Goldman's Jin-Yong Cai moves to IFC

The World Bank has hired Jin-Yong Cai, a veteran Chinese banker, to head its private-sector investment arm, IFC, which manages $20 billion worth of emerging-market investment projects.

Cai, the former president of Goldman Sachs’s China investment banking division and head of Goldman Sachs Gao Hua Securities, is taking up the role of executive vice-president and chief executive officer at IFC. He is the second Chinese national to hold a senior position at the World Bank group after Lin Yifu, who became the bank’s first chief economist from a developing country in June 2008. He left in June 2012.

The appointment will be effective October 1,...