Maldives seeks greater IFC engagement to develop private sector

The Maldivian government and the International Finance Corporation (IFC) engaged in discussions on Wednesday, focused on enhancing the global financial institution’s engagement in the development of Maldives’ private sector.

The discussions took place in a meeting between Maldivian Finance Minister Dr. Mohamed Shafeeq and IFC’s Country Manager for Sri Lanka and Maldives, Alejandro Alvarez de la Campa at the Finance Ministry office in Male’.

According to the Finance Ministry, the discussions focused on IFC's advisory services and enhancing the institution’s engagement in the Maldives' private sector development.

De la Campa was appointed as the IFC’s Country Manager for Sri Lanka and Maldives in December 2022.

Following his appointment, De la Campa said his top priority would be to strategically lead IFC's investment and advisory engagements in Maldives, pushing for stronger, progressive steps towards improving private sector-led growth, which can deliver jobs and opportunities for people in Maldives.

He expressed keenness to deepen IFC’s partnerships in Maldives to diversify the institution’s investments and support private sector-led growth, while also paving the path towards a greener, resilient and inclusive future for the benefit of the country's people.

He also said that while boosting tourism – Maldives’ main economic driver - is a key priority, the IFC is also looking at opportunities to promote inclusion through models of digital finance, improving access to financial services for micro, small and medium businesses, creating more and better opportunities for Maldivians.

IFC has played a role in supporting the private sector of Maldives since 1983.

A member of the World Bank, IFC is the largest global development institution focused on the private sector in in developing countries, offering investment, advisory, and asset-management services.