Chinese national Jin-Yong Cai named new CEO of IFC

Jin-Yong Cai, a Chinese national, has been named the new Executive Vice President and Chief Executive Officer (CEO) of the International Finance Corporation (IFC), the World Bank Group announced August 10, 2012.

“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.

Jin-Yong’s appointment will be effective October 1, 2012, the Group said in a statement.

Accepting the new appointment, Jin-Yong who holds a Bachelor of Science degree from the Peking University and a PhD in Economics from Boston University 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.”

Jin-Yong, who has over 20 years of experience in the financial services industry and has been working with Goldman Sachs, started his career as a Young Professional at the World Bank, where he worked as an Economist in Central Europe and South Asia.

He also had a stint with Morgan Stanley, and later with the China International Capital Corporation.

By Ekow Quandzie