JP Morgan Development Finance Institution launched

JP Morgan has announced the creation of the JP Morgan Development Finance Institution, a DFI designed to expand the bank's development-oriented funding activities in emerging markets. It will be led by Faheen Allibhoy, who will be based in New York. Allibhoy had an 18-year career at the IFC, most recently as country manager responsible for operations and client relationships in West Africa. Daniel Zelikow, global head of JP Morgan’s Public Sector Group and co-head of the Infrastructure Finance and Advisory practice, will chair the DFI’s governing board.

JP Morgan - in consultation with development institutions - has created rules-based criteria to help identify business activities and opportunities that generate both financial and developmental returns. The DFI intends to work with existing clients, both governments and those in the private sector, as well as prospective clients across the capital markets.