IFC puts climate at the centre of LatAm development
The IFC’s Latin America head sees local capital markets growth as key to financing sustainability.
The new head of the IFC for Latin America and the Caribbean (LAC) aims to strengthen the cooperation and coordination of development finance institutions (DFIs) operating in the region as it prioritises projects that fight climate change.
“Working with IDB Invest and partnerships with the smaller regional [development] banks in the region, as well as with our sister organisation the World Bank will be super important, and that is all work in progress,” says Martin Spicer, the IFC’s director for LAC, a US national who has 25 years’ experience with the IFC and was most recently the IFC’s director of blended finance.
“I am having conversations to work out where we can do more together,” says Spicer. “We will need to work together to reduce regulatory bottlenecks by applying conditionality, where necessary, to open up investment into sectors, and also working together to identify investible projects and be together to finance them.”
Spicer adds that the challenge to alleviate the impact of climate change and limit global warming has been complicated by the pandemic, which the World Bank estimates caused a decline in regional GDP of 7.9%