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China: Woman in front of financial data screen
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Madagasgar: Women and infants, at a daycare center set up for employees and their families by the Antsirabe Company.
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Men and women working at the Sekem clothing production line in EgyptEgypt: Men and women working at Sekem clothing production line
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Young woman operating cell phone in BangladeshBangladesh: Young woman operating cell phone.
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Stakeholder workshop at Sadiola Gold Mine in MaliMali: Stakeholder workshop at Sadiola Gold Mine.
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Lars Thunell, IFC's new Executive Vice President
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IFC soon came to be known for its close attention to detail and for bringing technical expertise to its projects. By the 1960s, the Corporation's project reviews were likened to Swiss watchmaking.
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Many of IFC 's projects in its first decade supported foreign direct investments that helped create manufacturing jobs in countries including Brazil, Colombia, Ethiopia, India, Mexico, and Nigeria.
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IFC Chief Executive Robert Garner (second from right) and investment staff in Latin America in 1957. IFC's third investment was a quasi-equity investment of $520,000 in Bristol de Mexico, which overhauled DC-3, DC-4, and DC-6 aircraft engines.
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Infrastructure projects were rare in IFC's early days. In the two decades from 1967 to 1987, IFC booked only seven deals totaling $78 million. By contrast, IFC invested $883 million in such projects during the 2005 fiscal year alone.
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IFC initial projects were slow in coming and cause for celebration. The IFC investment portfolio in 1957, after the first year of operations, consisted of four projects, representing $5.3 million.
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In the early years transportation infrastructure projects proved a challenge. From 1966 to 1996, IFC completed only three railway projects. IFC now has a far-reaching role in advising governments on how to engage private enterprise in infrastructure investments.
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Robert L. Garner, advocate for IFC's creation and the Corporation's first chief executive, was once called "the toughest man in the international financial field."
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