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Washington, DC, March 30, 2007
— Rashad Kaldany has been named Director of the Infrastructure Department at IFC, the private sector arm of the World Bank Group. He takes up his new role after directing the World Bank/IFC Oil, Gas, Mining, and Chemicals Department for the past seven years. The new appointment is effective March 31, 2007.
Infrastructure, along with health, education, and local financial markets, is a priority sector for IFC. The Corporation seeks to address constraints to private sector growth and to alleviate the investment shortages that poor and middle-income countries still experience in such basic services as transportation, power, and sanitation. Mr. Kaldany will also be tasked with widening IFC’s investments in renewable energy and energy efficiency.
“I am pleased to take on this exciting role,” Mr. Kaldany said. “Infrastructure is an area where the private sector plays a key role in paving the way for long-term, sustainable economic and social development. I look forward to working with private sector clients, governments, civil society, and all of our other stakeholders.”
In his previous position, Mr. Kaldany oversaw the Extractive Industry Review process that in 2004 led to a reform package to better ensure that the World Bank Group’s oil, gas, and mining projects contribute to development. The Bank Group’s extractive industry investment projects now require that revenues are fully disclosed and that development impacts are clearly defined and tracked thoroughly.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
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