World Bank Group has appointed Kristalina Georgieva, a Bulgarian national, as the new chief executive of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) effective January 2.

IBRD and IDA are both lending arms for middle-income and poor countries.

Georgieva, a Bulgarian national, held multiple positions at the World Bank Group between 1993 – 2010 focusing on economics and sustainable development. In her last role at the bank she served as vice president (Corporate Secretariat), the interlocutor between the World Bank Group’s senior management, its board and shareholder countries.

After leaving the World Bank Group in 2010, she played an important role in shaping the agenda of the European Commission, first as commissioner for International Cooperation, Humanitarian Aid and Crisis Response, where she managed the world's largest humanitarian aid budget.

Georgieva also served as co-chair of the United Nations Secretary-General's High-Level Panel on Humanitarian Financing, where she pressed for and secured a more effective system to meet the needs of vulnerable people.

Welcoming the appointment, World Bank Group president Jim Yong Kim said: "Kristalina is a globally recognised leader with a proven track record in improving the lives of those most in need. She will be the strongest possible champion for the work of our dedicated staff in addressing the complex challenges faced by our partner countries."

"As Humanitarian Aid Commissioner, Kristalina established herself as a global champion for the concept of resilience,” Kim stated. “Helping countries manage global shocks and threats is at the core of the World Bank Group’s efforts to end poverty and boost shared prosperity," he added.-TradeArabia News Service