WASHINGTON — The International Finance Corp. will look to take on more risk in the new year, expand on its response to COVID-19, double down on its new strategy, and name new leadership in 2021.
The institution has pivoted in reaction to the ongoing health and economic disruption and is trying to learn from its response to the 2008 financial crisis, where an internal evaluation found that it did not respond countercyclically.
It took 10 years for private equity and three years for foreign direct investment to return to where they had been in emerging markets prior to the crisis, and IFC this time needs to “act aggressively” to prevent a decadelong setback, Stephanie von Friedeburg, interim managing director and executive vice president at the institution, told Devex.