Hon. Dato Dr. Amin Liew Abdullah, Minister at the Prime Minister's Office and Minister of Finance and Economy II of Brunei Darussalam remotely signing IFC's Articles of Agreement signature-page.
Bandar Seri Begawan, December 16, 2021 – Brunei Darussalam has officially joined IFC, the largest global development institution focused on the private sector in emerging markets.
Brunei Darussalam is located on the north coast of the island of Borneo. Since gaining its independence in 1984, the kingdom has joined various regional and international organizations, including the World Bank Group's International Bank for Reconstruction and Development (IBRD), the Association of Southeast Asian Nations (ASEAN), and the United Nations.
High-income countries such as Brunei Darussalam can play a key role in tackling global development challenges, also by empowering their private sector to expand across developing countries, creating jobs and lifting people out of poverty.
Drawing on its vast client and partner network, IFC can help Brunei Darussalam's private sector identify and undertake attractive investment opportunities, both regionally and globally boosting green, resilient, and inclusive growth in emerging markets around the world. Such opportunities would also support Brunei Darussalam in entering global value chains and pursuing its ambitions to diversify its economy and move to a more sustainable and inclusive growth path.
"Brunei Darussalam is actively undertaking a series of economic transformations as we strive to expand our economy. With it, comes a lot of opportunities to collaborate. We see IFC as one of our potential development partners and look forward to its presence and participation in our ambitious agenda," said Hon. Dato Dr. Amin Liew Abdullah, Minister at the Prime Ministers' Office and Minister of Finance and Economy II.
"We are delighted to welcome Brunei Darussalam as IFC's 186th member," said Alfonso Garcia Mora, IFC's Regional Vice President for Asia and the Pacific. "We look forward to working closely with Brunei Darussalam to further empower its private sector to create new opportunities across Southeast Asia and globally, supporting us in our goal to end extreme poverty and boost shared prosperity."
IFC's Country Manager for Brunei Darussalam and Singapore, Nicolas Marquier, added that building resilient, sustainable, and inclusive economies is IFC's biggest priority, particularly as the world grapples with the dual crises of COVID-19 and climate change. "Brunei Darussalam joining IFC is a timely development, allowing us to work jointly together as we tackle pressing development challenges."
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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