Ammon News - 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.