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Inclusive Business

Inclusive Business > Meet the Team 

Meet the Team

IFC established its Inclusive Business team in 2010. As part of IFC's Development Impact unit, the team is leading efforts to promote inclusive business across IFC by:


  • Catalyzing ideas and innovation to grow and expand inclusive businesses worldwide by sharing data and providing IFC clients with market insights, developing customized inclusive business tools and resources, and helping IFC clients replicate inclusive business models.
  • Convening IFC clients, investment professionals, leading thinkers on inclusive business, and international development stakeholders during the annual Inclusive Business Forum and other global meetings to promote collaboration.
  • Communicating which models work, generating and disseminating knowledge on best practices through a library of case studies, and highlighting innovation through initiatives such as the FT/IFC Transformational Business Awards.


Toshiya Masuoka

Toshiya Masuoka is the founder of IFC's Inclusive Business team and Director of IFC’s Development Impact unit. The team focuses on extending IFC’s reach to the “Base of the Pyramid”. Toshi joined the World Bank Group in 1989, and after completing his assignment in the World Bank in 1990, joined IFC as an Investment Officer. He held various positions in investment departments including South Asia, Infrastructure and Latin America and the Caribbean (LAC), and held the position of Manager in the LAC Department from 2002 to 2004. Between 2004 and 2008, he led the Operational Strategy Department and was a key player in framing IFC’s corporate strategy and growth, overseeing the implementation of various strategic initiatives, and coordinating on World Bank Group level strategic issues. From 2008 to 2010, he was Director of the Corporate Advice Department. Prior to joining the World Bank Group, Toshi held various positions at Fuji Bank, Limited. He holds an MBA from the Wharton School, and a BA from Waseda University in Political Science and Economics.


Eriko Ishikawa
Global Head

Ms. Eriko Ishikawa is a Global Head and one of the founders of the Inclusive Business team. For the past few years, Eriko has worked on a corporate-wide strategy to better integrate IFC's advisory and investment functions to help private sector companies reach populations at the Base of the Pyramid, and has co-authored several publications on this topic. Eriko has extensive experience providing technical assistance and advisory services to IFC corporate clients to strengthen their local supply chain in emerging markets (Peru, Brazil, India, Mozambique), as well as directly financing commercial banks, small and medium enterprises and microfinance institutions in Central Asia (Kazakhstan, Uzbekistan, and the Kyrgyz Republic). Prior to joining IFC, she was a Vice President for international corporate finance at Citibank in New York, covering Latin American and Japanese clients. She was born in Japan, grew up in Brazil, and has been educated in the US. She holds an M.B.A. degree from the Stanford Graduate School of Business and A.B. and Ed.M. degrees from Harvard University. When she is not trekking through the rainforest in Brazil, the tribal communities in India, or Mozambican back roads for work, her main hobby is scuba diving – the Red Sea, Micronesia, South Pacific, Okinawa and the Caribbean.


Farzin Mirmotahari
Senior Operations Officer

Farzin Mirmotahari is a member of Global Trade Supplier Finance (GTSF), a $500 million joint advisory and investment program that provides short-term financing to SME suppliers of large multi-national buyers. The advisory component of GTSF works directly with suppliers to improve their knowledge of working capital management and facilitate their use of financial products such as supplier finance. Farzin joined IFC's Central and East European Department in 1994 and managed a number of food and beverage supply chain development projects jointly with IFC's investment clients in Russia. From 2003 - 2006 he managed an IFC program in Azerbaijan to increase the participation of local and JV firms in large oil and gas supply chains. This work included the development of financing facilities for suppliers in the country and led to a ten-fold increase in local content. Farzin is a Graduate of Carleton University (Canada) and School of Advanced International Studies (SAIS), Johns Hopkins University.


Alexis Geaneotes
Operations Officer

Alexis Geaneotes is an Operations Officer with IFC’s Inclusive Business team. She has co-authored several reports on inclusive business and is currently leading efforts to develop tools to measure IFC clients’ BOP reach and impact. Prior to IFC, she worked for several years as a strategy consultant to pharmaceutical and biotech companies operating in developed and emerging markets. Alexis holds a master’s degree in Public Policy from the Kennedy School of Government at Harvard University, where she focused on business and government policy and conducted her master’s research on the investment climate in the Dominican Republic. She received her undergraduate degree in Economics from the University of Pennsylvania.


Kathy Gaertner
Associate Operations Officer

Kathy Gaertner is an Associate Operations Officer with the Inclusive Business team. She leads the validation of IFC clients as inclusive business and the development of guidance pieces on identifying inclusive business. Kathy also contributed to the World Bank Group’s Global Consumption Database and to the data highlights for business. Prior to IFC, Kathy worked for The Urban Institute, both in Washington, DC and Indonesia, managing projects for USAID and the Millennium Challenge Corporation. She has held short-term assignments with USAID’s Global Partnerships team, Liberia’s Ministry of Commerce and Industry, and Wise Solutions. Kathy holds a master's degree from Georgetown University's Walsh School of Foreign Service and a bachelor’s degree in Business Administration from Furman University.


Shino Saruta
Associate Operations Officer

Shino Saruta is an Associate Operations Officer with the Inclusive Business team. Having worked on transfer pricing/corporate governance projects at Goldman Sachs, Shino has expanded her field into the operation of and research into microfinance and small and medium-sized enterprises (SMEs). This has included the strengthening capacity of SMEs using cluster methods as well as value chain development in the context of a regional economic development program in India by working with a microfinance institution ESAF in Kerala and the Centre for Microfinance at Institute for Financial Management and Research in Chennai. Before joining IFC, Shino worked for an NGO ProMujer that aims to improve access to financial services and health services for low-income populations in Bolivia. Shino holds a BA in economics from the University of Washington and a master’s degree in public policy from Harvard Kennedy School.


Madeleine Holland

Madeleine Holland joined the Inclusive Business team as a Consultant in June 2015. She was previously an intern with the Boston Consulting Group in Chennai, India, where she contributed to the development of a market entry strategy for an agricultural equipment manufacturer looking to enter the smallholder market in Africa. While in graduate school, Madeleine was part of a consulting team that developed policy recommendations for catalyzing economic development on Small Island Developing States, primarily through clean energy investments. She has also implemented a strategic planning process for a healthcare non-profit in Canada looking to maximize its impact, and interned at the Embassy of Canada in Washington, DC. Madeleine holds a MA in International Economics from the Johns Hopkins School of Advanced International Studies (SAIS) and a BA in Political Studies from Queen’s University.


Jessica Bluestein

Jessica Bluestein joined IFC in May 2015 and works on the Global Trade Supplier Finance (GTSF) program, a $500 million joint advisory and investment program that provides short-term financing to SME suppliers of large multi-national buyers. Prior to IFC, she worked for a start-up social enterprise serving base of the pyramid consumers in Rio de Janeiro, Brazil and also completed a Fulbright fellowship to Brazil, where she studied the intersections of religion and development, focusing on the Pentecostal church and the socioeconomic consequences of conversion.  Jessica has held short term positions with the Inter-American Investment Corporation, the Millennium Challenge Corporation, and Social Impact. Jessica holds a Master’s degree from Georgetown University’s Edmund A. Walsh School of Foreign Service and received her undergraduate degree in International Studies from Middlebury College.


Piya Baptista

Piya Baptista has 12 years of experience with development finance institutions and non-profit organizations. Her areas of expertise are inclusive business, micro-and small business development, and social entrepreneurship. Piya previously served as Associate Operations Officer for the Inclusive Business team, as well as in IFC's advisory services, helping private sector clients build supply linkages with micro-and small businesses. She authored a report on mobile money, contributed to several other reports, and continues to write case studies on inclusive businesses. Prior to joining IFC, Piya worked with the World Bank, where she worked on multi-million dollar rural development projects with the Government of India. Piya began her career with Ashoka: Innovators for the Public, a non-profit that invests in and supports social entrepreneurs worldwide. She has a Master's in Development Studies from the London School of Economics and a Bachelor's in Economics from St. Xavier’s College in India.


Rena Hinoshita

Rena Hinoshita is a consultant in the Inclusive Business team at IFC. Prior to joining IFC in 2012, Rena worked for One Economy Corporation and Global Business School Network. At these US based-NGOs, she conducted extensive data analysis and research on agribusiness and entrepreneurship. She also assisted with the organization of their annual forums. During the summer of 2009, Rena worked on an agro-forestry project in Tanzania, Uganda, and Kenya for Trees for the Future. She assisted in capacity-building training, needs assessment, and monitoring and evaluation. She also conducted field research on value chain development in Guatemala in 2008. Rena holds an MA from the American University School of International Services in International Development and a BA in Economics from the Kobe University. She specializes in value chain analysis and rural development.


Alicia Roaquin
Executive Assistant

Alicia Roaquin is an Executive Assistant to the Director. Alicia joined the World Bank Group in 1993 as a Staff Assistant and subsequently held various administrative positions in different capacities for the past 18 years. Most of those years were spent with IFC Investment Departments since February 1995 and with the Advisory Services since 2008. Prior to joining the World Bank Group, she worked abroad with Jardine Davies, Inc, Commission on Audit, Development Bank of the Philippines and with the Embassy of Fiji and the Philippine Embassy in Washington, DC.


Vinitha Jayalal
Procurement Assistant

Vinitha Jayalal is a Procurement Assistant with the Inclusive Business team. Before joining the IFC Vinitha was at the World Bank working on operational procurement and trust fund management. She also co-authored the departmental procedure manual for on boarding staff when she was in the Environment and Social Development department at IFC. Vinitha was a Registered Pharmacist in her native Sri Lanka and a member of the Sri Lankan Medical College Council.




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