Gevorg Sargsyan, who has been serving as the World Bank Country Manager for the Maldives since 2023, has now assumed an expanded portfolio, overseeing all arms of the World Bank Group operating in the country. This includes the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), marking a shift towards unified leadership in supporting the Maldives’ public and private sector priorities.
This consolidation is part of a broader institutional effort by the World Bank Group to streamline its country-level operations, with the Maldives joining a cohort of 41 countries implementing a single Country Manager or Resident Representative structure across its constituent institutions: the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), IFC, and MIGA.
The unified representation aims to provide a single access point for stakeholders in the Maldives to engage with the full range of World Bank Group services, combining public sector development initiatives with private sector investment and risk mitigation tools. The approach is intended to enhance efficiency and foster deeper, more impactful partnerships.
An Armenian national, Sargsyan brings over two decades of experience with the World Bank. Since joining in 2000, he has held senior positions including Country Manager for Ukraine and Belarus, Manager of Operations for Southeast Asia, and Global Lead for Clean Energy. He currently also serves as the World Bank Group’s Country Manager for Sri Lanka.
The leadership consolidation comes as the World Bank Group continues to implement its Country Partnership Framework (CPF) for the Maldives for 2024–2027. The CPF outlines a strategic focus on strengthening fiscal and climate resilience, enhancing access to economic opportunities, and improving outcomes in education and health to encourage private sector-led growth and broader economic transformation.
The World Bank Group sees the Maldives as a country with strong potential for private sector-led development, particularly in areas beyond tourism, such as renewable energy and services. While economic growth remains robust, the country faces ongoing fiscal and external vulnerabilities that require a coordinated approach to development and investment.
With the unified leadership under Sargsyan, the World Bank Group aims to play a more agile and responsive role in addressing these challenges, promoting job creation, and supporting a more inclusive, sustainable, and climate-adaptive economic model.
