February 20, 2024 Source: Information Office of the Ministry of Finance

On February 20, 2024, Washington time, the World Bank announced the appointment of Zhang Wencai as the Executive Vice President and Chief Executive Officer of the World Bank, responsible for institutional strategy, planning, budget, information technology services and sanctions system.  

Zhang Wencai is currently the Vice President of the Export Import Bank of China and the trustee of the International Financial Reporting Standards Foundation. Previously, Zhang Wencai had served as the Vice President of the Agricultural Development Bank of China, the Vice President of the Asian Development Bank, the Director of the Department of International Financial Cooperation of the Ministry of Finance of China, and had rich experience in the field of development.  

Founded in 1945, the World Bank is the largest multilateral development institution in the world. Its mission is to eradicate absolute poverty and promote shared prosperity on a livable planet. Its headquarters are in Washington, USA. Since China resumed its legal seat in the World Bank in 1980, the two sides have maintained good cooperative relations. As the third largest shareholder of the World Bank, China actively supports the World Bank in strengthening its development purpose and institutional capacity through reform to help developing countries cope with global challenges and achieve the UN 2030 Agenda for Sustainable Development.