William S. Gaud was appointed Executive Vice President of IFC on October 1, 1969. Prior to his joining the Corporation, he had been administrator for the U.S. Agency for International Development. A strong advocate for the developing world, he had coined the term “Green Revolution” to describe how agricultural breakthroughs could better feed poor countries.
In an interview with Finance and Development magazine, Gaud said, “IFC’s investments must hold out the promise of earning a profit. I say this for three reasons: first, we want partners in the enterprises in which we invest; second, we want to sell participations in our investments, that is to say, we want to sell part of the shares that we buy and loans that we make in order to turn over our capital so that we can make new investments; and third, above everything else, we are trying to show that private enterprise works. Unless our investments are profitable, how are we going to persuade people that it does work?”
Former World Bank President Robert S. McNamara told the Washington Post that Mr. Gaud was “one of the most dedicated officers I have worked with in my 17 years in government and international organizations.”