Washington, D.C., July 10, 2006
–The International Finance Corporation, the private sector arm of the World Bank Group, today unveiled an art collection of illuminated globes that illustrate social and economic development challenges in nations and regions around the world. The 15 globes will be on display at IFC headquarters in Washington and later in offices around the world on occasion of the organization’s 50th anniversary this year. IFC was founded on July 24, 1956.
Commissioned by IFC, the globes are designed and produced by Ingo Günther, an internationally recognized artist known for his innovative use of art to build awareness about global social concerns.
The exhibition is part of an effort to educate the public about pressing issues facing developing nations and IFC’s work in addressing those.
“The globes are a vivid and graphic representation of the work all of us in the international community have to do to address poor economic, environmental and social conditions in emerging markets around the world,” said Michael Klein, vice president of private sector development at IFC and the World Bank. “It also is a reminder of the significant advances that have occurred in many developing nations, in part because of IFC’s 50 years of private-sector investment.”
For the last half century, the IFC has provided capital to companies entering less developed and transitioning countries. Through private sector investment, the IFC brings capital and jobs to developing countries, helping to reduce poverty, improve lives, and better care for the environment.
At the unveiling, Günther described the globes’ interactive capacity to spark debate about development challenges ahead. Günther is known for his socially conscience art including video installations and globes depicting themes such access to drinking water, investment flows among developing countries, and bureaucratic red tape that hinders the private sector’s ability to contribute to poverty reduction. He has also worked to expand free media. In 1989, shortly before German unification, Günther started the East German television station Channel X in order to promote free press.
The Günther’s globes depict social and economic factors such as:
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Nations below the poverty line;
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Foreign direct investment flows among developing countries;
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Maturity of capital markets;
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Access to drinking water;
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Relative distribution of IFC’s investments in developing countries;
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Countries’ rankings on IFC’s
Doing Business
index, which measures regulatory and structural impediments to private-sector development.
The globes will be on display at IFC headquarters in Washington from Monday, July 10 to Sunday, July 16 before they travel to IFC offices around the world.
For more information and to view images of the globes, please visit
www.ifc.org
.
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org
.
