IFC (International Finance Corporation), also known as the International Finance Corporation, was established in 1956 as the private sector arm of the World Bank Group. The purpose of the institution is to provide investment, advisory and asset management services to promote the development of the private sector in developing countries; It is to produce projects that increase the employment level and living standards by enabling the private sector to create new jobs in order to reduce poverty. IFC is headed by Jin-Yong Cai, who took office in 2012.