Beijing, China, November 6, 2023—IFC, a member of the World Bank Group, has appointed Jack Sidik as Country Manager for China, Mongolia, and Korea. This move reassures IFC's commitment to drive sustainable and inclusive private sector solutions with clients and partners in the three countries.
Based in Beijing, Sidik will manage investment and advisory programs that support climate projects, micro, small, and medium-sized enterprises (MSMEs), women and farmers. In Mongolia, he will especially focus on promoting sustainable mining and economic diversification. In Korea, his priorities include engaging with Korean development partners and encouraging sustainable cross-border investments in emerging markets.
"Overlapping global crises have deepened inequalities and erased years of development gains in our region. The green transition in China, Mongolia, and Korea is critical to the region's growth and prosperity," said Kim-See Lim, IFC's Regional Director for East Asia and the Pacific. "Sidik's leadership and extensive experience will be key to implementing our strategies and supporting the countries in achieving their ambitious climate and development goals."
An Indonesian national, Sidik brings about 30 years of professional experience in the financial sector. He first joined IFC in 2008 as Investment Officer in the infrastructure department and rejoined IFC as Senior Country Officer for Indonesia and Timor-Leste in 2018. Prior to IFC, he held various senior positions in leading financial institutions such as Natixis and DBS. Sidik has also served as Financial Advisor to the Indonesian Bank Restructuring Agency during the 1998 Asian Financial Crisis
"While China has achieved tremendous development gains, a significant number of people remain vulnerable. Climate change also poses a significant threat to China's long-term growth and prosperity, "said Sidik. "IFC has a strong track record of promoting innovations that address some pressing development challenges in China, Mongolia, and with Korean partners in emerging markets. I look forward to working with our teams to expand sustainable solutions for those who need them the most."
China is IFC's fourth largest portfolio country and one of IFC's largest syndication partners. As of September 30, 2023, IFC's committed portfolio in China stood at $3.4 billion across key sectors, such as blue and green finance, microfinance, waste management, agribusiness, and health care. In Mongolia, IFC's committed investment portfolio stood at around $671 million across key sectors such as mining, banking, microfinance, green finance, and service. Since IFC re-established its presence in Korea in 2014, IFC has provided financing worth over $7 billion to over 140 cross-border projects involving Korean partners and banks.
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 2023, IFC committed a record $43.7 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 global compounding crises. For more information, visit www.ifc.org.
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