IFC aiming to boost private sector growth

April 12, 2022 | 14:06
International Financial Corporation's (IFC) regional vice president for Asia-Pacific, Alfonso Garcia Mora, has arrived in Vietnam for a five-day visit with the aim of spurring private sector investment in the country to help meet future climate and economic goals.
IFC aiming to boost private sector growth

During his visit, Mora will meet with senior government officials to discuss how IFC can best support the country’s recovery and sustain its rapid economic growth to reach the next level of development by 2045. He will be accompanied by Thomas Jacobs, who earlier this month was appointed IFC’s new manager for the Mekong region covering Vietnam, Cambodia, and Laos.

Mora stated, “Vietnam has set ambitious goals to become a high-income country by 2045 and to achieve carbon-neutral status by 2050. With the pandemic depleting public resources, the private sector can play a key role in the country’s transition to a low-carbon growth model if the conditions are right and policies are in place.”

The vice president will also meet business representatives to gain an insight into the challenges that the local private sector is facing and how IFC can assist it to become a more dynamic, competitive, and innovative part of the nation's economic transformation.

Active in Vietnam for more than 20 years, IFC has been a key partner in the development journey of the country, channelling $13.3 billion into more than 190 projects since its first in-country investment in 1994.

Mora added, “IFC is committed to supporting Vietnam to leverage more private sector investment and meet its climate goals by spurring more long-term private sector investments in green projects. This will help the country build back better and greener, reinvigorating the private sector and building future resilience."

As of June 30, IFC's portfolio in Vietnam reached nearly $1.9 billion. According to IFC estimates, the climate-smart business investment potential stands at $753 billion by 2030 as the country transitions to a climate-resilient and low-carbon economy.

By IFC

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