The Korean Ministry of Strategy and Finance (MOSF) has signed an agreement with the International Finance Corporation (IFC), the private-investment arm of the World Bank Group, to provide USD 1 million to support programs for small and medium-sized enterprises (SMEs) in emerging markets. The funds will be used to support forums for SMEs and to fund grants to encourage new financing models and best practices for SMEs. No timeframe for the disbursal of the funds has been provided.
Korea became a donor to IFC in 2010. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects [1].
By Brendan Millan, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.
About The Korean Ministry of Strategy and Finance (MOSF): Formed in 2008, MOSF oversees the financial policies of the South Korean government. Its responsibilities include: distribution of resources, tax policy, foreign currency transactions, international cooperation and monitoring of public institutions.
By Brendan Millan, Research Associate
Sources and Resources:
[1] International Finance Corporation (IFC): “Korean Government Contributes $1 Million to Support IFC-led SME Finance Agenda” by Sona Panajyan. http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/97F6AB180E224710422579F200507A43
MicroCapital.org story, April 9, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Lends $75m to Yes Bank of India to Increase Funding for Small Businesses, Farms in India”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-lends-75m-to-yes-bank-of-india-to-increase-funding-for-small-businesses-farms-in-india/
MicroCapital.org story, March 1, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $32m to Garanti Bank Romaniafor Small and Medium-Sized Enterprises”, https://www.microcapital.org/microcapital-brief-international-finance-cor…
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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