WASHINGTON, August 10,
2012—Jin-Yong Cai, a Chinese national with more than 20 years
of experience in the financial services industry and development, was announced
today as the new Executive Vice President and CEO of IFC, a member
of the World Bank Group.
Prior to accepting this appointment, Jin-Yong served as Participating
Managing Director in Goldman Sachs Group and Chief Executive of Goldman
Sachs Gao Hua, with extensive involvement in Goldman’s management globally
through his membership on the Investment Banking Operations Committee,
the Asia Executive Committee, the Growth Markets Committee, the Partnership
Committee, and other roles. In this capacity, he has gathered a wealth
of experience working with various financial products, and has a proven
track record managing highly complex business transactions, demonstrating
sound judgment on risk, and forging deep relationships with clients in
both developed and developing markets across the globe.
“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 the International Finance Corporation,” said World Bank Group
President Jim Yong Kim. “With his extensive knowledge of global
financial markets and investment climates, he’ll 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
Jin-Yong started his career as a Young Professional at the World Bank,
where he worked as an Economist in Central Europe and South Asia. He then
joined Morgan Stanley, and was later seconded to the China International
Capital Corporation at its inception. Throughout his career, he has been
widely recognized for his role in some of the major transactions in financing,
restructuring, and mergers and acquisitions. Jin-Yong holds a Bachelor
of Science degree from Peking University and a PhD in Economics from Boston
“The private sector has a vital role to play in building prosperity and
eradicating poverty in developing countries,” Jin-Yong said.
“As the world’s leading private sector development institution, IFC
has done much to create opportunity for people to escape poverty and improve
their lives. Much more can be done, and I look forward to working with
all of IFC’s stakeholders and clients to build on its impressive record.”
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 capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, IFC’s 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.
Jin-Yong’s appointment will be effective October 1, 2012.