WASHINGTON, D.C., November 11, 2015—Philippe Le Houérou, a French national with more than 31 years of experience in international finance, development, public-private partnerships, and policy dialogue, was named today as the new 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.

Le Houérou is currently Vice President for Policy and Partnerships at the European Bank for Reconstruction and Development (EBRD). He previously enjoyed a long and successful career at the World Bank Group, where his last role was as Vice President for the South Asia Region until 2014.

“I’m very pleased that Philippe is coming back to the World Bank Group to lead IFC,” said World Bank Group President Jim Yong Kim. “Few professionals have his breadth of geographic experience and knowledge of regional markets. Philippe will bring his outstanding intellectual, managerial, client, and strategic skills to IFC. He and his team will identify private sector investments that will help create jobs and grow economies in the developing world that benefit everyone, especially the poor and vulnerable.”

Le Houérou said: “I deeply believe in the mission of the World Bank Group, and for me the most important factor in fighting poverty is to promote economic growth, which will come largely from the private sector. There’s no doubt in my mind that IFC’s work with the private sector is critically important to create jobs, to fight climate change, and to tackle the key global challenges of our times. It will be an honor and a privilege to lead IFC in the coming years.”

After working in banking in the private sector, Le Houérou initially joined the World Bank Group as a Young Professional, which included work in IFC investment operations in East Asia. His last job in the Bank was regional Vice President for South Asia, where he more than doubled lending, improved disbursement, and developed a new regional strategy that focused on stronger analytical work and policy dialogue. Before that, he was Vice President for Europe and Central Asia, where he led the region's response to the global financial crisis and ramped up analytical and advisory work, including innovative reimbursable advisory services to provide cutting-edge knowledge on key policy challenges for the region as well as in euro-zone countries.

Le Houérou has held other key leadership positions across the World Bank, including Vice President of Concessional Finance and Global Partnerships; Acting Vice President and Chief Information Officer; Director of Finance and Resource Mobilization. In addition, he served as Resident Representative in Madagascar.

IFC is the largest global development institution focused exclusively on the private sector. Its activities help developing countries achieve sustainable growth by financing investment, mobilizing and managing third-party capital, and providing advisory services to businesses and governments. In FY15, IFC’s investments totaled nearly $18 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.

Born in Montpellier, France, Le Houérou grew up in North Africa and Italy and went on to attend the Institut d'Etudes Politiques de Paris followed by an MBA at Columbia University and a Ph.D in International Economics from the Institut d'Etudes Politiques de Paris.

For more information, please visit: http://www.ifc.org/

About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of five institutions: the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Working together in more than 100 countries, these institutions provide financing, advice, and other solutions that enable countries to address the most urgent challenges of development. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.