IFC, a member of the World Bank Group and the largest global development institution focused on private sector development, has named Philippe Le Houérou as new Executive Vice President and CEO.

Le Houérou has over 31 years of experience in international finance, development, public-private partnerships, and policy dialogue.

He joins IFC from the European Bank for Reconstruction and Development (EBRD), where he served as Vice President for Policy and Partnerships.

Commenting on his appointment, Le Houérou said: “I deeply believe in the mission of the World Bank Group, and for me the most important factor in fighting poverty is to promote economic growth, which will come largely from the private sector.”

“There’s no doubt in my mind that IFC’s work with the private sector is critically important to create jobs, to fight climate change, and to tackle the key global challenges of our times. It will be an honor and a privilege to lead IFC in the coming years,” he added.

He previously enjoyed a long and successful career at the World Bank Group, where his last role was as Vice President for the South Asia Region until 2014, where he more than doubled lending, improved disbursement, and developed a new regional strategy that focused on stronger analytical work and policy dialogue.

Before that, he was Vice President for Europe and Central Asia, where he led the region's response to the global financial crisis and ramped up analytical and advisory work, including innovative reimbursable advisory services to provide cutting-edge knowledge on key policy challenges for the region as well as in euro-zone countries.

Le Houérou has held other key leadership positions across the World Bank, including Vice President of Concessional Finance and Global Partnerships; Acting Vice President and Chief Information Officer; Director of Finance and Resource Mobilization.

In addition, he served as Resident Representative in Madagascar.

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 and managing third-party capital, and providing advisory services to businesses and governments.

In FY15, IFC’s investments totaled nearly $18bn, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.

“I’m very pleased that Philippe is coming back to the World Bank Group to lead IFC,” said World Bank Group President Jim Yong Kim.

“Few professionals have his breadth of geographic experience and knowledge of regional markets. Philippe will bring his outstanding intellectual, managerial, client, and strategic skills to IFC. He and his team will identify private sector investments that will help create jobs and grow economies in the developing world that benefit everyone, especially the poor and vulnerable,” he said.