J.P. Morgan Launches Development Finance Institution
January 21 2020 - 12:01AM
Business Wire
J.P. Morgan (NYSE: JPM) today announced the creation of the J.P.
Morgan Development Finance Institution (DFI) to expand its
development-oriented financing activities in emerging markets. In
consultation with leading development institutions, J.P. Morgan has
created rules-based criteria to help identify business activities
and opportunities that generate both financial and developmental
returns.
“By defining eligible transactions and anticipating their
impact, we can help attract much-needed private investment to
developing countries,” said Daniel Pinto, Co-President of JPMorgan
Chase and CEO of the Corporate & Investment Bank. “Our aim is
to increase engagement with clients and investors interested in
financing critical projects and transactions in emerging
markets.”
Leading J.P. Morgan’s new effort is Faheen Allibhoy, a seasoned
manager and investment professional with deep experience in
emerging markets and development finance. Allibhoy, who will be
based in New York, had an 18-year career at the International
Finance Corporation, most recently as Country Manager responsible
for operations and client relationships in West Africa. Daniel
Zelikow, Global Head of J.P. Morgan’s Public Sector Group and
Co-Head of the Infrastructure Finance and Advisory practice, will
chair the DFI’s governing board.
“It’s an honor and privilege to join J.P. Morgan’s DFI,” said
Allibhoy. “J.P. Morgan’s global scale, expertise, and suite of
financing capabilities provide an excellent platform to make a real
difference in emerging markets.”
The United Nations estimates that achieving the Sustainable
Development Goals – which seek to address basic infrastructure,
food security, climate change, health, and education – by 2030 will
require $5 to $7 trillion per year, with an annual investment gap
of about $2.5 trillion in developing countries. By galvanizing
private capital towards this ambition, the J.P. Morgan DFI aims to
help narrow the funding gap.
With its newly-launched Development Finance Institution, J.P.
Morgan expects to attract additional investment into emerging
economies – including connecting philanthropic or concessional
funds with private capital to spur investment through blended
finance models. In 2019 alone, J.P. Morgan served clients in 82 of
the 144 World Bank-eligible borrowing countries. The DFI estimates
that J.P. Morgan will be able to finance development activities
valued at more than $100 billion annually from investment banking
transactions alone, with additional contributions from its markets
businesses. The J.P. Morgan DFI intends to work with existing
clients, both governments and those in the private sector, as well
as prospective clients across the capital markets.
To learn more about the J.P. Morgan Development Finance
Institution and its efforts, please visit www.jpmorgan.com/DFI.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader
across banking, markets and investor services. Many of the world’s
largest corporations, governments and institutions entrust us with
their business in more than 100 countries. With more than $26
trillion of assets under custody and $485 billion in deposits, the
Corporate & Investment Bank provides strategic advice, raises
capital, manages risk and extends liquidity in markets around the
world. Further information about J.P. Morgan is available at
www.jpmorgan.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200120005082/en/
Media: Brian Marchiony 1-212-270-7433
brian.j.marchiony@jpmorgan.com
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Aug 2024 to Sep 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Sep 2023 to Sep 2024