1990s — Rising Global Influence
As the world grew increasingly open to market-based solutions, IFC’s influence grew. We pushed the frontiers of privatization, and developed the most comprehensive framework then in existence to manage projects’ environmental and social risks.
IFC’s first private-sector-led power project: the $41 million gas-fired Navotas plant in the Philippines.
IFC helps Poland design its privatization program and launches the IPO of Swarzedzkie Fabryki Mebli, the first widely distributed retail IPO in post-communist Eastern Europe.
$1 billion capital increase greatly expands IFC’s financing capacity.
IFC coins the term frontier markets.
IFC leads one of Russia’s first privatization programs, auctioning 2,000 businesses in Nizhny Novgorod.
First investment in microfinance: a $3 million stake in the ProFund vehicle launched by four NGOs. By 2016, IFC is the world’s largest investor in microfinance, with a portfolio of more than $2 billion.
In one of its first investments in a state affected by fragility and conflict, IFC helps launch Bosnia’s microfinance pioneer (now ProCredit Bank), less than a year after the signing of the Dayton Accords.
IFC adopts new environmental and social review procedures and safeguard policies.
Responding to the Asian financial crisis, IFC begins a five-year, nearly $1 billion countercyclical investment/advisory package to strengthen clients in Korea.
|1990: Nelson Mandela freed in South Africa
1991: Fall of the Soviet Union
1991: India launches market-based reforms
1993: European Union created
1994: NAFTA takes effect, increasing US-Mexican-Canadian trade
1995: UN World Conference on Women sets global agenda for gender equality
1995: Widespread commercial use of the Internet begins
1997: Asian financial crisis
1998: Russian financial crisis
1998: Google founded
1999: Anti-globalization protests at WTO meeting in Seattle