Amman, July 1 (Petra) — The International Finance Corporation (IFC),
the private sector arm of the World Bank Group, has appointed Imad N.
Fakhoury as Regional Vice President for the Middle East and Central
Asia, effective July 1.

Based at the IFC’s regional office in Dubai, United Arab Emirates,
Fakhoury will lead the corporation’s efforts to expand private sector
investment, mobilize capital and support job creation across a region
of nearly 700 million people.

In his new role, Fakhoury will oversee IFC operations and strategic
partnerships in 21 countries, managing an active investment portfolio
valued at more than $11 billion. The Middle East and Central Asia
region encompasses economies at different stages of development,
where the corporation works to improve business environments,
stimulate investment in emerging markets and strengthen the role of
the private sector in driving economic growth and employment.

Commenting on his appointment, Fakhoury said the priority will be to
leverage the World Bank Group’s global expertise in private sector
development to attract greater private investment, accelerate
economic growth and support countries emerging from fragility while
delivering practical solutions to some of the region’s most pressing
development challenges.

He added that the IFC will continue to focus on creating quality
employment opportunities, diversifying economies, supporting
reconstruction in conflict-affected countries, strengthening
resilience to global and regional shocks and helping governments
address challenges related to food security, water, energy and access
to finance.

Fakhoury also emphasized the importance of expanding investment in
manufacturing, services, sustainable infrastructure and innovative,
inclusive financing to help economies attract the capital and
expertise needed to enhance competitiveness and ensure the benefits
of economic growth reach women, young people and underserved
communities.

Fakhoury joined the World Bank Group in 2019. Before that, he served
as Jordan’s Minister of Planning and International Cooperation,
Minister of State for Public Sector Development and Minister of State
for Major Projects. He also held the positions of Chief of the Royal
Hashemite Court and member of Jordan’s Senate.

He previously led the development of the Aqaba Special Economic Zone
and played a key role in launching major public-private partnership
initiatives. He also participated in establishing several strategic
national companies operating under the public-private partnership
model and served on their boards of directors.

//Petra// RZ