The International Fund for the Promotion of Culture (IFPC) was created by the General Conference of UNESCO at its eighteenth session, in November 1974. The original idea, which was to establish a kind of development bank intended for cultural managers, evolved towards the creation of a fund meant to support projects of cultural development. The main aim of the Fund is to help cultural artists and managers to find additional financing for their projects, so that cultural diversity may benefit from globalisation and better assert itself instead of being its victim. In this respect, the International Fund for the Promotion of Culture finances in part projects within the field of cultural development, which are proposed by institutions, organizations, associations or individuals
Moreover, the Fund administers the UNESCO-Aschberg Fellowships for Artists, intended for artists selected by an International Artistic Committee. This programme was thus established in 1994 to open new career prospects for young artists and provide them with the possibility for further training in specialised institutions.