Prior to establishing the group, Mr Elwan held a number of senior positions at the World Bank during his nineteen years with the institution. His professional career was primarily focused on the development of infrastructure, energy, and the private sector in the emerging economies of Europe, the Middle East, North Africa, and South Asia.
His last position at the bank was that of manager for private sector development and privatisation. In that role, Mr Elwan developed the Energy Development Fund in Pakistan. Established under the aegis of the World Bank bank to provide financing for private sector projects in the energy sector, the fund raised $600 million which, in turn, generated an additional $2.6 billion in equity and commercial debt to finance about 3,000MW of privately-owned power generation capacity.
At the World Bank, Mr Elwan was also responsible for the design of Enhanced Co-Financing, the first instrument provided by the institution to support projects financed under limited recourse by guaranteeing the performance of host governments. ECO instruments successfully attracted financing for major power projects in countries such as Pakistan and China.
Prior to joining the World Bank in 1976, Mr Elwan was a senior economist at Ontario Hydro and Shell Canada. Before that, he taught at a number of universities in the US and Canada. Mr Elwan has degrees in Engineering and Economics.
Mr Elwan has written two books on restructuring the energy sector in former Yugoslavia and Jordan. His articles on project finance have appeared in numerous publications, including the Financial Times, Project Finance International, Infrastructure Finance, the Middle East Economic Digest (MEED), Project and Trade Finance, Power in Asia, and the Far Eastern Economic Review.
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