GOVERNMENT: Help for the Backward

The World Bank came forth last week with its long awaited new baby: a world investment agency, christened the International Finance Corp. More flexible than its parent, IFC will seek out privately managed projects in the underdeveloped regions of its 31 member nations, back them with investments up to some $4,000,000. IFC will concentrate on small and medium-sized new industries in preference to utilities, housing, nonprofit social projects, agricultural schemes.

Unlike the World Bank, IFC will not require a guarantee of its capital from the government of the country in which it invests. Rather, it will take a chance that...

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