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JPMorgan creates development finance institution

JPMorgan Chase & Co. has launched J.P. Morgan Development Finance Institution, which will utilize rules-based criteria in identifying business activities and opportunities that produce financial and developmental returns.

The move aims to expand the company's development-oriented financing activities in emerging markets.

The initiative will be led by Faheen Allibhoy, who most recently worked as country manager at the International Finance Corp.

The head of the company's public sector group and co-head of the infrastructure finance and advisory practice, Daniel Zelikow, will be chairman of the institution's governing board.