Kathmandu: The International Finance Corporation (IFC), a member of the World Bank Group, has named Imad N. Fakhoury as the Regional Director for South Asia. Based in New Delhi, Fakhoury will lead IFC’s strategy and operations in the region, strengthening ties with the private sector, governments, and regional partners to enhance development outcomes.
Riccardo Puliti, IFC’s Regional Vice President for Asia and the Pacific, expressed confidence in Fakhoury’s ability to drive economic growth and job creation in South Asia. Fakhoury, with his experience in mobilizing private capital for sustainable infrastructure and climate transitions, is seen as a valuable asset for IFC’s work in the region.
IFC’s focus in South Asia includes strategic investments and advisory interventions across countries like Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka. The organization aims to promote inclusive sustainable growth, encourage global and regional integration, strengthen capital markets, increase competitiveness, and address gender gaps.
Fakhoury emphasized the importance of private sector investment in achieving South Asia’s development goals amid global crises. He outlined IFC’s commitment to providing innovative solutions for sustainable development, including support for climate goals, job sustainability, and digital and financial access.
In the fiscal year 2023, IFC provided nearly $3.45 billion in long-term investments in South Asia, including $1.3 billion mobilized from other investors. Fakhoury highlighted IFC’s priorities, including climate investments, delivering impactful outcomes, supporting sustainable infrastructure, empowering small businesses, and facilitating public-private partnerships to enhance the region’s resilience.
Imad N. Fakhoury joined the World Bank Group in 2019 and has held various ministerial positions in the Jordanian government. He played a key role in developing flagship public-private partnership transactions in Jordan and has a background in biomedical engineering, engineering management, public policy, and business administration.