ImpactAlpha, Jan. 24 – Most development finance institutions are government-owned entities seeking to mobilize capital from banks and other private investors. Now a major bank is creating its own development finance institution (inside its corporate and investment bank) to help governments mobilize capital for the U.N.’s Sustainable Development Goals.
To help it cross sectors, JP Morgan Chase chose a longtime development-finance professional to reach its goal of more than $100 billion a year in development-related investment banking transactions. After 18 years at International Finance Corp., Faheen Allibhoy says, “J.P. Morgan’s global scale, expertise, and suite of financing capabilities provide an excellent platform to make a real difference in emerging markets.”
At the IFC, Allibhoy has overseen the bank’s work in Senegal, Cape Verde, The Gambia, Mauritania, and Guinea Bissau and spearheaded efforts in renewable energy, technology, manufacturing, infrastructure and private equity. She has lived in six countries: Pakistan, the UAE, Cyprus, the U.K., Phillippines, and the U.S. And she has crossed sectors before, having joined IFC after working as an investment banker at Merrill Lynch.
Allibhoy starts her job Feb. 1 with the clock ticking. The global development community estimates an additional $2.5 trillion is needed each year in order to meet the SDGs by 2030.
In a statement, the bank said it expects to attract additional investment into emerging economies – including through blended finance models that connect philanthropic or concessional funds with private capital.
