Word: ifc
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...World Bank came forth last week with its long awaited new baby: a world investment agency, christened the International Finance Corp. More flexible than its parent, IFC will seek out privately managed projects in the underdeveloped regions of its 31 member nations, back them with investments up to some $4,000,000. IFC will concentrate on small and medium-sized new industries in preference to utilities, housing, nonprofit social projects, agricultural schemes...
Unlike the World Bank, IFC will not require a guarantee of its capital from the government of the country in which it invests. Rather, it will take a chance that its investments will prove so successful that it can sell them at a profit to private investors...
...lieutenants, Mississippi-born Robert L. (for Livingston) Garner, 61, who still talks in a deep Southern drawl, despite his 37 years as a Northern banker-businessman (vice president of Manhattan's Guaranty Trust Co., General Foods Corp. and, since 1947, the World Bank). Garner's IFC starts with a fund of $78.4 million, hopes to prove that private enterprise in underdeveloped countries pays off, attract other investors who might normally be wary of investing in backward lands...
...Black proposed that an International Finance Corp. be chartered with $100 million in capital, membership of the 56 nations "that belong to the World Bank. Principal customers will be businessmen in underdeveloped countries who need capital but object to the meddling that comes with government-guaranteed World Bank loans. IFC will open its doors as soon as 30 nations have paid in $75 million, probably next year...
...Next week, in his Foreign Economic Policy Message, the President will ask Congress to establish the International Finance Corp. (TIME, Nov. 22) promised by Secretary of the Treasury George Humphrey at November's economic conference in Rio. Proposed as a $100 million supplement to the World Bank, IFC would lend to private enterprisers rather than governments. The President will also ask Congress to lighten taxation on U.S. firms doing business in Latin America, thus encouraging more investment there. ¶ Later in January, in a major speech on TV, Milton Eisenhower will make an "encouraging appraisal" of the effects...