Chinese national Jin-Yong Cai will in October become the International Finance Corporation’s (IFC, the World Bank’s private sector arm) executive vice president and chief executive officer, it was announced in August. Cai began his career as a young professional at the Bank. While at investment bank Morgan Stanley, he was seconded to the China International Capital Corporation, one of China’s largest investment banks, before becoming a managing partner at Goldman Sachs. According to Kandaswami Subramanian at the think tank South Asia Analysis Group, “A senior post in the IFC will enhance [China’s] influence and, in particular, promote its capability to deploy its foreign exchange reserves.” Cai’s appointment is effective as of October.
20 August 2012
World Bank & IMF in the news
From South Africa to Tunisia, Libya and Egypt, the Bank and Fund have demonstrated they are not appropriate allies to address the scale of the crisis the world is facing, especially, given their record.