Philippe Le Houérou is Chief Executive Officer of IFC. Since joining IFC in March 2016, Mr. Le Houérou has designed and implemented a new strategy aimed at “creating new markets and creating opportunities” in developing countries. This strategy is sustainably shifting the organization to proactively develop private sector solutions to development challenges and work more closely with the World Bank, other development partners, and governments.
To support this strategy, Mr. Le Houérou introduced a system that measures development impact in each IFC project at its inception; developed the “Cascade” approach—trying private solutions before going for public finance—that leverages the entire World Bank Group to attract much more private sector investment and optimize public debt in developing countries; helped create new instruments to attract more private sector investments in fragile states and poor countries; and established country private sector diagnostics and IFC country strategies. Shareholders’ support of this strategy led to their endorsement in 2018 of a historic capital increase for IFC. To align the organization with the new strategy, Mr. Le Houérou also oversaw a restructuring that strengthened economics; partnerships; corporate alignment among strategy, budget, and human resources; country focus; and upstream work to generate bankable projects.
Prior to his arrival at IFC, Mr. Le Houérou was Vice President for Policy & Partnerships at the European Bank for Reconstruction and Development in 2015. He previously held several leadership positions at the World Bank. As the World Bank’s Regional Vice President for South Asia from 2013 to 2015, he designed a new regional strategy, restructured the Bank’s regional portfolio, and more than doubled new lending. He was Regional Vice President for Europe and Central Asia from 2009 to 2013, where he led the Bank’s effort to mitigate the global economic crisis’ impact on the region.
He also held other key managerial positions at the Bank, including Vice President of Concessional Finance and Global Partnerships; Acting Vice President and Chief Information Officer; Director of Finance and Resource Mobilization; Macro-Fiscal Sector Manager for Southern Africa and Indian Ocean countries; and Resident Representative in Madagascar.
Mr. Le Houérou holds an MBA from Columbia University and a Ph.D in Economics from the Institut d'Etudes Politiques de Paris.