.

Our comprehensive eBook will introduce you to the complex world of the World Bank Group and its approach towards international development, as well as will teach you how to prepare each of the documents required in detail, and will also get you ready for the interview and assessment center. This eBook was written and revised by a team of professors, human resources specialists, and former young professionals with a great deal of diligence.

In addition, we have developed support and guidance services. These services include revising your WBG YPP application documents (essay, curriculum vitae, and thesis/dissertation short summaries) and a mock interview as per the World Bank YPP model.

Having a mock interview with a professional who has extensive experience and knowledge of the World Bank YPP interview model will help you be better prepared for this phase, greatly increasing your chances of being selected for the desired vacancy.

WOULD YOU LIKE TO KNOW MORE ABOUT OUR World Bank YPP PRODUCTS & SERVICES?

WBG YPP – Products and Services


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