IFC appoints Imad Fakhoury as regional director for South Asia

The International Finance Corporation (IFC), a member of the World Bank Group, has appointed Imad N. Fakhoury as its 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, reports BSS.

IFC's focus in South Asia centres 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, said a press release.

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 scalable solutions, 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 strengthening digital 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," he added.

In FY23, IFC provided nearly $3.45 billion in long-term investments in South Asia, including $1.3 billion mobilised from other investors.

Fakhoury joined the World Bank Group in 2019 as a Senior Adviser at IFC and moved into his previous role as Global Director for Infrastructure Finance, PPPs & Guarantees at the end of 2019.