| World Bank Group President appoints Egyptian Investment Minister as Managing Director |
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09/09/2010 11:08 (521 Day 08:57 minutes ago) | |||||
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The FINANCIAL -- World Bank Group President Robert B. Zoellick on September 8 appointed Egyptian Investment Minister Mahmoud Mohieldin Managing Director of the World Bank Group.
“Mahmoud Mohieldin has proven himself a tireless reformer whose work on economic and financial reform helped Egypt weather the global financial crisis. An outstanding young leader, his first hand experience of development and of the World Bank -- both as Minister and as World Bank Governor -will serve us well as we undertake our own reform program and scale-up our client focus,” said Zoellick.
"In his role as Managing Director, Mr. Mohieldin will oversee the offices leading the Bank’s Knowledge development including: Finance and Private Sector Development; Sustainable Development; Poverty Reduction and Economic Management; Human Development; and the World Bank Institute. Mr. Mohieldin has been a leading client of the Bank’s Arab World Initiative and he will continue to innovate and improve this work," World Bank said.
“I look forward to joining this dynamic institution in supporting the enhancement of sustainable and inclusive growth of developing economies. At this critical juncture, when instability and successive crises have afflicted world systems and economies, the importance of the World Bank ’s mission and presence has become more apparent than ever before,” said Mohieldin. “The World Bank ’s mission to eradicate poverty and promote social and gender justice, as well as pursue economic progress while enhancing capacities and empowering people, is one that I profoundly share.”
Mr. Mohieldin has served as the Egyptian Minister of Investment since 2004. As minister, he led a comprehensive structural and regulatory reform program to modernize and liberalize the Egyptian economy in three critical areas - leveraging private investment for growth and job creation; enhancing access to non-bank financial services; and implementing a successful asset management program of public enterprises.
“Mahmoud Mohieldin’s outstanding track-record of results in reform, modernization, and knowledge-generation make him supremely well-suited to this position,” said Zoellick.
Mohieldin has established a global reputation for effective and strategic management and built an outstanding record of results including: creating an effective single regulator for the non-bank financial sector; building a stock-market for small and medium sized enterprises; consolidating and liberalizing the insurance sector and enhancing its regulatory framework; and developing the mortgage finance market and launching Egypt’s first liquidity facility for mortgage refinance.
He is also responsible for creating the first Institute of Directors in the Arab World, and producing the first Arabic Code of Conduct for corporate governance and introducing guidelines for corporate social responsibility. As a result of his leadership, Egypt was named Top Reformer for four years in the Doing Business Report and was top regional recipient of foreign direct investment.
Mr. Mohieldin holds a Ph.D.in Economics from the University of Warwick, UK; a Masters in Social and Economic Policy Analysis from the University of York, UK; a Diploma of Quantitative Development Economics from the University of Warwick; and a B.Sc. in Economics from Cairo University.
Mr. Mohieldin will join the Bank on October 4, 2010.
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