International Bank for Reconstruction and Development: International Finance Corporation

Extract

Inaugural meeting: The inaugural meeting of the Board of Governors of the International Finance Corporation (IFC) was held in Washington, D.C., on September 24, 1956. Before the Governors was the inaugural report on the Corporation, submitted to it by R. L. Garner, IFC President. During the two months of actual operations covered by the report, considerable progress had been made in establishing a working organization, adopting operating policies for the initial stage of IFC activities, developing working procedures and recruiting staff. As of September 15, the Corporation had 32 members, whose subscriptions totaled $78,382,000. An encouraging degree of interest in IFC's activities had been shown by private industrial enterprises and private investors all over the world, the report continued, and inquiries received had included a number of proposals which had appeared to be of a kind appropriate for IFC investment.