“Private sector investment is key to achieving South Asia’s development goals amid persisting global crises. By offering innovative and scalable solutions, IFC will help accelerate the region’s transition to a greener, more inclusive and resilient development model,” said Imad N. Fakhoury, passing reactions as he was appointed as new IFC Regional Director for South Asia
IFC, a member of the World Bank Group, has appointed Imad N. Fakhoury as Regional Director for South Asia. Based in New Delhi, Fakhoury will spearhead IFC's strategy and operations, while reinforcing relationships with the private sector, governments, and regional partners to boost impactful development outcomes in the region.
“Fueling economic growth and job creation in South Asia is imperative to unlocking the region's potential and paving the path towards prosperity. Fakhoury’sdeep experience in enabling and scaling up private capital mobilization for sustainable infrastructure and climate transitionswill be a huge asset for IFC,” said Riccardo Puliti, IFC's Regional Vice President for Asia and the Pacific.“I'm confident his leadership skills and expertise will help further amplify our work, spurring private sector development and contributing to resilient economic growth in the region.”
IFC's focus in South Asia centers on providing strategic investments and advisory interventions across Bangladesh, Bhutan, India, the Maldives, Nepal, Sri Lanka to promote inclusive sustainable growth and encourage global and regional integration, among others. Strengthening capital markets, increasing competitiveness, and closing the gender gap are also among IFC’s priorities in the region.
“Private sector investment is key to achieving South Asia’s development goals amid persisting global crises. By offering innovative and scalablesolutions, IFC will help accelerate the region’s transition to a greener, more inclusive and resilient development model,”said Fakhoury.
“Our focus is on creating opportunities where they are needed most, sustaining jobs, supporting climate goals, improving inclusion for all by improving services for people, and strengtheningdigital and financial access across the region. IFC will also support the region to mainstream gender considerations and help remove obstacles to gender equity in South Asia.” In FY23, IFC provided nearly $3.45 billionin long-term investments in South Asia, including $1.3 billion mobilized from other investors.
Fakhoury added, “With the recently concluded COP28, IFC is prioritizing both climate investments and delivering impactful outcomes to help countries achieve their climate targets. I look forward to engaging with all stakeholders to ramp up our support forsustainable infrastructure—encompassing mitigation and adaptation as well as digital connectivity—while empoweringsmall businessesand facilitating public-private partnerships (PPPs) to increase the region’s resilience.”
