In his new position, Prosper will oversee IFC’s Investment and Advisory Services operations in 79 countries, where IFC has a combined investment portfolio of $17 billion and Advisory Services programs worth $286 million across the two regions.
“Our activities in Latin America and the Caribbean and Sub-Saharan Africa are critical to IFC’s global business and we will build on our success in these regions to have a more significant impact on poverty elimination through private sector development,” says Prosper.
“Our focus in Latin America and the Caribbean is to promote inclusive economic growth, regional integration, innovation to improve competitiveness and climate change mitigation,” Prosper said. This region accounts for the largest share of IFC global commitments—24 percent in fiscal year 2012, with $5 billion in financing for 134 new private sector projects. Through its Advisory Services IFC executed 79 projects worth $82 million at the end of the last fiscal year. IFC carries out its business in LAC from 16 offices.
“In Africa IFC is a major regional investor. We will further grow our Investment and Advisory Services, especially in fragile and conflict affected states and through regional and national projects that have potential to positively transform development in Africa,” says Prosper.
During its 2012 fiscal year, IFC’s investments grew 44 percent to $4 billion and saw major inroads in its priority sectors of infrastructure and agribusiness.
Nearly all of IFC’s 123 Advisory Services programs worth $204 million in Sub-Saharan Africa were carried out in the region’s poorest countries and more than a quarter of it in fragile and conflict-affected states. IFC executes its business in Sub-Saharan Africa from 21 offices.
Until his appointment, Prosper was IFC’s Director for Latin America and the Caribbean. From July 2008 to August 2012, he was the Director for Eastern and Southern Africa and a co-director of the Africa department. During his tenure with the Africa department, IFC’s investment grew from $140 million in fiscal year 2003 to $4 billion in fiscal year 2012.