Washington, D.C., April 7, 2008—
IFC, a member of the World Bank Group, today announced the appointments of two new vice presidents, Rashad Kaldany and Thierry Tanoh. The appointments strengthen IFC’s capacity to manage its growth and decentralization, deliver strong development impact for clients, and do its part to support the Bank Group’s efforts, particularly in stepping up private sector development in the poorest countries.
As a development organization, IFC continues to broaden the experience and diversity of perspectives within its senior management, a key priority as its business expands and evolves. Each of the new vice presidents brings an outstanding track record of leadership, client service, and adaptability in an increasingly field-based IFC.
Kaldany will become Vice President for the Middle East and North Africa and will also be responsible for IFC’s Global Infrastructure cluster, covering departments that work in infrastructure; information and communications technology; oil, gas, mining, and chemicals; and subnational finance.
Tanoh will become Vice President for Sub-Saharan Africa and will lead IFC’s strategy for the poorest and conflict-affected countries, two of the six strategic themes outlined by World Bank Group President Robert Zoellick. He will also oversee IFC’s European offices in developed countries. Tanoh will be IFC’s first field-based vice president.
“IFC is not only growing, but we are moving closer to our clients, so that we can become more effective where we are needed most,” said IFC Executive Vice President and CEO Lars Thunell. “As our business has become more complex, we need a new management structure and more diverse perspectives to meet these development challenges.”
Kaldany joined IFC in 1988 and has successfully led two industry departments as well as a regional department, the latter while based in the field. He was responsible for creating one of the World Bank Group’s first Global Product Groups in 2000, which integrated IBRD and IFC’s activities in the oil, gas, and chemicals business. He also oversaw the multi-stakeholder extractive industries consultation process and the Bank Group’s follow-up. IFC’s business activity in infrastructure has more than doubled since Kaldany became Director of the Infrastructure Department in March 2007. A native of Syria and a U.S. citizen, Kaldany holds a Ph.D in biochemistry from Colombia University and an MBA from Stanford University.
Tanoh is currently IFC Director for Sub-Saharan Africa and has been a key player in the expansion of IFC’s activities in the region since moving to Johannesburg in 2004. With the Africa team, he helped drive the growth of IFC’s investment activity in the region from $140 million in 2003 to $1.4 billion in 2007. He has also led IFC’s strategy for increasing its presence in the region’s conflict-affected countries. Tanoh joined IFC as an Investment Officer in 1994 and has also worked in Asia, Latin America, and the Chemicals, Petrochemicals, and Fertilizers department. A citizen of Cote d’Ivoire, he holds an MBA from Harvard Business School.
Today’s announcement is part of an ongoing renewal and expansion of IFC’s executive leadership that reflects IFC’s dynamic growth and new opportunities for impact on private sector development. Strategic appointments in the last 18 months have included Michel Maila as Vice President, Risk Management; Jyrki Koskelo as Vice President, Global Financial Markets; and, most recently, Rachel Kyte as Vice President, Advisory Services.
Photographs are available by request.
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit