Chinese national to head World Bank arm

The World Bank has appointed a Chinese national as the head of its private financial arm International Finance Corporation (IFC).

Jin-Yong Cai, with over 20 years of experience in the financial services industry and development, will be the new Executive Vice President and CEO of IFC, an official announcement said.

"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 IFC," said World Bank President Jim Yong Kim.

Kim asserted that with his "extensive knowledge" of global financial markets and investment climates, Jin-Yong will 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.

Prior to this appointment, Jin-Yong had served as the Participating Managing Director in Goldman Sachs Group.

IFC is the largest global development institution and focuses exclusively on the private sector.

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