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.