(CFP)

Chinese banker Cai Jinyong was announced as the new executive vice president and CEO of the International Finance Corp. (IFC), a member of the World Bank Group, on August 10.

Cai will become the first Chinese to take over the position in the history of IFC. Following Justin Yifu Lin, he is another Chinese finance professional to hold a senior position in the World Bank Group. His appointment will come into effect on October 1.

"I am pleased that a world-class financial and development professional like Cai has decided to bring his considerable talent to the work of the IFC," said World Bank Group President Jim Yong Kim.

Cai has more than 20 years of experience in the financial services industry and related development.

IFC is the largest global development institution focused exclusively on the private sector. It is dedicated to helping private sectors in developing countries achieve sustainable growth and reduce poverty for the betterment of people's living conditions.