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Development Finance Institutions (DFIs) including the International Finance Corporation (IFC) tend to look at their development impact using project-level indicators of outputs and employment impacts. Evaluation of the development impact of DFIs should try to estimate the difference between how the country and sector is with the DFI investment compared to how the country and sector would be absent the investment. Using a database of IFC and other investments and sector outcomes covering infrastructure and ﬁnance, we ﬁnd the quantity of IFC investment was signiﬁcantly associated with larger sums of future non-IFC private investment, but it is diffcult to ﬁnd evidence of an impact on outcomes.