International Finance Corporation appoints Ruth Horowitz as head of Asia | News | Eco-Enterprise
The International Finance Corporation (IFC), the private credit arm of the World Bank Group, has promoted Ruth Horowitz as the new regional vice president for Asia and the Pacific.
The seasoned investment professional and former Lehman Brothers the senior executive will succeed Alfonso Garcia Mora, who is now IFC’s regional vice president for Europe, Latin America and the Caribbean.
In a Press statement released on Monday, Horowitz reportedly said climate would remain her top priority for the region as she takes on the new role.
“Asia is key to determining whether the climate battle will be won or lost, so IFC will continue to work with the private sector to catalyze financing in the region, helping countries meet their climate goals while pursuing broader development goals. wide,” she said.
The IFC said its commitments include $1.2 billion to support climate projects in East Asia and the Pacific region. This includes funding for “innovative green and blue transactions”, as well as renewable energy and climate-smart urban infrastructure projects.
“The past fiscal year has seen many firsts in the climate space, including blue bond issuances to help tackle marine pollution and support countries’ climate goals. IFC was in Asia Pacific,” said Kim-See Lim, IFC Regional Director for East Asia and the Pacific.
In recent months, however, the IFC has been mired in controversy for its problematic investment practices in the region. He is currently under investigation for supporting microlenders in cambodia who engaged in predatory debt collection practices, including pressuring borrowers to sell their land, as well as financing at least 10 new coal-fired power plants in the Philippines from 2011 to 2019, thereby violating its own environmental and social protection policies.
IFC funds are pooled by governments around the world, and IFC’s financing for East Asia and the Pacific includes $2.34 billion in stocks, loans and bonds. Observers say all eyes will be on Horowitz as she navigates the murky waters IFC currently finds itself in for her work in the region.
Horowitz said she was delighted to have the opportunity to work with IFC’s Asia-Pacific team, and looks forward to building on the region’s strong history of impactful private sector engagements. .
Asia is key to determining whether the climate battle will be won or lost.
Ruth Horowitz, Vice President for Asia and the Pacific, IFC
Most recently, Horowitz served as Vice President of IFC’s Equity Raising Division – IFC Asset Management Company (AMC). Before joining IFC, the investment professional with more than 30 years of experience in the financial industry, worked for the now defunct financial services firm Lehman Brothers.
The company, overwhelmed by risky mortgages, had collapsed into bankruptcy – the biggest business failure in history – and brought the global financial system to the brink of collapse.
IFC, in its statement, said Horowitz worked for Lehman Brothers for more than 20 years, where she was instrumental in developing and growing its private equity business from 2000 to 2009 as chief executive. and administrative director. She also served as a senior vice president in investment banking, working on strategy and business planning.