A key part of the ongoing World Bank Group reform process has focused on how it can do more with existing resources, including attracting more private capital. But it’s been rather quiet about the role of its private sector arm, the International Finance Corporation.
IFC officials say the institution is adapting to new pressures and mandates from shareholders. That means it will focus more on global public goods, including climate change, and seek to improve how much private money it attracts alongside its investments.
Some of those shifts are already underway, IFC’s Managing Director Makhtar Diop told Devex. IFC is on track to make considerably more investment commitments than last year and could even exceed records, he said. Nearly 50% of those investments are related to climate change, Diop said.
About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
