Riccardo Puliti, who was on Wednesday appointed IFC’s new regional Vice President for Asia and the Pacific, will focus on addressing multiple crises amid global economic slowdown.

An Italian national, 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 COVID-19 disruptions. At the same time, Russia’s war in Ukraine, tightening global financial conditions, 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.

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, he served as Regional Director of Infrastructure in Africa, and before that Global Director, Energy and Extractives.

“Asia and the Pacific is one of the most vulnerable regions to climate shocks, underscoring the need for urgent action to protect the lives and livelihoods of billions of people,” Puliti said.

“The region also needs to bridge the massive trillion-dollar infrastructure gap, limiting people’s access to basic services. Gender equality, digital growth, and capital mobilisation are also key priorities as IFC continues to work to improve financial inclusion, strengthen health care systems and increase access to finance for smaller businesses, as they are the engine of growth in the region and key incubators of jobs.” — VNS