On Wednesday, January 31, 2018 a small group of Bretton Woods Committee members participated in a private roundtable discussion with senior officials from the International Finance Corporation (IFC), the private sector lending arm of the World Bank Group (WBG). The dialogue afforded IFC an opportunity to gather timely input from a cross-section of the Committee’s public, private, and multilateral leaders on the IFC’s new strategic framework or “IFC 3.0.,” which is aimed to complement President Jim Yong Kim’s vision for the World Bank Group as a catalyst for market-based solutions to meet global development challenges.
The closed-door dialogue focused specifically on new analytic and financial tools and approaches laid out in the 2017 IFC Annual Report to drive greater mobilization of private capital for development, put development impact at the heart of IFC’s work, and direct investment toward creating markets in fragile states. The participants discussed IFC’s new “cascade” approach, which prioritizes private sector financing over public and works to address upstream market failures to create more business-friendly environments to bring in private capital. This was the first of what will likely be a series of consultative discussions between the Bretton Woods Committee and IFC as the new 3.0 strategic framework is implemented more broadly.