WASHINGTON -- The World Bank announced Friday Cai Jinyong, a Chinese national with more than 20 years of experience in the financial services industry and development, is appointed as the new executive vice president and CEO of the International Finance Corporation, a member of the World Bank Group.

"I am pleased that a world class financial and development professional like Jinyong has decided to bring his considerable talent to the work of the International Finance Corporation," World Bank President Jim Yong Kim said in a statement.

"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," he added.

Cai, whose appointment will be effective on Oct 1, 2012, said he looks forward to working with all of IFC's takeholders and clients to build on its impressive record of creating opportunities for people to escape poverty and improve their lives.

According to the statement, Cai started his career as a young professional at the World Bank, where he worked as an economist in Central Europe and South Asia. He then joined Morgan Stanley, and was later seconded to the China International Capital Corporation at its inception.

Prior to accepting this appointment, Cai served as participating managing director in Goldman Sachs Group. He holds a Bachelor of Science degree from Peking University and a PhD in Economics from Boston University.

IFC is the largest global development institution focused exclusively on the private sector. Its activities help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.