Several. IFC’s first Statement of Operating Principles, published in 1956, specified that the Corporation would not make investments in housing projects, hospitals, and educational institutions. In addition, IFC would not “normally” make investments in basic public utilities, such as water and power. Today, infrastructure, the financial sector (including housing finance), health, and education are formally designated as strategic priorities for IFC, and together they represent a large proportion of the Corporation’s annual commitments. While IFC has been making infrastructure investments for decades, health and education were not seriously considered until the late 1990s. In 2001, IFC created a global Health and Education Department and was finally able to have the sectors identified in our strategy as a priority. Today, IFC’s health and education portfolio is more than $300 million and on the rise.
If you have an idea for a “postcard from the past,” please email Celeste Diaz Ferraro at cdiazferraro@ifc.org.
