2000s — Setting a Demonstration Effect
We moved away from our previous Washington-based business model, establishing ourselves in emerging markets to serve the needs of local businesses.
IFC makes environmental and social sustainability an important priority in all its investment operations. Watch video
Amid worsening economic conditions in Argentina, IFC starts a series of countercyclical investments, beginning with $60 million for agribusiness client AGD.
Leading commercial banks launch the Equator Principles, modeled on IFC’s own standards. They set new environmental and social development terms for commercial project finance lending.
IFC launches its first large-scale gender initiative, encouraging future projects such as 2006’s $15 million loan to help Nigeria’s Access Bank finance local women-owned businesses.
IFC oversees creation of EMPEA (the Emerging Market Private Equity Association). The IFC/EMPEA annual private equity conference soon becomes the industry’s focal point.
New Performance Standards adopted.
Having decentralized to be closer to its clients, IFC has more than 50 percent of its staff in the field for the first time.
IFC invests $5 million in FINO, a year-old Indian IT firm that helps banks reach underserved rural banking markets. By 2016, 26 million users gain increased access to finance from FINO products.
The G-20 launches its Financial Inclusion initiative, naming IFC its SME finance adviser.
Responding to the global financial crisis, IFC provides €2 billion to an international effort to maintain commercial bank lending in Central and Eastern Europe.
IFC Asset Management Company is founded; by 2016 it will have raised more than $9 billion of institutional investors, tapping a vast new source of financing for development.
|2000: Millennium Development Goals launched at a United Nations summit
2001: September 11 attacks
2001: Goldman Sachs economist Jim O’Neill coins the acronym ‘BRICs’ to refer to Brazil, Russia, India, and China
2002: Euro notes and coins go into effect
2004: Argentina’s sovereign debt default
2004: Facebook founded
2006: Twitter founded
2006: Microfinance leader Muhammad Yunus wins Nobel Peace Prize
2007: iPhone introduced
2007: Al Gore documentary ‘An Inconvenient Truth’ wins an Academy Award, focusing world attention on climate change
2008: Global financial crisis begins