OPPORTUNITIES AND MISSTEPS: LESSONS FROM THE INTERNATIONAL FINANCE CORPORATION (IFC) INVESTMENT POLICY IN PERU Author: Luis Yañez Quiroz Photo: Percy Ramirez Percy Photo: Opportunities and missteps: Lessons from the international finance corporation (IFC) investment policy in Peru First edition October, 2015 © Oxfam Calle Diego Ferre, 365 Miraflores Lima 18, Peru Telephone: (51-1) 2423659 /(511)2416847 Web: https://peru.oxfam.org/ © CooperAccion Calle Río de Janeiro 373, Jesús María Telephone: (51-1) 444-0316 446-5385 Web: www.cooperaccion.org.pe e-mail:
[email protected] Author: Luis Yañez Quiroz Copyediting: Alberto Ñiquen Layout by: www.gamagrafica.org This document was produced by the Campaigns and Research Department at Oxfam in Peru OPPORTUNITIES AND MISSTEPS: LESSONS FROM THE INTERNATIONAL FINANCE CORPORATION (IFC) INVESTMENT POLICY IN PERU Introduction Created in 1944 during World War II, the World Bank was founded with the stated purpose of helping in the reconstruction and development of Europe. From the start, the bank has focused its attention on fighting poverty around the globe in order to foster economic growth, reduce inequalities, and improve the living conditions for the population.1 This approach was reinforced with the publication of the bank’s new institutional objectives (2013). These objectives can be summarized in two essential points: 1) Ending extreme poverty: Bringing the proportion of the global population living on less than $1.25 (U.S.) per day to under 3% by the year 2030. 2) Promoting shared prosperity: Stimulating income growth for the poorest 40% of the population in each country.2 Currently, the World Bank Group includes 188 member countries that administer its five component organizations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the Multilateral Investment Guarantee Agency (MIGA), the International Centre for Settlement of Investment Disputes (ICSID), and the International Finance Corporation (IFC).