WASHINGTON, D.C., January 17, 2019 —IFC, a member of the World Bank Group, has appointed Imad Fakhoury to a senior position that is designed to strengthen the institution’s efforts to create markets, reduce public debt, and work with governments to spark greater private sector investment. Fakhoury is a former Minister of Planning and International Cooperation of Jordan.
Fakhoury, who was selected through a competitive recruitment process, joined IFC this month as a Senior Adviser for Private Sector Solutions. In this position, he will engage with governments and teams across the World Bank Group to leverage the private sector for development goals, reducing burdens on the public purse.
“In a time of scarce public resources, it takes a comprehensive approach to end poverty and boost shared prosperity—one that merges the capabilities of the private sector with those of governments,” said Hans Peter Lankes, IFC’s Vice President for Economics and Private Sector Development. “Imad Fakhoury is ideally positioned to help IFC do this. He has a long track record in the public sector and extensive experience in engaging the private sector, including a strong focus on securing private sector solutions to key economic development challenges.”
Fakhoury said: “Developing countries face massive infrastructure deficits, growing limitations on fiscal space, and rising expectations from citizens demanding better public services. I’ve spent my entire career in the public sector trying to maximize finance for development by bringing in sustainable private solutions and public-private partnerships to address these development challenges. I’m delighted to join an institution that is doing this essential work on a global scale.”
Fakhoury served as Chair of the World Bank and IMF annual meetings in 2017 and as Chairman of the Board of Governors for the European Bank for Reconstruction and Development in 2018. A former chief of staff to King Abdullah II of Jordan, he also has served as Chairperson of the King Abdullah II Fund for Development since 2014.
He also served in successive Jordanian governments as Minister of Planning & International Cooperation, Minister of Public Sector Development, and Minister of State for Mega Projects. He led work on the establishment and running of the Aqaba Special Economic Zone and was a co-founder and board member of several strategic public-private-partnership companies in Jordan. Fakhoury has an Executive MBA from Kellogg Business School at Northwestern University, a master’s degree in public policy from the Kennedy School of Government at Harvard University, and a Master of Science degree in Engineering from Case Western Reserve University.
IFC has more than 60 years of experience in unlocking private investment, creating markets and opportunities where they’re needed most. Since 1956, IFC has leveraged $2.6 billion in capital to deliver more than $265 billion in financing for businesses in developing countries.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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