World Bank Group member IFC has appointed a regional director for South Asia, while US infrastructure and real estate investment firm Stonepeak has appointed Sung Eun Ahn as chairman, Korea.
IFC appoints regional director for South Asia
IFC, a member of the World Bank Group, has appointed Imad N Fakhoury as regional director for South Asia, according to an announcement.
Based in New Delhi, Fakhoury will spearhead IFC’s strategy and operations, while reinforcing relationships with the private sector, governments, and regional partners to boost impactful development outcomes in the region.
IFC’s focus in South Asia centres on providing strategic investments and advisory interventions across Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka to promote inclusive sustainable growth and encourage global and regional integration. Strengthening capital markets, increasing competitiveness, and closing the gender gap are also among IFC’s priorities in the region.
Fakhoury added, “With the recently concluded COP-28, IFC is prioritising both climate investments and delivering impactful outcomes to help countries achieve their climate targets. I look forward to engaging with all stakeholders to ramp up our support for sustainable infrastructure—encompassing mitigation and adaptation as well as digital connectivity—while empowering small businesses and facilitating public-private partnerships (PPPs) to increase the region’s resilience.”
Fakhoury joined the World Bank Group in 2019 as a senior adviser at IFC and moved into his previous role as Global Director for Infrastructure Finance, PPPs & Guarantees at the end of 2019.
From 2010 to 2018, he held several ministerial positions in successive Jordanian governments as Minister of Planning and International Cooperation, Minister of Mega Projects, Minister of Public Sector Development, and Chief of Staff to the King of Jordan.
US’s Stonepeak appoints chairman in Korea
US infrastructure and real estate investment firm Stonepeak has appointed Sung Eun Ahn as chairman, Korea, effective February 1, 2024.
Based in Seoul, Sung Eun will help to support Stonepeak’s APAC business and the diligent execution of the firm’s investment strategies in the region.
Sung Eun joins Stonepeak with significant financial services and leadership experience, having most recently served as chief country officer, Korea at Deutsche Bank AG, a position he held for more than 10 years.
Before that, for nearly a decade he served as Chief Executive and Head of Investment Banking for Korea at Bank of America Merrill Lynch.
In those positions, he advised on more than $150 billion in cross border and domestic M&A transactions and helped Korean corporates, financial institutions, and government entities raise more than $30 billion in the overseas capital markets through debt and equity issues.
Stonepeak is an alternative investment firm specialising in infrastructure and real assets with approximately $57.9 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns.