The International Finance Corporation (IFC) has appointed Riccardo Puliti as its Regional Vice President for Asia and the Pacific.
It will continue to be based in Washington DC, United States, but will drive the regional efforts of the private investment arm of the World Bank. It comes together at a time of deteriorating global economic prospects due to rising food and energy prices due to the Russian-led war in Ukraine, as well as persistent disruptions from the pandemic.
“With the global economy facing multiple headwinds this year, there is an urgent need for more private investment in the region to create jobs and boost production,” Puliti said in a statement. “With the right policies in place to attract and incentivize new investment, countries can take advantage of private sector financing to help meet their big investment needs.
The Italian citizen assumes his new position after six years with the organization, where he has helped build infrastructure in emerging and developing markets, as well as designing the bank’s global energy, oil, gas and mining policies.
Before joining the World Bank Group, Puliti spent two decades as CEO of the European Bank for Reconstruction and Development, where he led investment strategies in the fossil fuel energy sectors.
“Asia and the Pacific is one of the regions most vulnerable to climate shocks, underscoring the need for urgent action to protect the lives and livelihoods of billions of people,” Puliti said. “The region also needs to close the huge trillion dollar infrastructure gap, which limits people’s access to basic services.”
IFC’s financing for Asia and the Pacific has included $2.34 billion in equity, loans, and bonds, including social bonds for financial institutions to support micro, small, and medium-sized enterprises (MSMEs), which are seen as the growth engine of the region.