WASHINGTON Aug 10 The World Bank on Friday
named Jin-Yong Cai, a Chinese national who worked for Goldman
Sachs, to head its private-sector investment arm, placing a
candidate from an emerging market country in a key post at the
global development lender.
The World Bank said it had picked Cai to be executive vice
president and chief executive of the International Finance Corp,
which invested $20 billion in private-sector projects in
developing countries last year.
He previously served as a managing director at Goldman Sachs
Group, and was involved in Goldman's management globally,
IFC said in statement.
Emerging market countries have long pushed to have more say
in the selection process of the heads of the World Bank and the
International Monetary Fund.
In an unprecedented challenge to the United States' hold on
the helm of the World Bank in April, emerging economies insisted
they be given a chance at top posts including at IFC, where the
tenure of its then chief executive, Swede Lars Thunell, ended in
Cai's appointment is the first post to be filled by new
World Bank President Jim Yong Kim, since he assumed his position
on July 1.
"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," Kim said in a
IFC said Cai will take up his post on Oct. 1.