DHAKA, Feb 1, 2023 (BSS) - The International Finance Corporation (IFC) has announced the appointment of Riccardo Puliti as its new Regional Vice President for Asia and the Pacific, a press release said today.
Puliti will oversee IFC's regional efforts in spurring private sector growth and identifying impactful collaborations for a green, resilient, and inclusive recovery, in response to multiple crises and a deteriorating global economic outlook.
Economies in the Asia and Pacific region continue to suffer from COVD-19 disruptions, the Russia-Ukraine conflict, and tightening global financial conditions, including through higher food and energy prices, the release said.
In addition, weaker global growth and more frequent disruptive weather events linked to climate change threaten to dampen the region's growth trajectory, according to the World Bank's latest Global Economic Prospects report.
In taking on the role as IFC's Vice President for Asia and the Pacific, Puliti stressed the need for more private sector investment, given the limited fiscal space of countries in the region.
"With the global economy facing multiple headwinds this year, there is an urgent need for more private investment in the region to create jobs and boost output," the release quoted Puliti as saying.
"With the right policies in place to attract and incentivize new investment, countries can leverage private sector financing to help meet their large unmet investment needs," he said.
An Italian national, Puliti most recently served as the Vice President for Infrastructure at the World Bank, leading the Bank's global efforts to build effective infrastructure in developing and emerging markets.
Previously, Puliti served as Regional Director, Infrastructure, Africa, and before that as Global Director, Energy & Extractives.
Before joining the World Bank Group, Puliti was Managing Director at the European Bank for Reconstruction and Development.
"Asia and the Pacific live in one of the most vulnerable regions to climate shocks, underscoring the need for urgent action to protect the lives and livelihoods of billions of people," Puliti said.
"The region also needs to bridge the massive trillion-dollar infrastructure gap, limiting people's access to basic services. Gender equality, digital growth, and capital mobilization are also key priorities as IFC continues to work to improve financial inclusion, strengthen health care systems, and increase access to finance for smaller businesses, as they are the engine of growth in the region and key incubators of jobs," added Puliti.
"The challenges are profound but so are the opportunities. Together, they only reinforce the importance of IFC's work with the private sector in catalyzing investment, driving innovative green and blue transactions to address marine pollution and climate change and redoubling our efforts to lift people out of poverty."
Puliti holds an MBA from Instituto Superior de Estudios de la Empresa (IESE) and completed his postgraduate studies at the Kennedy School of Government, Harvard University, and Imperial College.