Where are IFC’s SME clients located? How much has IFC invested in infrastructure projects in Africa? How have IFC’s investments in different sectors changed and grown over time?
For the first time, users will be able to find the answers to these and many more questions about International Finance Corporation’s (IFC) work on the World Bank Group’s Open Finances website. Eight data sets with detailed information on IFC’s financial commitments and projects are now available for the public to slice, visualize and share in the ways that they choose.
Supply Meets Demand
This initiative helps to answer requests from our stakeholders, to share information about IFC’s finances and projects in a detailed and user-friendly way. Information on IFC’s investment and advisory services projects is pulled from IFC’s Disclosure Portal and updated daily, while data on IFC’s financial highlights, investments by industry, region, and product, and cumulative gross commitments is refreshed yearly with the publication of IFC’s Annual Report
IFC has published this information before, but had never previously shared it in a format that’s machine-readable and open for people to explore, rate, and discuss with their social networks. This added dimension of openness contributes to greater public awareness of IFC’s work, and will strengthen IFC’s engagement with its stakeholders. Ultimately, our belief is that an informed public dialogue will improve project design and implementation, and also strengthen development outcomes. The Open Finances initiative won’t achieve this by itself, but it is an important – and powerful - tool that stakeholders can use to understand and interact with IFC’s data in new ways.
Open Finances: from World Bank to World Bank Group
With this development, the WBG Open Finances platform is now publishing information covering the entire World Bank Group. It is branded as a World Bank Group site, marking the outcome of a successful collaboration between IFC and the World Bank on an important initiative to enhance transparency and accountability.