World Bank Group announces new director, chief administrative officer

The World Bank Group has announced the appointment of Zhang Wencai as managing director and chief administrative officer. He is expected to officially take office in March.

He will oversee the transformation of the Bank Group's Budget, Planning and Strategy and Information and Technology Services and will manage several corporate units including corporate procurement, general services, security, health and safety, and the Sanctions System.

Zhang comes from the Export-Import Bank of China where he is currently vice-president. He is also serving as a trustee of the International Financial Reporting Standards Foundation, a non-profit organization that promotes international accounting and sustainability standards globally and is governed by a group of trustees.

He has been vice-president of the Agricultural Development Bank of China, vice-president of the Asian Development Bank, and director-general of the Department of International Economic and Financial Cooperation at the Chinese Ministry of Finance.

The ministry said in an online statement that Zhang has rich experiences in development.

It also said that China actively supports the World Bank Group in its reform efforts to strengthen development objectives and institutional capacity, thereby helping developing countries address global challenges and achieve the United Nations' 2030 Sustainable Development Agenda.