Dakar, Senegal, October 3, 2012 –
IFC, a member of the World Bank Group, will further expand its business in Africa, reflecting its priority on eradicating poverty and contributing to increased prosperity globally, said IFC Executive Vice President and CEO Jin-Yong Cai. On the occasion of his first trip since assuming his new position, Cai said in Dakar that IFC will leverage its leading innovative global platform for investments, advisory services, and investment mobilization to do more in the world’s poorest countries and fragile states.
Cai said, “A long-term strategic commitment to Sub-Saharan Africa has allowed IFC to become the leading international financial institution promoting private sector investment. IFC’s global expertise, local presence, and products and services are meeting the needs of African private businesses today. IFC is well-positioned to play an even more vital role in promoting sustainable growth that contributes to poverty eradication.”
IFC delivered high development impact results in Sub-Saharan Africa in fiscal year 2012 from both its advisory services projects and investments, which reached a record $4 billion. IFC supported infrastructure, health, education, and agribusiness projects in the region, and strengthened smaller businesses and Africa’s capital markets.
During his visit to Dakar, Cai met several senior government officials, including President Macky Sall, Prime Minister Abdoul Mbaye, and Minister of Finance Amadou Kane. He met with clients across a range of sectors, including those engaged in agribusiness, financial services and infrastructure projects. He also led a roundtable discussion with donor partners. Highlighting the needs in Senegal, Cai noted, “Encouraging private investments in energy, infrastructure, and other areas is an important way that IFC can help Senegal fill basic needs.”
Jin-Yong Cai began his tenure as IFC EVP and CEO on October 1, 2012, after a career in investment banking in Asia. His inaugural trip to Sub-Saharan Africa highlights IFC’s focus and commitment to the region.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We 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, our 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. For more information, visit
www.ifc.org
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Biography of Jin-Yong Cai
Jin-Yong Cai is 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 and the fight against poverty.
Mr. Cai, a Chinese national, joined IFC on October 1, 2012. He has extensive experience in private sector development in emerging markets across the globe. He also has deep expertise in a variety of financial products and industries—and a record of success managing highly complex business transactions, with clients in developed and developing markets alike. Throughout his career, he has been recognized for his role in major transactions in financing, restructuring, and mergers and acquisitions.
Before joining IFC, he worked in the financial services industry for 20 years. That included 12 years with Goldman Sachs Group, where he was part of Goldman Sachs’ global leadership team and its top executive in China. Before that, he held senior positions in Morgan Stanley’s investment banking division. During his time at Morgan Stanley, he was seconded to the China International Capital Corporation at the inception of what has since become one of the country’s largest investment banks.
Mr. Cai, who began his professional career in the World Bank Group in 1990, has a PhD in economics from Boston University and a Bachelor of Science degree from Peking University
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