JPMorgan’s fresh idea for development finance
The bank’s new Development Finance Institution could move the needle in helping developing economies meet the UN’s sustainable development goals. Euromoney talks to managing director Faheen Allibhoy and chair of the governing board Daniel Zelikow.
It was working as the International Finance Corporation’s representative in Senegal’s capital, Dakar that gave Faheen Allibhoy, head of JPMorgan’s newly established Development Finance Institution (DFI), a sense of the potential assistance that the private sector could offer in driving economic growth.
She saw that development dollars alone could not help Senegal exit the trap of mediocre growth and high poverty, nor help its government leverage the discovery of oil in 2014; its ticket to prosperity.