U.S. government agency established (1932) to provide loans to railroads, banks, and businesses. The RFC was an attempt by Pres. Herbert Hoover to counter the early effects of the Great Depression by rescuing institutions from default. It was widely used by Pres. Franklin Roosevelt in the New Deal and to finance defense plants in World War II. After the war, the RFC's powers and functions were gradually transferred to other agencies
A corporation owned by the World Bank that produces a number of well-known stock indexes for emerging markets Its major role is to provide financing for projects in less developed countries
Part of World Bank Group and established in 1956 IFC lends directly to the private sector, providing long-term loans, equity investments and guarantees