Philippe Le Houérou is set to leave the European Bank for Reconstruction and Development (EBRD) and rejoin the World Bank Group as the IFC’s new Executive Vice President and CEO. He left the World Bank in 2014 after a long career, culminating in the role of Regional Vice President for South Asia. He is currently the Vice President for Policy and Partnerships at the EBRD.
In his last role at the World Bank, he more than doubled lending, improved disbursement and was successful in developing a new regional strategy that focused on stronger analytical work and policy dialogue. Prior to that he had been the Bank’s regional Vice President for Europe and Central Asia, where, among other things he led the region’s response to the global financial Crisis.
“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…”
IFC is the world’s largest development finance institution, and made almost $18 billion-worth of investments during the last fiscal year. With a goal to help developing countries achieve sustainable growth, the DFI finances investment, mobilizes third-party capital and provides governments and businesses with advisory services.
“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,” said Le Houérou. “It will be an honor and a privilege to lead IFC in the coming years.”