IFC posts record results in AP, names first Asia-focused VP
The projects backed by the IFC are expected to support 30,000 jobs, reach 840,000 farmers, and facilitate loans to micro, small, and medium enterprises worth around USD21 billion, said the IFC in a statement.
Of the projects, IFC committed USD670 million for 25 projects in China, covering areas including energy efficiency financing, wind power production and development, clean technology, rural finance, water management, agribusiness and healthcare.
To help spread Asia's speedy recovery from the global financial crisis to all segments of society, IFC has been focusing on supporting sustainable, private sector-led development to ensure economic growth reaches the urban and rural poor.
For example, IFC helped expand the private sector's role in fighting climate change by mobilizing USD150 million for China WindPower, earning the 2010 Project Finance International "Renewable Deal of the Year" award for Asia-Pacific.
Emphasizing the importance it is placing on development in Asia Pacific, the institution also announced the appointment of Karin Finkelston as its first vice president exclusively focused on Asia.
She joined IFC in 1996 and was appointed country manager for China and Mongolia in 2000. Under her leadership, the team launched IFC's China Advisory Services Program based in Chengdu and grew the investment program to USD650 million annually.
The program linked advisory services with equity investments that catalyzed international standards in local companies and banks. In 2006, Finkelston moved to Hong Kong to take on the role of associate director across the East Asia and Pacific region with responsibility for the investment program.
"Our record investment numbers underscore IFC's strategy of supporting jobs through investments in infrastructure, access to finance for small and medium enterprises, and fighting climate change through clean energy and energy efficiency, as well as investments in socially important sectors such as water and health care," said Finkelston.
The IFC's preliminary results for the fiscal year ending June 30, 2011, showed an 11 percent increase in investment projects in Asia from the previous year, with two-thirds of investments in the region's poorest countries, rising to USD1.7 billion from USD1.4 billion a year ago.
Globally, IFC invested about USD18.7 billion in 513 projects in 2011, up USD0.7 billion from the previous year.
Sergio Pimenta will succeed Finkelston as director for East Asia and Pacific and Thomas Davenport will continue as director for South Asia. Rashad Kaldany, the previous vice president for Asia, Eastern and Southern Europe, Middle East, and North Africa, based in Istanbul, has returned to headquarters in Washington, DC as vice president for global industries.