Business: Aiding World Trade

At the inter-American economic conference in Rio last year, Treasury Secretary George Humphrey promised the free nations of the world that the Eisenhower Administration would back the idea of a sort of international RFC to lend to private enterprise abroad (TIME. Nov. 22). Last week the U.S. made good its promise. World Bank President Eugene Black proposed that an International Finance Corp. be chartered with $100 million in capital, membership of the 56 nations "that belong to the World Bank. Principal customers will be businessmen in underdeveloped countries who need capital but object to the meddling that comes with government-guaranteed World Bank loans. IFC will open its doors as soon as 30 nations have paid in $75 million, probably next year.