General News of Fri, 23 Aug 20020

IFC Is NOT IFC

...WB arm disavows link with Punjabi firm
New Delhi -- World Bank's private lending arm International Finance Corporation (IFC) today disavowed any association with an entity named "International Finance Consortium", which has claimed to be a part of the multilateral agency and discussed financial packages worth one billion dollar with government officials in India and Ghana.

"We have no relationship -- financial, legal, programmatic or otherwise -- with this group. In fact, we are quite concerned about possible confusion and have already tried to contact them to request that they immediately cease using such a similar name," IFC manager (corporate relations) Joe O'Keefe said in a statement.

He said the other organisation is endeavouring to provide finance for developmental projects and is claiming to have the support of the World Bank group.

"We believe this is already leading to confusion and could jeopardise the good relations we have with our clients and member nations," he said asking the other entity to stop the act.

IFC is world's leading multilateral agency providing debt and equity financing to private companies in the developing nations.

The World Bank arm has invested 34 billion dollars so far in the private sector and arranged more than 21 billion dollar debt for over 2,800 companies in 140 nations.

IFC credentials suspect, says Kanwaljit

Former Punjab Finance Minister and SAD General Secretary Kanwaljit Singh said here today that the International Financial Consortium (IFC), which had offered Punjab Government $ 1 billion in soft loans and grants for rural development during Capt Amarinder Singh’s US tour early this month, did not exist on the Centre’s list of international funding bodies.

Talking to newspersons here, he said the IFC appeared to be a bogus body, questioning its bona fides since the IMF and the World Bank had denied any link with the consortium.

He said during the Badal government, several international bodies had approached the government for the approval of loans.

However, when their antecedents and background were checked they turned out to be bogus and “we did not do any dealing with them.”

The ABC of IFC

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Source: PTI

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