Dakar, Senegal, October 3, 2012 – IFC,
a member of the World Bank Group, will further expand its business in Africa,
reflecting its priority on eradicating poverty and contributing to increased
prosperity globally, said IFC Executive Vice President and CEO Jin-Yong
Cai. On the occasion of his first trip since assuming his new position,
Cai said in Dakar that IFC will leverage its leading innovative global
platform for investments, advisory services, and investment mobilization
to do more in the world’s poorest countries and fragile states.
Cai said, “A long-term strategic commitment
to Sub-Saharan Africa has allowed IFC to become the leading international
financial institution promoting private sector investment. IFC’s global
expertise, local presence, and products and services are meeting the needs
of African private businesses today. IFC is well-positioned to play an
even more vital role in promoting sustainable growth that contributes to
IFC delivered high development impact results
in Sub-Saharan Africa in fiscal year 2012 from both its advisory services
projects and investments, which reached a record $4 billion. IFC supported
infrastructure, health, education, and agribusiness projects in the region,
and strengthened smaller businesses and Africa’s capital markets.
During his visit to Dakar, Cai met several
senior government officials, including President Macky Sall, Prime Minister
Abdoul Mbaye, and Minister of Finance Amadou Kane. He met with clients
across a range of sectors, including those engaged in agribusiness, financial
services and infrastructure projects. He also led a roundtable discussion
with donor partners. Highlighting the needs in Senegal, Cai noted, “Encouraging
private investments in energy, infrastructure, and other areas is an important
way that IFC can help Senegal fill basic needs.”
Jin-Yong Cai began his tenure as IFC EVP
and CEO on October 1, 2012, after a career in investment banking in Asia.
His inaugural trip to Sub-Saharan Africa highlights IFC’s focus and commitment
to the region.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We 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, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
Biography of Jin-Yong Cai
Jin-Yong Cai is Executive Vice President
and CEO of IFC, a member of the World Bank Group and the largest global
development institution focused on private sector development and the fight
Mr. Cai, a Chinese national, joined IFC on
October 1, 2012. He has extensive experience in private sector development
in emerging markets across the globe. He also has deep expertise in a variety
of financial products and industries—and a record of success managing
highly complex business transactions, with clients in developed and developing
markets alike. Throughout his career, he has been recognized for his role
in major transactions in financing, restructuring, and mergers and acquisitions.
Before joining IFC, he worked in the financial
services industry for 20 years. That included 12 years with Goldman Sachs
Group, where he was part of Goldman Sachs’ global leadership team and
its top executive in China. Before that, he held senior positions in Morgan
Stanley’s investment banking division. During his time at Morgan Stanley,
he was seconded to the China International Capital Corporation at the inception
of what has since become one of the country’s largest investment banks.
Mr. Cai, who began his professional career
in the World Bank Group in 1990, has a PhD in economics from Boston University
and a Bachelor of Science degree from Peking University.