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World Bank Group President appoints Egyptian Investment Minister as Managing Director

September 8, 2010

PARIS,September 8, 2010—World Bank Group President Robert B. Zoellick today appointedEgyptian Investment Minister Mahmoud Mohieldin Managing Director of the WorldBank Group.

“Mahmoud Mohieldin hasproven himself a tireless reformer whose work on economic and financial reformhelped Egypt weather the global financial crisis.  An outstanding young leader,  his first hand experience of development and ofthe World Bank -- both as Minister and as World Bank Governor -will serve uswell as we undertake our own reform program and scale-up our client focus,” said Zoellick.

In his role as ManagingDirector, Mr. Mohieldin will oversee the offices leading the Bank’s Knowledgedevelopment including: Finance and Private Sector Development;Sustainable Development; Poverty Reduction and Economic Management; HumanDevelopment; and the World Bank Institute. Mr. Mohieldin has been a leadingclient of the Bank’s Arab World Initiative and he will continue to innovate andimprove this work.

 I look forward tojoining this dynamic institution in supporting the enhancement of sustainableand inclusive growth of developing economies. At this critical juncture, wheninstability and successive crises have afflicted world systems and economies,the importance of the World Bank’s mission and presence has become moreapparent than ever before,” said Mohieldin. “TheWorld Bank’s mission to eradicate poverty and promote social and genderjustice, as well as pursue economic progress while enhancing capacities andempowering people, is one that I profoundly share.”

 Mr. Mohieldin has servedas the Egyptian Minister of Investment since 2004. As minister, he led acomprehensive structural and regulatory reform program to modernize andliberalize the Egyptian economy in three critical areas - leveraging privateinvestment for growth and job creation; enhancing access to non-bank financialservices; and implementing a successful asset management program of publicenterprises.

 “Mahmoud Mohieldin’soutstanding track-record of results in reform, modernization, andknowledge-generation make him supremely well-suited to this position,” said Zoellick. 

 Mohieldin hasestablished a global reputation for effective and strategic management andbuilt an outstanding record of results including: creating an effective singleregulator for the non-bank financial sector; building a stock-market for smalland medium sized enterprises; consolidating and liberalizing the insurancesector and enhancing its regulatory framework; and developing the mortgagefinance market and launching Egypt’s first liquidity facility for mortgagerefinance. 

 He is also responsiblefor creating the first Institute of Directors in the Arab World, and producingthe first Arabic Code of Conduct for corporate governance and introducingguidelines for corporate social responsibility.  As a result of his leadership, Egypt was namedTop Reformer for four years in the Doing Business Report and was top regionalrecipient of foreign direct investment.

 Mr. Mohieldin holds aPh.D.in Economics from the University of Warwick, UK; a Masters in Social andEconomic Policy Analysis from the University of York, UK; a Diploma ofQuantitative Development Economics from the University of Warwick; and a B.Sc.in Economics from Cairo University.

 Mr. Mohieldin will jointhe Bank on October 4, 2010.


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