International Financial Corp (IFC), a member of the World Bank Group, has announced the appointment of Gabriel Goldschmidt as director for Latin America and the Caribbean.

Goldschmidt will oversee IFC’s operations in the region, with a focus on strategic priorities such as promoting innovation through technology, tackling climate change, developing capital markets, and supporting infrastructure.

He heads investment and advisory services across 27 countries, where IFC has an active investment portfolio of $18 billion and advisory programmes worth $125 million. IFC staff focusing on Latin American and the Caribbean are based in 13 regional offices, in addition to Washington, DC.

Growth in Latin America and the Caribbean is expected to accelerate to 2 per cent in 2018 and to 2.6 per cent in 2019. However, the region remains one of the most unequal in the world, with increasing demands for better services, jobs, education and financial inclusion. Today, one in four people in the region live under the poverty line.

“At a time of constrained public resources, IFC helps mobilize private capital for development in ways that promote growth for all,” said Goldschmidt (pictured).

During fiscal year 2017, IFC commitments in Latin America and the Caribbean accounted for 23 per cent of total global commitments – the largest share of any region. IFC provided $5.3 billion to 76 projects in Latin America and the Caribbean region during that time, including $2.6 billion mobilized from development partners. This represents a 70 per cent increase in commitments to the region since 2012.