(October 8, 2009) – The International Finance Corporation (IFC) has plans to team with some of the world’s largest investors to steer capital toward Latin America and Africa.
On the heels of news that it would try—in conjunction with private equity firms—to purchase toxic assets held by banks in emerging markets, the IFC has stated that it plans to work with sovereign wealth funds (SWFs) and pension funds to create an investment fund focused on the two continents.
According to CEO Lars Thunell, who spoke of the plan from the International Monetary Fund conference in Istanbul, the fund would aim to raise upward of $1 billion from such funds. The fund, according to reports, is part of a larger effort to move state-backed and pension funds into the world’s emerging and frontier markets.
The IFC is a member of the World Bank group with a mandate to promote private-sector investments in developing countries.
To contact the <em>aiCIO</em> editor of this story: Kristopher McDaniel at <a href='mailto:kmcdaniel@assetinternational.com'>kmcdaniel@assetinternational.com</a>