The International Finance Corporation has a major role, writes Mary Fitzgerald, Foreign Affairs Correspondent

Representatives from the International Finance Corporation, the World Bank's private-sector lending arm, are in Dublin today to advise Irish businesses on opportunities in emerging markets in the developing world.

With 179 member countries, the organisation's remit centres on promoting sustainable private-sector development in developing countries. Ireland has been a member since 1958.

Unlike other World Bank entities restricted to lending to governments of member countries, the International Finance Corporation (IFC) works with business partners, investing in private enterprises in the developing world without accepting government guarantees.

Founded in 1956, the IFC was established specifically to address this gap in World Bank lending. Its investments typically range in size from $1 million to $100 million.

In addition to loans, equity financing, risk management products, and partial credit guarantees, the IFC also offers technical assistance and advisory services to encourage and support private-sector development.

The organisation's work with Irish companies has so far been limited to five firms. The IFC granted a multi-million dollar loan to Denis O'Brien to help him enter the telecommunications market in Jamaica. It also assisted a venture by Barings Ireland in the Egyptian finance sector and worked with Lansdowne Partners Ltd in setting up oil and gas projects in the Middle East.

Other IFC-funded projects that involved Irish partners include a hotel in the Seychelles built by Dronset Ltd and an agri-business venture set up by Masstock in Zambia.

Edward Nassim, an Irish national who oversees IFC operations in Europe, Africa and the Middle East, admits the organisation's profile in Ireland is low but anticipates much interest from companies here as awareness grows.

"At the moment many businesses simply don't know about us," he said. "We're here to tell Irish firms what we can do for them if they want to expand beyond Ireland.

"The Irish market is fairly small and there is the issue of where firms go after that. We're concentrating on those who feel they may have outgrown Ireland and are wondering what next."

Prior to his current position, Mr Nassim was based in Moscow for eight years as director for IFC operations in eastern Europe.

Some of the IFC's most ambitious projects are located in Russia, with total funding amounting to $2 billion.

Addressing business leaders at a conference in Dublin today, Mr Nassim will focus on opportunities for Irish businesses in that region.

"In Russia and the Ukraine, the service and finance sectors, real estate and retail are all taking off and growing very quickly," Mr Nassim said.

On its website, the IFC outlines how it reconciles its development remit with private-sector investment, saying it recognises "economic growth is sustainable only if it is environmentally and socially sound and helps improve the quality of life for those living in the developing world".

Several human rights and environmental groups have criticised the organisation for failing to live up to its stated objectives, however, claiming it has approved projects that have a negative social and environmental impact on the surrounding region.

A recent IFC human rights assessment programme drew complaints that it did not go far enough.

The IFC's funding of mining projects has provoked much criticism, as has the recent approval of a $90 million loan towards expanding Bertin, Brazil's leading beef and leather processor. Brazilian and international NGOs claim the Bertin project "fails to meet numerous IFC and World Bank Group safeguard policies, is likely to exacerbate Amazon deforestation, leading to increased greenhouse gas emissions, and endorses a company currently under investigation for fraud".

Mr Nassim insists "all our projects have to meet environmental standards" and he says the organisation has to filter carefully unscrupulous applicants.

"We had tremendous difficulties in Russia for this reason and we turned many projects down because of concerns about sponsors."

Asked about criticism levelled at the IFC human rights assessment programme, he says: "Let's wait and see how we apply them."

Today's conference at the Royal College of Physicians in Dublin has been organised by the IFC, in conjunction with the Department of Finance, Enterprise Ireland, the Irish stock exchange, Depfa Bank and AIB.