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The International Finance Corporation (IFC) came into existence in 1956. At that time, the World Bank Group operated IFC as a private. The mandate of the Corporation was to promote economic development with an aim of taming poverty levels through investments and enhance the economy of the world (International Finance Corporation annual report 2013, 3).
Today, IFC remains under the World Bank, and its head office is in Washington, United States. Even though world economies have undergone massive transformations, ICF still has a vital role to play in third world countries. To on, its agenda is augmenting sustainable economic growth across the globe. Importantly, the corporation offers financial support to private sector investments, together with government projects that allow the participation of the private sector. In some cases, IFC demands that the projects it funds are commercial entities. More than 184 countries across the world own the corporation.
Essay Sample on Academic Journal
This presentation has four major parts. In the first section, the presentation captures the existing relationship between IFC and World Bank Group. In this section, the presentation introduces the “Twin Goals of the World Bank Group.” The main purpose of these goals was to end abject poverty in the world and promote shared prosperity. The presentation further shows how the corporation achieves its twin goals by majoring in the private sector in conjunction with other World Bank Groups. While this is the case, other groups venture into offering a range of services such as loans, grants different forms of support to economic sectors.
In the second part, the presentation focused on the International Finance Corporation. During the introduction stage of this section, the presenter elucidated the vision of IFC. The corporation aimed empowering people to avoid poverty and improve their living standards. In addition, the presenter explained the objectives of the corporation. Among these objectives were promoting competition and establishing markets in developing countries and filling gaps that may arise among private partners and companies. Moreover, the goal of IFC is to mobilize finances from various sources, which are necessary in developing the private sector. Besides these objectives, it aims are creating productive job opportunities and delivering quality services people who are underserved.
After the objectives, the presenter turned to area, which the corporation has prioritized. Among these areas are environmental and social responsibility, finance markets, climate change, and long-term link with clients in emerging markets. The Corporation’s core values are diversity, excellence, teamwork, commitment and integrity. This section also explicated how IFC establishes networks, detailing how the corporation was a priceless partner.
In the third section, the presentation turned to discussing the opportunities, which IFC creates. Importantly, the corporation collaborates with other partners in order to achieve its innovation goal. To realize this, it links the private sector, governments and civil societies to alleviate the conditions of the poor in the world. ICF also explores partnering in order to have the power to influence. For instance, it determines development activities of the private sector. Another reason why the corporation partners with other players is to demonstrate what to do. It thus acts as a role model by challenging the markets. It also creates jobs, establishes business cases and rewards those that excel. Furthermore, IFC establishes partnerships to influence the market. Among other things, it controls the role of the private sector in promoting development agenda. Lastly, ICF partners solely because of the poor people. It puts emphasis on the poor not considering their location.
In the last section, the presenter detailed the activities of the Corporation, achievements and its scope of operations. In essence, IFC has three businesses. For example, it gives investment services like loans, equity and risk management. Secondly, it delivers advisory services e.g. access to finance and an environment that allows investments. Finally, the corporation acts as an asset management company.
Essay Sample on Academic Journal
It is worth noting that ICF is affiliated to the World Bank Group and gives up to $52.6 Billion, which allows it to achieve its objective since it has a global operational network. It works with about 109 nations, with offices worldwide. ICF has 4,015 employees with 57% working from outside Washington DC. It has a range of achievements. For instance, the corporation has created 2.7 million employment opportunities, connected electricity to 52.2 million people and supported approximately 3.1 farmers to mention just but a few investment services. Through its advisory services, the corporation has played a key role in implementing 76 investment reforms, across 43 governments (International Finance Corporation annual report 2013, 6). Additionally, the Corporation has helped in environmental conservation among other milestones.
Africa is among world continents which invaluable resources even though it is the poorest in the world. According to the latest findings by the World Food Program, WFP, 33% of Africa’s population does not have sufficient food because of poverty.
Essay Sample on Academic Journal
However, several African governments have stepped up the war against food shortage and poverty. This explains how Africa has failed to use its resourceful potential to provide homemade solutions to its perennial problems. Nevertheless, the private sector is doing an excellent job in waging war against poverty in Africa. Research indicates that that the sector has created jobs, accounting for almost 90% of all the employment opportunities in third world countries. Over the years, it has been on the forefront in providing investments, creating jobs and generating tax revenues. Thus, by collaborating with the private sector, ICF has realized significant success in helping the poor around the world. Through such initiatives, it has improved the living standards of the poor especially in Africa. It has established numerous development projects in the private sector across Africa for economic empowerment (Evaluation of the International Finance Corporation’s global trade finance program, 32).
Growthpoint Properties Ltd is a real estate company that operates around the world. The company commands the largest market share in the industry among listed companies in South Africa. With its level of diversity, Growthpoint Properties Ltd has over 480 properties in South Africa and Australia (Shahar, 74). The company majors in four areas, including entrepreneurial development, , bricks and mortar projects, education and skills development, and staff involvement project.
The presenter introduced the session with general information about the company, even though the presentation had two key objectives. To start with, the presenter talked about the asset value of the organization, revealing that it is worth more than R59, 8 billion. The presenter also highlighted the company’s market capitalization, listing of the firm on SA’s real estate chart, annual distribution growth and achievements. The presenter also explained the Broad Based Black Economic Empowerment (BBBEE) Act 53 of 2003, for better understanding of the company’s foundation and operations. Several issues emerged including the seven pillars of that Act, gaps and target of the Act. Some of the Act’s drawbacks are inability to deliver a measurable social impact, failure to spur innovation in the country’s economy and focusing on individual development instead of fronting an approach that targets a broad scope.
The presenter captured the objectives of the presentation in the following segment. Firstly, the presentation sought to establish a direct connection between procurement and enterprise development. From the presentation, it was possible to visualize how to fill operational loopholes in Small and Medium Enterprise Business. Closure of these gaps is important to access market opportunities with a lot of ease. First, the presenter clearly painted the problem, which enterprise development programs encounter. This was demonstrated using real examples in South Africa. The presenter further discussed corporate bottlenecks that hinder the entry of SMEs and factors, which undermine supplier development.
The second objective of the presentation emerged towards the end of this presentation. At this point, the presenter double emphasized the need to integrate procurement and supplier diversity in all development initiatives of all enterprises. To achieve this, the presenter highlighted the establishment of an integrated support system that supports sustainability, allows SMEs to access upcoming economic factors and enhances the competitive ability of the SME. The presenter used Property Point model as a case study to drive the point home.
During the introduction of the case study, the presenter gave summary of the model’s background. The aim of the model was to avail direct procurement in Growthpoint and in the whole industry. After this, the presenter explained the application of the model. At the initial stage, one has to design and execute a customized business development roadmap. The presentation also covered the role of the procurement department in the program and its advantages.
SMEs play a significant role in South Africa’s economic development (Tan, 107). While this is the case, the sector faces a range of challenges, which continue to undermine its advancement. The main challenge is SMEs inability to access the market because of procurement drawbacks. In most cases, SMEs find it hard to access opportunities since they apply incorrect procurement models. There is a huge disconnect between SMEs and the people charged with procuring services. This is a major concern since most companies are unwilling to take the risks that surround integration of new players in the supply chains. Besides this, they shun away diversification of supply chains (Tan, 88). As a result, SMEs adopt procurement models, which offer theories and not market access opportunities.
Nonetheless, the above challenges do not threaten Growthpoint Property Ltd because it applies the Property Point Program, which is vital in allowing direct procurement opportunities within the market. It facilitates SME development through practical training, experimental learning and supplier relationships. Here, Growthpoint has an important function in the entire program. Of great significance is the fact that the program fixes the needs of SMEs together with the procurement division.
It is evident that this method offers solutions in closing the gap between SME suppliers and the procurement section. With this development, SMEs stand a better chance to compete for contracts in the market. They now have better approaches of value addition, just to mention but a few achievements. In general, this has enhanced the expansion of SMEs across South Africa.
Essay Sample on Academic Journal
The South African Reserve Bank (SARB) is South Africa’s Central Bank. Among other core functions, SARB sets and maintains prices in South Africa to realize a balanced and sustainable economic growth (Smit, 306). To achieve its objectives, the bank works closely with other banks and financial institutions in SA, thus promoting financial stability.
At the start of this presentation, the presenter highlighted some of the key challenges undermining the economy of South Africa. The leading problem is unemployment. According to research, South Africa has 4.6 million unemployed people against 18.6 million people who actively contribute to the economy through employment. This means about 25% of South Africans who are economically active do not have jobs.
Besides these initiatives, the presenter also focused on the National Development Plan (NDP) of 2011, which is widely known as the Vision 2030. Vision 2030 targets to create jobs to curb unemployment, enhance peaceful coexistence among the people of South Africa, and transform rural and urban areas in the country. Furthermore, it seeks to expand South Africa’s infrastructure, tame massive corruption and promote accountability among all the citizens. With this model, all the citizens of SA will have access to quality healthcare services, and improved education and training countrywide.
In the next section of the presentation, the presenter elucidated South Africa’s economic developments in recent years. In particular, the presentation captured the country’s Gross Domestic Product, showing how the world’s GDP has been on the increase. Despite this global trend, the presenter noted that South Africa’s GDP dropped in 2013. The presentation made use of charts to capture the performance of different sectors of the economy. With the aid of graphs, the presenter clearly illustrated the contribution of real house consumption and capital formation towards economic development. The graphs depicted the country’s economic performance since 1990. Besides this, the presenter also used graphs to explain fixed investment and domestic expenditure in relation to imports and exports and SA’s performance in international trade.
In the last part of the presentation, the presenter elucidated South Africa’s monetary and fiscal policy. Notably, he detailed the overall framework of the monetary policy, adding that SA’s monetary policy was easy. He was able to articulate this by use of graphs. He also captured the inflation framework, which South Africa adopted in the year 2000. He noted the flexible application of inflation targets in the country even though the targets ranged between 3 and 6 per cent. Regarding the fiscal policy, the presenter captured SA’s stability in its budget, noting that it was because of three-year rolling budget system that is currently in use countrywide.
South Africa’s economy is the largest in the whole of Africa. According to the World Bank, it contributes 24% of the country’s economy based on people’s purchasing power (Smit, 238). Because of this performance, World Bank classifies South Africa’s economy into the upper-middle. However, with the sterling performance, unemployment remains a major problem facing South Africa’s economy. In fact, it tops unemployment rates in the world at 25%, making it hard to experience its full potential, as a sizeable population does not actively contribute to economic development.
South Africa’s GDP has tripled since 1994 because of massive economic development initiatives that the country has executed. Even though South Africa has continued to witness an increase in its GDP since 1994, the country recorded a sluggish GDP in 2013. Additionally, South Africa’s gross domestic expenditure and imports have tremendously increased since 2009. In comparison, South Africa has more imports than exports, leading to a deficit in the balance of payment account. To curb this deficit from abroad, South Africa has run into foreign debts. These huge debts remain a threat to economic growth since the government has to find ways of servicing the debt to allow economic growth. Nonetheless, the country’s economy has continued to grow because of fixed investment drive.
In summary, South Africa’s economy is growing and performing well, especially in fiscal and monetary policies. However, there is every need to address certain economic issues like massive unemployment, which is undermining economic growth in various ways. The government should create more jobs for the millions of South Africans who are jobless and make them active contributors to the economic growth of the nation.
Essay Sample on Academic Journal
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Evaluation of the International Finance Corporation’s global trade finance program. Washington, DC: World Bank, 2013. Print.
International Finance Corporation annual report 2013. Washington, D.C.: World Bank, 2014. Print.
Shahar, Danny. Mortgage markets worldwide. Chichester, U.K.: Blackwell Pub., 2008. Print.
Smit, P. C.. Economics: a southern African perspective. Kenwyn: Juta, 2013. Print.
Tan, Felix B.. International enterprises and global information technologies advancing management practices. Hershey, PA: Information Science Reference, 2011. Print.
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