Developing nations have powerful backer.

Sustainability has become a watchword.

By Sarah Murray, Financial Times

As the International Finance Corp. celebrates its 50th anniversary, the institution is undergoing the most dramatic period of growth since its inception in 1956 as the private sector arm of the World Bank.

The IFC promotes investment in developing countries. After increasing its business by 50% over the last year, the institution argues more strongly than ever that it is investment, not aid, that drives change in the developing world.

"While there is still a critical role for aid in today's economy, there is no longer any disputing the private sector's role as the main engine of growth," said Lars Thunell, head of the IFC. "It is no longer a question of whether market forces are central to development and poverty reduction, but one of how best to take advantage of them for the widest possible benefit."

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Posted by rjorr at November 27, 2006 3:34 PM