Covid and climate finance will get focus on South Asia's post-Covid economic recovery efforts, according to IFC's new regional director
IFC has appointed Hector Gomez Ang as Regional Director for South Asia. Based in New Delhi, he will play a critical role in boosting IFC’s investments in the region, as it looks to recover from the severe impacts of Covid-19.
In taking on the new role, Gomez Ang said the private sector had an essential role in South Asia’s recovery from Covid-19, easing the burden on constrained public finances and reducing rising levels of poverty, due to the pandemic.
“The pandemic has left a scar on countries throughout the region, exacting a huge human toll of which we must remain mindful. We must also accept that we may have to live with the lingering impacts of Covid-19 for some time to come, and so it’s all the more imperative to continue to work together to support jobs and economic growth,” Gomez Ang said. “That also means we must do what’s need to ensure private sector investments can flow to where it’s needed, and in industries, we know can support economic activity.”
IFC’s focus in South Asia will continue to centre on providing much-needed liquidity to private sector companies in the region so they can maintain operations, preserve and create jobs. IFC will also look to further support the region’s most vulnerable people by helping deliver more funding for hard-hit micro, small and medium-sized enterprises as well as promoting green growth through investments in sustainable infrastructures, such as renewable energy and digital connectivity, to foster a greener, more resilient, and inclusive recovery from Covid-19.
Gomez Ang said IFC’s work to ramp up its investments in climate-related projects was in line with the World Bank Group’s new Climate Change Action Plan, and IFC’s aims to achieve 85% of its new operations to be aligned with the Paris Agreement by July 1, 2023, and 100% of these by July 1, 2025. IFC also sees a $2.8 trillion investment opportunity in countries such as India and Bangladesh in rebuilding for a green sustainable future.
"IFC will continue to prioritize climate investments in the region and help countries meet their nationally determined contributions under the Paris Accord," Gomez Ang said.
Gomez Ang previously served as country manager for Angola, Mozambique, Zambia, and Botswana, during which time he led the establishment of IFC’s operations in Angola. Prior to that, he was country manager for Brazil, where he led the repositioning of IFC’s operations through the delivery of a strong investment program and advisory engagements with federal agencies and sub-national governments.
A Mexican national, Gomez Ang joined IFC in Mexico City in 2006 as an investment officer, where he led business development in Mexico and Central America.
Gomez Ang succeeds Mengistu Alemayehu, who has assumed a new role as IFC’s Director of Global Equity Mobilization.