When Tradition Meets Technology in Emerging Markets

by Edore Onomakpome?

On a recent trip to Haku, a small town 70km north of Kathmandu in Nepal, I encountered a sight that encapsulated the contrasts of our rapidly evolving world. Beside a traditional water fetching pump stood a modern electric vehicle (EV) charger. The juxtaposition was startling, reminding me that while technology leaps forward, it doesn’t always apply equally.??

Such disparities sometimes highlight the uneven journey of progress. Even as Nepal rapidly embraces EV policy measures to tackle the 36% of greenhouses gas emissions the transport sector accounts for, communities on the brink of the future still rely on traditional solutions to address their needs.??

This is illustrative of the ongoing mix of tradition and transformative economic development witnessed across many emerging markets. For example, Nepal is a net energy exporter during the wet season to India via the Nepal India transmission interconnection. This demonstrates huge and rapid progress as compared with a few years ago, when blackouts were so common. That these circumstances exist, sometimes side-by-side, paints a portrait of how rapidly a nation’s everyday landscape can change when embracing renewable energy, new technology, and sustainable infrastructures.?

My recent appointment as Regional Industry Manager at IFC for Bangladesh, Nepal, and Sri Lanka means that I have the privilege of working even more closely with our clients, partners, and government agencies to drive private sector participation in these countries. From supporting Sri Lanka’s utility scale solar development, to decarbonizing Bangladesh’s garment industry - which supports the livelihoods of over 4 million people, mostly women.?

Working with IFC for over a decade, across Africa and now the Asia Pacific region, I've seen up close the scope of our work and the kind of dialogue necessary to bring on board private sector partners in challenging markets. The impact isn’t always immediate, or it comes with unexpected challenges, which sometimes means making hard choices. But it remains a huge privilege to have the chance to make a difference and impact people’s everyday lives in a material way.?

IFC's work in diverse parts of the world across many countries – indeed continents – is not often heralded, making it a global institution hiding in plain sight. I’m reminded of the breadth of that impact when I return home to Nigeria, a country where the scope and footprint of IFC's work has been felt across many sectors of the economy for over 30 years.??

IFC's strength lies in the patience and value we can bring to our clients and investments. For example, providing pre-investment advisory and financing support, mobilizing private sector capital offering local currency solutions where possible, over customized timelines, with tailor-fit solutions to the needs of each nation’s economy drawn from a truly global perspective. When engaging with clients, we try to be open, constructive, and agile. Once we invest, it’s inspiring to witness how communities, based on their unique circumstances, address challenges, innovate to address obstacles, and put the financing into action. ?

The global development journey certainly isn’t perfect or linear. It has leaps and bounds, shortcuts and long roads. The water pump sitting comfortably next to the EV charger is a metaphor for this journey, reminding us of the need for more rounded growth, where future-facing progress is paired with a foundation that serves all.?