New IFC chief for Asia-pacific to focus on inclusive recovery

WORLD Bank Group’s private sector arm International Finance Corp. (IFC) will be placing its focus on partnerships for green, resilient and inclusive recovery in the region.

This is the aim of IFC’S newly-appointed Regional Vice President for Asia and the Pacific, Riccardo Puliti, who assumes his position at a time of great uncertainty due to various economic headwinds.

Puliti emphasized the need for more private sector investment, given the limited fiscal space of countries in the region. This is especially in view of the economic and geopolitical risks identified by the World Bank’s recent “Global Economic Prospects” report.

“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 output,” Puliti said.

“With the right policies in place to attract and incentivize new investment, countries can leverage private sector financing to help meet their large unmet investment needs,” he added.

Digital infrastructure

PULITI most recently served as the Vice President for Infrastructure at the World Bank, leading the Bank’s global efforts to build effective infrastructure in developing and emerging markets.

Previously, he served as Regional Director, Infrastructure, Africa and before that as Global Director, Energy & Extractives. Prior to joining the World Bank Group, Puliti was Managing Director at the European Bank for Reconstruction and Development.

“The reality is investment growth in emerging markets and developing economies in Asia and the Pacific – as in the rest of the world – remains below the average rate of the last two decades. That must be turned around as history tells us strong investment growth delivers dividends,” Puliti said.

“It is also vital for climate targets and to progress the development of clean, renewable and affordable energy and seize all the opportunities digital infrastructure can deliver for the region’s people,” he added.

Puliti holds an MBA from Instituto Superior de Estudios de la Empresa (IESE) and completed his postgraduate studies at the Kennedy School of Government, Harvard University and Imperial College.

In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.