IFC, the private-sector development arm of the World Bank for developing countries, has appointed Martin Holtmann as the new country manager for Bangladesh, Bhutan, and Nepal.
The three South Asian economies, consisting of more than US$600 billion, have a massive potential for private sector development.
Mr Holtmann, who never worked in Asia, will focus on developing new opportunities for private sector investments and increasing IFC's impact investments as the region recovers from the impacts of Covid-19.
Mr Holtmann, a German national, joined IFC in 2007, said a press release.
Prior to his appointment, Holtmann was Global Sector Manager for Financial Inclusion, helping IFC (International Finance Corporation) reach millions of micro, small and medium sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support.
"Martin's background experience will be invaluable as IFC deepens its work in Bangladesh, Bhutan and Nepal," said Hector Gomez Ang, IFC's Regional Director for South Asia.
"This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC's efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery."
Though IFC maintains two teams in Nepal and Bhutan, the country manager and his team usually sit in Dhaka.
Commenting on his new role, Holtmann said, "I am very pleased to be working in Bangladesh, Nepal and Bhutan. These countries have shown remarkable resilience in the face of strong economic headwinds and fiscal pressures and I look forward to redoubling IFC efforts to create markets and promote sustainable development."
