The private sector arm of the World Bank, the International Finance Corp. (IFC), has appointed a new Country Manager for the Philippines.
In a statement, the IFC said it has appointed Jean-Marc Arbogast, who served as the adviser to IFC’s vice president for corporate strategy and resources. Arbogast helped formulate and articulate IFC’s strategic priorities while aligning resources to deliver on IFC’s agenda, a statement from IFC said.
Prior to that, Arbogast was a senior investment officer in he IFC’s infrastructure and natural resources team, where he led the origination and execution of transactions in the sector globally.
Arbogast “brings a wealth of knowledge to his new role that will help IFC to optimize opportunities and mobilize the private sector to deliver impactful investments in the Philippines,” IFC Regional Director for East Asia and the Pacific Vivek Pathak said. “Under his leadership, we are confident of creating new markets and opportunities where they are needed most, especially in these challenging times.”
IFC said the Philippines has one of the most vibrant economies in the Asia Pacific region, supported by strong domestic demand and a young, tech-savvy population with rising disposable income.
The Covid-19 pandemic, however, has dimmed the country’s growth prospects. Timely measures are therefore important to cushion against health and economic shocks and support the country’s most vulnerable people.
Before joining IFC in 2012, Arbogast was an investment banker at Bank of America Merrill Lynch in New York specializing in industrial and agribusiness firms. He has also focused on mergers and acquisitions and capital markets transactions.
He also holds an MBA from Yale University and a master’s degree in Aeronautical Engineering from Ensica, a French engineering school.
“The Covid-19 pandemic has already taken a heavy toll on households and businesses in the Philippines. IFC’s priority is to help drive a sustainable and inclusive recovery in the country,” Arbogast said. “I look forward to engaging with the government, the private sector, and all relevant stakeholders to revitalize the key sectors that can drive economic growth and create jobs.”
Since 1962, the IFC has invested more than $3 billion to support over 100 private sector companies in the Philippines.
IFC’s strategic priorities in the country include reducing the impacts of climate change, deepening financial inclusion, promoting sustainable infrastructure and strengthening the capacity of the private sector.
This will better support the Philippines throughout the COVID-19 pandemic and help drive inclusive growth during the country’s eventual recovery.