World Bank Group Timeline
International Finance Corporation (IFC) founded
The International Finance Corporation (IFC) is created as an affiliate of the World Bank and is designed to further economic development by encouraging the growth of private enterprise. IFC is initially authorized to have a total capital of $100 million but is restricted from involvement in equity financing.
Resource Gallery
Interview with Richard H. Demuth
Interview date: Aug. 10, 1961
Discussions on pages 36-37 and 42-48 explain the preliminary work of creating the IFC.
Robert L. Garner (1894-1975)
c. 1956
Robert L. Garner will serve as IFC President from 1956 to 1961 (1315636; Credit: The World Bank).
Press release -- Announcement of the creation of IFC
July 20, 1956
The creation of the International Finance Corporation is announced as is the first meeting of its Board of Directors, which will hold its inaugural meeting "within the next few days" (1870203).
Statement by Russell H. Dorr on the International Finance Corporation
May 18, 1955
Dorr's statement to the Tokyo Congress of the International Chamber of Commerce describes efforts taken toward the creation of the new World Bank affiliate (1070855).
Proposal for an International Development Corporation
Dec. 29, 1949
The proposal outlines the creation of a new institution to promote private foreign investment through equity investment in and non-guaranteed loans to private enterprises (1070847).
Celebrating the International Finance Corporation's 60th Anniversary
Originally published: July 2016
This year marks the 60th anniversary of the International Finance Corporation (IFC), the World Bank’s private sector arm.
Statement by President Black at IFC Articles of Agreement signing
May 25, 1955
The statement by President Black is made on the occasion of the signing of IFC's Articles of Agreement by representatives of the first 14 governments (1870203).
International Finance Corporation Inaugural Report
Document date: Sept. 15, 1956
The inaugural report chronicles the formation of the two-month-old IFC, including the adoption of operating policies, the development of working procedures, and the recruitment of staff.
Robert Garner speech
Dec. 16, 1953
World Bank Vice President Robert Garner speaking at the Commonwealth Club of California.
