Multilateral financial institutions (MFIs) are private sector arms of international financial institutions (IFIs) that have been established by more than one country, and hence are subject to international law. Their shareholders are generally national governments but could also occasionally include other international or private institutions. These institutions finance projects in support of the private sector mainly through equity investments, long-term loans and guarantees. MFIs are similar to Multilateral Development Banks (MDBs) but they are sometimes separated since they have more limited memberships and often focus on financing certain types of projects.