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Rachel Kyte has been named as the new director of IFC’s Environment and Social Development Department. She was formerly principal specialist to the Compliance Advisor/Ombudsman, which serves IFC and the Multilateral Investment Guarantee Agency, as well as a senior official at IUCN—The World Conservation Union.
“Rachel stood out in a very strong, competitive field of top environmental and social advocates, said Peter Woicke, IFC’s executive vice president. “She is committed to the Corporation’s strategy of mainstreaming, the update of IFC’s safeguard policies and disclosure policy, and continuing a strong corporate role in environmental and social assurance.”
Ms. Kyte was instrumental in establishing the Compliance Advisor’s office and building the first ombudsman service at an international financial institution, to mediate complex technical environmental and social disputes among a wide range of constituents. Before joining IFC, she worked for IUCN as multilateral policy advisor, representative to the European Union, and senior advisor on gender. She has also acted as an advisor and on boards of institutions dealing with the environment, health, and human rights and is the author of a number of publications on environmental, social, gender, and development policy.
The mission of IFC (
www.ifc.org
) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY03, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY03 was $16.8 billion for its own account and $6.6 billion held for participants in loan syndications.
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