BM Desk:

The International Finance Corporation (IFC), a member of the World Bank Group, has appointed Imad N. Fakhoury as its new regional director for South Asia.

In his role based in New Delhi, Fakhoury will lead IFC’s strategy and operations, fostering ties with the private sector, governments, and regional partners to enhance impactful development outcomes in the region.

Riccardo Puliti, IFC’s Regional Vice President for Asia and the Pacific, highlighted the importance of fueling economic growth and job creation in South Asia.

Puliti expressed confidence in Fakhoury’s ability to leverage his extensive experience in mobilizing private capital for sustainable infrastructure and climate transitions, considering it a significant asset for IFC.

IFC’s focus in South Asia encompasses strategic investments and advisory initiatives across countries like Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka. The aim is to promote inclusive sustainable growth and encourage global and regional integration.

Fakhoury emphasized the crucial role of private sector investment in South Asia’s development goals, especially amid ongoing global challenges.

He outlined IFC’s commitment to providing innovative and scalable solutions to accelerate the region’s transition to a greener, more inclusive, and resilient development model. Key areas of focus include job sustainability, climate goals, improved inclusion, and enhanced digital and financial access.

IFC, in FY23, extended nearly $3.45 billion in long-term investments in South Asia, with an additional $1.3 billion mobilized from other investors.

Fakhoury, who joined the World Bank Group in 2019, has held various roles, including Senior Adviser at IFC and Global Director for Infrastructure Finance, PPPs & Guarantees.

Prior to that, he served in several ministerial positions in the Jordanian government and played a crucial role in flagship PPP transactions in Jordan.