International Finance Corporation Articles Of Agreement

1. The Minister may enter into, on behalf of Australia, one or more agreements with the International Finance Corporation, the terms of the agreement as conditions under which the Government of Uganda is allowed to become a member of the company. The World Bank and the International Monetary Fund were conceived in 1944 by delegates from the Bretton Woods Conference. The World Bank, then composed only of the International Bank for Reconstruction and Development, began its work in 1946. Robert L. Garner joined the World Bank in 1947 as a leader and expressed his view that private companies could play an important role in international development. In 1950, Garner and his colleagues proposed the creation of a new institution to make private investments in the less developed countries served by the World Bank. The U.S. government has encouraged the idea of an international company working with the World Bank to invest in private companies without accepting government guarantees, without managing these companies and without cooperating with third-party investors. In the 1955 description of the IFC, World Bank President Eugene R. Black stated that IFC would only invest in private companies instead of lending to governments and would not manage the projects in which it invests. [10] In 2011, IFC announced financing commitments (loans, equity, guarantees and client risk management) for $12.18 billion, slightly less than its $12.66 billion in 2010.

Core mobilization, which includes participation and parallel lending, structured financing, asset management funds and other initiatives, increased from $5.38 billion in 2010 to $6.47 billion in 2011. The ifC`s total investment program was $18.66 billion in fiscal 2011. The advisory portfolio included 642 projects valued at $820 million in 2011, up from 736 in 2010 with $859 million. IFC held $24.5 billion in cash in 2011, up from $21 billion in 2010. [33] The IFC statutes contain almost identical provisions. [27] A literal interpretation leads to the conclusion that the World Bank and IFC do not seek immunity in the national courts of the United States where their headquarters are located, unless a person sues the World Bank on behalf of the United States or one (or more) of its Member States.