Chinese named as new head of World Bank's IFC

Chinese investment banker Jin-yong Cai was named Friday as new chief executive of the International Finance Corporation, the World Bank's rapidly expanding private finance arm. Cai will take responsibility for the World Bank unit that helps private businesses and industries develop in poor and middle income countries, investing some $20 billion in fiscal 2012. He comes to the job from running Goldman Sachs's China investment banking business, as chief executive of Goldman Sachs Gao Hua Securities. He has also worked for Morgan Stanley, China International Capital and, early in his career, at the World Bank as an economist. "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," the World Bank said in a statement. World Bank chief Jim Yong Kim said that with his deep background, Cai "will 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 developing world."