International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, has appointed a former Jordanian cabinet minister as its regional director for South Asia.
Imad N Fakhoury, IFC’s new Regional Director for South Asia, will be based in New Delhi and spearhead its strategy and operations in the region.
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 and Guarantees at the end of 2019.
Before that, between 2010 and 2018, he worked with Jordan’s government in various capacities as the minister for planning and international co-operation, minister of public sector development, minister of mega projects and the chief of staff to the King of Jordan.
One of the key architects of flagship public-private-partnership (PPP) transactions in Jordan, he also served as a co-founder and chair/board member in several national strategic infrastructure PPP companies, public organizations, and councils, IFC said.
Fakhoury has a BSc in Biomedical Engineering and an MSc in Engineering Management from Case Western Reserve University. He also holds a Master's in Public Policy from the Harvard Kennedy School of Government, and an MBA from the Kellogg Business School at Northwestern University.
IFC’s focus in South Asia centres on providing strategic investments and advisory interventions across Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lanka. In FY23, IFC provided nearly $3.45 billion in long-term investments in South Asia, including $1.3 billion mobilized from other investors.
“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.”
IFC claims to be the largest global development institution focused on the private sector in emerging markets. It works across more than 100 countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries.