The International Financial Corporation.
The International Financial Corporation is the organizer of the IFC internship program. Also known as IFC, it is an international financial organization that offers investment as well as advisory, and asset management services. It offers its services to private sector institutions in less developed countries. It is a member of the World Bank Group and has its headquarters in Washington, United States.
The International Finance Corporation started in 1956, as a private sector subsidiary of the World Bank Group. Its goal remains to advance economic development by investing in profit-oriented and commercial projects. Such projects must have an orientation to be for poverty reduction and promoting development in less developed areas.
What is the IFC about?
The IFC’s goal is to create opportunities for people to escape poverty as well as to achieve better living standards. The group goes about this by mobilizing financial resources for entrepreneurs, promoting accessible markets, as well as supporting businesses to develop. They also create jobs and deliver necessary services to those who are in poverty and as such are vulnerable.
The International Finance Corporation has focused on a set of development goals. These goals are projects that are expected to target the poor and vulnerable. Its goals are to increase sustainable agriculture opportunities, improve healthcare as well as education. They also focus on how to increase access to financing for microfinance business clients, advance infrastructure, help small businesses grow revenues, as well as investing in a healthy climate (climate health).
Management and organizational governance.
The IFC is run and governed by member countries. However, it still has its own executive leadership and staff that run its normal business operations. The IFC’s shareholders are member governments that provide capital and have the right to vote on its matters. It was more financially integrated with the World Bank Group but later grew to be an independent investment organization.
The organization has 184 membership countries in it and has investments worth several hundreds of millions in several organizations. Such organizations include Siemens, Angel Broking, and several others. In 2015, the organization supported Greek banks with 150 million euros by buying shares in four of them: Alpha Bank (60 million), Eurobank (50 million), Piraeus Bank (20 million), and National Bank of Greece (20 million).
The IFC Global Internship Program.
The International Financial Corporation Global Internship Program (GIP) offers motivated individuals an opportunity to intern with them. The internship helps expose these individuals to the dreams and aspirations of IFC as well as the World Bank Group. It as well allows them to be part of the largest private sector development organization in the world.
The GIP receives over 1500 applications from interested candidates each year. Applicants then undergo departmental interviews. Successful candidates are contacted and directly hired by departments interested in them worldwide. This is however based on their business need and the profile of the candidate. The hiring department pays its selected interns.
Hirings and duration.
The IFC hires these interns for a couple of weeks, usually between May and October, to work on in-house projects. The internship may be held in Washington, D.C., or any one of the IFC’s country or regional offices where the student is selected.
The selected interns are offered short-term contracts with IFC. These contracts are mostly temporary. The GIP encourages interns to bring new and innovative ideas while improving their skills in a highly stimulating environment.
The interns also carry out operational assignments which cover various areas of work, such as participation in sector-specific market mapping, investment proposal reviews, financial modeling, and analysis, among several other advisory activities. Other assignments are also available, which could range from activities incorporate and support departments.
Internship programs and how to apply.
IFC offers opportunities for talented and diverse individuals. It gives them an opportunity to contribute and grow their skills as they delve into their career in international development and finance. The IFC expects candidates to have strong financial skills, professional achievement, leadership potential as well as a demonstrated commitment to development. Positions may be based in Washington, DC or several regional offices.
For current students:
Global Internship Program: The IFC’s GIP is available for students who are currently undergoing an MBA or any other graduate program.
For young professionals and recent graduates:
WBG Young Professionals Program (IFC Placement): The IFC also offers programs for current students or recent graduates of MBA or relevant Master’s degree programs.
From time to time the IFC organizes outreach events. These are events where they travel to career fairs, recruitment events, and presentations to multiple countries around the world.
The IFC internship program looks out for students and recent graduates from several diverse fields of knowledge. These students and young graduates are to submit an application by themselves online, so as to be eligible for screening. Below is a list of the areas of study with the highest demand in this program:
- Finance and financial management,
- Public Health and Education,
- Social Sciences,
- Environment sciences,
- Private Sector Development e.t.c.
Interested candidates should endeavor to visit their website at https://www.ifc.org to find out all they need to know about the IFC internship program for 2021.
Other factors which are considered for shortlisting include;
Fluency in English is of high value. However, proficiency in Spanish, French, or other relevant languages would also be an advantage.
Applicants must be at least 18 years old at the time of enrollment.
Applicants must be citizens of a World Bank Group member country.
Other core areas of competence required include;
Diverse nationalities and experiences.
Strong teamwork and interpersonal skills.
Geographical mobility, etc.
The IFC internship program also frowns at some of the following.
Applicants must not be a relative to any staff member at IFC.
Graduate applicants must have completed their program before application. Subsequently, undergraduate applicants must also be readily available, should they be selected. The IFC reserves no seat for any applicant.
So go on today and visit their website at https://www.ifc.org/internship to begin your application for the International Financial Corporation internship program
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