What does it take to build trust across more than 50 countries, structure multi-billion-dollar infrastructure projects, and help shape economic development around the world?
In this episode of Growth Without Referrals, Mark Ferguson sits down with Gabriel España, Managing Director of Iskali Capital Group and former International Finance Corporation (World Bank Group) executive, to explore the role relationships, credibility, and strategic thinking play in complex financial transactions.
Gabriel shares stories from a career spanning global investment banking, project finance, sustainable infrastructure, and development finance. From financing toll roads and power plants in Latin America to affordable housing projects in South Africa, he explains why trust—not pricing—is often what determines whether deals succeed or fail.
The conversation also explores why growth in investment banking is inherently unpredictable, how patience becomes a competitive advantage, and why geopolitical change and artificial intelligence represent both enormous challenges and unprecedented opportunities.
Whether you're an investment banker, business owner, advisor, or executive, this episode offers timeless lessons on leadership, relationships, and building long-term credibility.
In This Episode
- Gabriel's journey from civil engineer to global investment banker
- Lessons learned financing infrastructure projects across more than 50 countries
- Why trust is the foundation of every successful transaction
- Building relationships across different cultures and business environments
- The importance of credibility when entering new markets
- Why the best clients often become lifelong friends
- Managing uncertainty in investment banking and project finance
- Growth as a consequence of disciplined execution—not the objective itself
- How geopolitical change is reshaping global investment
- Why artificial intelligence should augment people—not replace them
- Where Gabriel sees the biggest investment opportunities over the next decade
Key Quotes
"What we sell is trust."
"Growth is a consequence. It's not a need. It's a consequence."
"Every single day is different. Nothing is predictable."
"There are things I don't see in my income statement, but I see them in my heart."
"Technology should leverage human capability—not replace it."
About Gabriel España
Gabriel España is the Managing Director of Iskali Capital Group, where he advises companies on debt and equity financing, strategic capital raising, and development finance initiatives across emerging markets.
Before founding Iskali Capital Group, Gabriel spent more than two decades with the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, leading investments across Latin America, Africa, Asia, and Eastern Europe. Throughout his career, he has worked on complex infrastructure, manufacturing, agribusiness, housing, and sustainability projects in more than 50 countries.
Connect with Gabriel
LinkedIn: https://www.linkedin.com/in/gabrielespana/
Company: https://iskalicapital.com/
About Growth Without Referrals
Growth Without Referrals features conversations with business leaders, investors, advisors, and entrepreneurs who share practical insights on building sustainable businesses beyond word-of-mouth. Each episode explores the strategies, mindset, and lessons that help organizations create predictable growth while maintaining trust and long-term relationships.