IFC appoints Thomas Jacobs to lead Iraq and regional private sector investment

The headquarters of the International Finance Corporation (IFC). Photo: AFP Baghdad (IraqiNews.com) – The International Finance Corporation has selected Thomas Jacobs as its new Division Director for Iraq, the Levant, and Yemen, overseeing the World Bank Group’s private-sector development efforts in the area. Jacobs will take over IFC efforts in Iraq, Jordan, Lebanon, Syria, Yemen, the West Bank, and Gaza, following Khawaja Aftab Ahmed after four years in the role. Based in Amman, Jacobs will collaborate with governments, companies, and development partners to increase private capital and employment growth. His top priority will be infrastructure investment, access to credit for small and medium-sized enterprises, digitalization, and water security, as well as establishing conditions for increased private-sector engagement. These sectors are especially important for Iraq as it strives to attract more international investment, diversify its oil-dependent economy, and give private enterprises a bigger role in infrastructure and jobs. Jacobs joined the World Bank Group in 2003 and has held several senior roles in the Middle East and Asia. He previously worked in Cairo and Beirut and most recently served as temporary division director for East Asia and the Pacific after a stint as country manager in Vietnam, Laos, and Cambodia. IFC is the World Bank Group’s private-sector arm, offering investment and consultancy services targeted at mobilizing private resources in emerging countries.