WB Group Announces Jin-Yong Cai as New Executive Vice President, CEO of the Int'l Finance Corporation

Jin-Yong Cai, a Chinese national with more than 20 years of experience in the financial services industry and development, was announced today as the new Executive Vice President and CEO of IFC, a member of the World Bank Group.

Prior to accepting this appointment, Jin-Yong served as Partner Managing Director in Goldman Sachs Group and Chief Executive of Goldman Sachs China, with extensive involvement in Goldman’s management globally through his membership on the Investment Banking Operations Committee, the Asia Executive Committee, the Growth Markets Committee, the Partnership Committee, and other roles. In this capacity, he has gathered a wealth of experience working with various financial products, and has a proven track record managing highly complex business transactions, demonstrating sound judgment on risk, and forging deep relationships with clients in both developed and developing markets across the globe.

"I am pleased that a world-class financial and development professional like Jin-Yong has decided to bring his considerable talent to the work of the International Finance Corporation," said World Bank Group President Jim Yong Kim. "With his extensive knowledge of global financial markets and investment climates, he'll help IFC identify sound, strategic private sector investments and public-private partnerships that will help reduce poverty and create greater prosperity for people in the developing world."

Jin-Yong started his career as a Young Professional at the World Bank, where he worked as an Economist in Central Europe and South Asia. He then joined Morgan Stanley, and was later seconded to the China International Capital Corporation at its inception. Throughout his career, he has been widely recognized for his role in some of the major transactions in financing, restructuring, and mergers and acquisitions. Jin-Yong holds a Bachelor of Science degree from Peking University and a PhD in Economics from Boston University.

"The private sector has a vital role to play in building prosperity and eradicating poverty in developing countries," Jin-Yong said. "As the world's leading private sector development institution, IFC has done much to create opportunity for people to escape poverty and improve their lives. Much more can be done, and I look forward to working with all of IFC’s stakeholders and clients to build on its impressive record."

IFC is the largest global development institution focused exclusively on the private sector. Its activities help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, IFC's investments reached an all-time high of more than US$20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world's most pressing development challenges.

Jin-Yong's appointment will be effective October 1, 2012.