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.