Somit Varma has been appointed director of the joint IFC-World Bank Oil, Gas, Mining, and Chemicals Department. In his new role he will serve as global head for all financing and advisory services in the oil, gas, mining, and chemicals sectors. Mr. Varma takes on his new responsibilities after having served as IFC's head for oil and gas.
IFC and the World Bank are members of the World Bank Group. IFC provides equity and loan financing as well as advisory services to the private sector, whereas the World Bank provides funds and advice to governments.
The oil, gas, mining, and chemicals sectors are an integral part of the World Bank Group's efforts to help the private and public sectors in emerging markets develop these resources for maximum impact on development.
“I am pleased to take on this exciting role,” Mr. Varma said. “It is IFC and the World Bank's role to help ensure that the oil, gas, mining, and chemicals industries provide opportunities to the private sector, benefit their host countries, and improve the lives of local people.”
Around the world, about 60 countries are qualified as resource-rich. These countries have experienced comparatively strong economic growth during the last five years, and the likely continuation of this growth offers opportunities for substantial and sustainable progress on development.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
