Washington, D.C., March 22, 2010
—IFC, a member of the World Bank Group, today announced that Executive Vice President and CEO Lars Thunell will continue in his leadership position through the end of Fiscal Year 2012.
“Lars has made a significant contribution to our development work, pioneering a series of cutting- edge financing instruments and approaches, and increasing synergies between members of the World Bank Group,” said World Bank Group President Robert Zoellick. “His continued leadership and commitment will help ensure continuity at this critical time as we move ahead on key issues such as voice, capital adequacy, and internal reform.”
Under Thunell’s leadership, IFC expanded investments from $5.7 billion in FY06 to a record $16 billion during FY08. Over the same time period, investments in Africa almost tripled to over $2 billion. Guided by a strategy increasingly focused on development impact, IFC increased the share of projects in the poorest countries to more than half.
“I am honored to continue to lead IFC at an exciting time of change for the institution and growing opportunities to make a difference in developing countries around the world,” Thunell said. “I am very happy to continue to be part of this dedicated and professional team.”
Thunell also integrated three IFC lines of business—Investment Services, Advisory Services, and the new Asset Management Company, which creates a new platform for mobilizing third-party investment for development. Relying upon his experience with Sweden’s banking crisis of the 1990s, he led IFC as it managed through the financial crisis and developed a package of crisis response initiatives.
Thunell joined the World Bank Group on a five-year contract in 2006, after a successful career in the financial services industry. He came to IFC from SEB, a north European commercial and investment bank where he was Chief Executive Officer. He has also been Chief Executive Officer of Trygg-Hansa, a Swedish insurance company and CEO of Securum, Sweden’s agency for resolving bad assets after its banking crisis of the early 1990s. He has held numerous board positions with international companies and nongovernmental organizations.
He graduated with a doctorate from the University of Stockholm and was a research fellow at the Harvard University Center for International Affairs.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
