The World Bank on Friday named Jin-Yong Cai, a Chinese national who worked for Goldman Sachs, to head its private-sector investment arm, placing a candidate from an emerging market country in a key post at the global development lender. The World Bank said it had picked Cai to be executive vice president and chief executive of the International Finance Corp, which invested $20 billion in private-sector projects in developing countries last year. He previously served as a managing director at Goldman Sachs Group (GS.N), and was involved in Goldman's management globally, IFC said in statement. Emerging market countries have long pushed to have more say in the selection process of the heads of the World Bank and the International Monetary Fund. In an unprecedented challenge to the United States' hold on the helm of the World Bank in April, emerging economies insisted they be given a chance at top posts including at IFC, where the tenure of its then chief executive, Swede Lars Thunell, ended in June. Cai's appointment is the first post to be filled by new World Bank President Jim Yong Kim, since he assumed his position on July 1. "With his extensive knowledge of global financial markets and investment climates, he'll help IFC identify sound, strategic private sector investments and public-private partnerships that will help reduce poverty and create greater prosperity for people in the developing world," Kim said in a statement. IFC said Cai will take up his post on October 1.
