Washington, D.C., March 30, 2006
—The International Finance Corporation, the private sector arm of the World Bank, announced Thursday that it is realigning its operational team of senior managers in order to further enhance Bank Group development effectiveness.
“Given the growth of IFC and the need for greater decentralization, I have decided that the organization needs to be adjusted accordingly. I have proposed a realignment of IFC's operational team of senior managers along regional and industry lines, and our Board of Directors has endorsed this plan. I believe that these appointments will help us in our goal of improved World Bank Group development effectiveness,” said Lars Thunell, IFC Executive Vice President.
The appointments, which will be effective July 1, 2006, are as follows:
Farida Khambata will assume the position of Regional Vice President for Asia and Latin America. Prior to assuming her current role as Vice President for Portfolio and Risk Management, Mrs. Khambata served as Treasurer of the Corporation and as Director of the Central Capital Markets Department. In 1986, she joined IFC from the World Bank, where she had entered as a Young Professional. A search will be conducted for a new Vice President of Risk Management.
Edward Nassim is being promoted to Regional Vice President for Europe, Africa, and the Middle East. He currently serves as Director of IFC's Central and Eastern Europe department. Prior to this position, he was the Director of the Corporate Finance Services department. Mr. Nassim also joined the organization as a Young Professional and spent the early years of his career in investment departments in Africa, the Middle East, and Europe.
Declan Duff is being promoted to the position of Vice President, Industries. For the past 14 months, he has been serving as Acting Vice President of Operations. Prior to that assignment, Mr. Duff headed the Municipal Fund Group. He has held a number of other key positions, including Director of the Infrastructure Department. Mr. Duff joined IFC from the Mellon Bank where he was Vice President, Business Development.
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition 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 FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org.
