March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday.

Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector

Manager for Financial Inclusion, helping IFC to 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, the statement added.

“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying.  “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.”  

According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy.

Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.

Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”.

IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”