Washington, D.C., March 17, 2008 – IFC, a member of the World Bank Group, today announced the promotion of Rachel Kyte to Vice President, Advisory Services. The new position makes Kyte responsible for a growing part of IFC’s business that is crucial to helping the least developed countries and those affected by conflict.

“Advisory services are a core business for IFC.  They help us deliver on development impact and are enhancing returns from our investments,” said IFC Executive Vice President and CEO Lars Thunell. “Advisory work is an especially important element of our success in frontier markets,” he added.

IFC provides advisory services to companies and governments to promote sustainable private sector development in places where opportunities for investment are limited. During the last fiscal year, IFC began 349 projects in 84 countries, with the largest share in Sub-Saharan Africa.

“IFC’s investment hallmark has been our ability to bring global solutions to local markets,” said Kyte. “By integrating investment and advisory services, we intend to make a difference in the markets where IFC’s help is needed most.”

Kyte has headed IFC’s Environment and Social Development Department since 2004. She led the introduction of new performance standards and IFC’s expanded disclosure and sustainability policies. She has also played a key role in shaping IFC’s work on mitigating climate change.

Kyte joined IFC’s Office of the Compliance Advisor/Ombudsman in 2000. Before that, she held elected positions in Europe and founded and led nongovernmental organizations specializing in work with women, the environment, health and human rights. She holds an M.A. in International Relations from the Fletcher School of Law and Diplomacy and a B.A. in Politics and History from University of London.

Her appointment will be effective March 31, 2008.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.