Ruth Horowitz is appointed as the Asia director by the International Finance Corporation

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Last Updated on August 10, 2022 by Bitfinsider

Ruth Horowitz has been appointed as the next regional vice president for Asia and the Pacific at the International Finance Corporation (IFC), the private lending arm of the World Bank Group.

Alfonso Garcia Mora, who is now the regional vice president for Europe, Latin America, and the Caribbean at IFC, will be replaced by the seasoned investment expert and former senior executive of Lehman Brothers.

As she enters the new position, Horowitz was cited as saying in a news release that the region’s climate will continue to be her top priority.

According to IFC, the organization has pledged to assist climate projects worth US$1.2 billion throughout East Asia and the Pacific. This covers support for “innovative green and blue transactions,” as well as for climate-smart urban infrastructure and projects involving renewable energy.

IFC has, however, been embroiled in controversy recently due to its dubious investment methods in the area. The company is currently being investigated for supporting microlenders in Cambodia who used predatory debt collection techniques, such as pressuring borrowers into selling their land, as well as for financing at least 10 new coal-fired power plants in the Philippines between 2011 and 2019, in violation of its own environmental and social protection policies.

Governments from all over the world contribute money to the IFC, and $2.34 billion in equity, loans, and bonds form part of the organization’s financing for East Asia and the Pacific. According to observers, Horowitz will be under intense scrutiny as she steers IFC through the turbulent waters it is now in about its activities in the area.

Horowitz expressed her excitement at the chance to collaborate with the Asia Pacific team at IFC and expressed her eagerness to build on the region’s long history of significant private sector collaborations.

Most recently, Horowitz was the vice president of IFC Asset Management Company’s equity mobilisation section (AMC). The investment expert, who has over 30 years of expertise in the financial industry, formerly worked for the now-defunct financial services company Lehman Brothers before joining IFC.

The company had filed for bankruptcy, the largest business failure in history, after being overrun by dangerous mortgages, sending the global financial system into a tailspin and putting it in danger of collapsing.

In a statement, IFC noted that Horowitz spent more than 20 years working at Lehman Brothers, where she played a key role in the establishment and expansion of the company’s private equity division from 2000 to 2009 in her capacity as managing director and chief administrative officer. She worked on strategy and business planning as a senior vice president in investment banking as well.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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