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World Bank Group’s IFC assigns new country manager for the Philippines

THE INTERNATIONAL Finance Corp. (IFC), a member of the World Bank Group, has assigned Jean-Marc Arbogast as the new country manager for the Philippines, it said in a statement on Thursday.

Mr. Arbogast is a French national that has recently served as the adviser to IFC’s vice president for corporate strategy and resources, where he contributed in the creation of strategic priorities of the institution.

He has also worked as the senior investment officer of IFC’s Infrastructure and Natural Resources group, the statement said.

“The COVID-19 pandemic has already taken a heavy toll on households and businesses in the Philippines. IFC’s priority is to help drive a sustainable and inclusive recovery in the country. I look forward to engaging with the government, the private sector, and all relevant stakeholders to revitalize the key sectors that can drive economic growth and create jobs,” Mr. Arbogast was quoted as saying in the statement.

IFC is the private-sector arm of the World Bank that offers advisory services, solutions and financing facilities for the private sector.

The new country manager will work on building IFC’s portfolio and come up with new investment and opportunities that will improve its impact in the Philippines, the statement said.

“Jean-Marc brings a wealth of knowledge to his new role that will help IFC to optimize opportunities and mobilize the private sector to deliver impactful investments in the Philippines. Under his leadership, we are confident of creating new markets and opportunities where they are needed most, especially in these challenging times,” said Vivek Pathak, IFC’s Regional Director for East Asia and the Pacific.

Before joining the institution, Mr. Arbogast was an investment banker at the Bank of America Merrill Lynch in New York, United States where he gave advice to industrial and agribusiness international firms about mergers and acquisitions and capital markets transactions.

He obtained a graduate business degree from Yale University and a master’s degree in Aeronautical Engineering at an engineering school in France.

IFC has invested over $3 billion in more than 100 private companies in the Philippines since 1962.

It mainly focuses on mitigating the impacts of climate change in the country, widening financial inclusion, promoting sustainable infrastructure and boosting the private sector’s capacity.

“This will better support the Philippines throughout the COVID-19 pandemic and help drive inclusive growth during the country’s eventual recovery,” the statement read. — Beatrice M. Laforga

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