Pádraig Mac Lochlainn (Donegal North East, Sinn Fein)
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Question 134: To ask the Minister for Finance the amount of Ireland's financial contribution to the World Bank's International Financial Corporation; and the basis on which the contribution is based. [33716/11]

Michael Noonan (Limerick City, Fine Gael)
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The International Financial Corporation (IFC), which is part of the World Bank Group, was established in 1956 to encourage the development of the private sector in developing countries. The IFC's objective is to foster sustainable economic development in developing countries by financing private sector investment, mobilising private capital in local and international financial markets and providing advisory and risk mitigation services to business and governments. It is the largest multilateral financial institution investing in private enterprises in emerging markets, with activities in 103 countries. In 2010, IFC commitments amounted to $18 billion which was invested in 526 projects. Ireland joined the IFC in 1958. Commensurate with our shareholding of 0.05%, Ireland's subscription to the IFC's capital is some $1.29 million, all of which is paid-in. As indicated in Statement 1.8(B) of the Finance Accounts 2010, this shareholding was estimated at €965,000 at the exchange rates prevailing at 31 December 2010.

I understand from my colleague, the Tánaiste and Minister for Foreign Affairs and Trade, that Ireland, through Irish Aid, has also periodically contributed to various IFC World Bank Group Trust Funds. In this regard, Ireland is currently providing funding to the Conflict-Affected States in Africa (CASA) Initiative and the Foreign Investment Advisory Service (FIAS) as follows:

- €300,000 was allocated to the CASA Initiative in 2011 for its work in encouraging the development of private enterprise in fragile and post-conflict countries in Sub Saharan Africa through interventions focused on improving the business environment through regulatory reform, rebuilding financial markets and institutions and strengthening the competitiveness of small and medium enterprises.

- €600,000 was allocated to FIAS in 2011. FIAS is a joint facility of the IFC, the Multilateral Investment Guarantee Agency (MIGA), and the World Bank (IBRD) which advises developing countries on how to improve their business environments to increase private sector activity and encourage inward and domestic investment.

Further information and details of Ireland's financial participation and shareholding in the component organisations of the World Bank are contained in the 2010 Annual Report "Ireland's Participation in the International Monetary Fund and the World Bank" which is published by my Department and is available on www.finance.gov.ie.

Extensive information on the IFC is also published by the World Bank on www.ifc.org