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,”
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.
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.