IFC Is NOT IFC

The International Finance Corporation, the private-sector lending arm of the World Bank Group, today issued a statement disavowing any association with a financial entity operating under a similar name.

08/21/2002
Press Release No. 02/0107
Joe O'Keefe Phone:(202) 458-4032
Fax:(202) 974-4384
E-mail:jokeefe@ifc.org

Ludi Joseph Phone: (202) 473-7700
Fax: (202) 974-4384
E-Mail: ljoseph@ifc.org

WASHINGTON 20 AUG -- The International Finance Corporation, the private-sector lending arm of the World Bank Group, today issued a statement disavowing any association with a financial entity operating under a similar name.

In recent weeks, an entity billing itself as the "International Finance Consortium" has been mentioned in press reports from Ghana and the Indian state of Punjab. In both instances, financial packages of roughly $1 billion were reportedly discussed with government officials.

"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," said Joe O'Keefe, manager of corporate relations at the International Finance Corporation.

"This other organization, according to press accounts, is endeavoring to provide finance for developmental projects and is claiming to have the support of the World Bank Group," said O'Keefe. "We believe this is already leading to confusion and could jeopardize the good relations we have with our clients and member nations," he said. "So we are publicly calling on the individual or individuals associated with this entity to stop this use immediately, and we are requesting that they provide us with information about their operations and any representations they may have made."

The International Finance Corporation is the world's leading multilateral source of loan and equity financing for private sector projects in developing countries. Since its founding in 1956, IFC has committed more than $34 billion of its own funds and arranged for more than $21 billion in syndicated lending for more than 2,800 companies in 140 nations.