Above: IFC headquarters in Washington

By the Caribbean Journal staff

The IFC has named Irene Arias its new Director for the Latin America and Caribbean region.

Arias, who will be based in Bogota, will oversee the IFC’s Investment and Advisory Services operations. The IFC, a member of the World Bank Group, has a combined investment portfolio of $11.9 billion in private sector projects, along with $80.3 million in advisory services programmes.

“The private sector is responsible for more than 90 percent of jobs and its innovations and expertise are vital to improving living standards in Latin America and the Caribbean,” Arias said. “We are committed to helping address the region’s most pressing challenges through our in-depth sector
expertise, long-term partnerships, and ability to mobilize investment
partners.”

IFC commitments to the region accounted for 26 percent of the organization’s total global commitments in the 2013 fiscal year, during which time it provided $6.5 billion to 129 projects in Latin America and the Caribbean.

Arias, a native of Spain, was previously IFC’s regional manager for the Andean region.