International Finance Corporation (IFC) on Wednesday announced the appointment of Riccardo Puliti as its new Regional Vice President for Asia and the Pacific. 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 the Covid-19 disruptions, the Russian invasion of Ukraine, and tightening global financial conditions, including through higher food and energy prices. 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 of 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,” Puliti said. “With the right policies in place to attract and incentivise new investment, countries can leverage private sector financing to help meet their large unmet investment needs.

“The reality is that investment growth in emerging markets and developing economies in Asia and the Pacific – as in the rest of the world – remains below the average rate of the last two decades. That must be turned around as history tells us strong investment growth delivers dividends. It is also vital for climate targets and to progress the development of clean, renewable and affordable energy and seize all the opportunities digital infrastructure can deliver for the region’s people.”

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, in Africa, and before that as Global Director, Energy and Extractives. Before joining the World Bank Group, Puliti was Managing Director at the European Bank for Reconstruction and Development.