HARARE, Oct 10 (BERNAMA-NNN-NEW ZIANA) — The World Bank Group (WBG) has appointed Andrew Bvumbe of Zimbabwe to the post of Executive Director of the global lender’s Africa Group 1 Constituency, becoming the first Zimbabwean to hold that post in the bank’s history.
Bvumbe will represent 22 sub-Saharan African countries on the WBG board of executive directors, including Botswana, Burundi, Gambia, Ethiopia, Sierra Leone, South Sudan, Mozambique and Zimbabwe.
Finance Minister Patrick Chinamasa said here Sunday that Bvumbe was elected at the Africa Group 1 Constituency meeting held on the margins of the ongoing 2016 International Monetary Fund (IMF) and World Bank annual meetings in Washington in the United States.
“His tenure will run from Nov 1, 2016 to Oct 31 2018,” the Minister said.
Prior to his appointment, Mr Bvumbe was the Alternate Executive Director in the WBG board of executive directors representing the same constituency.
The executive directors are responsible for the conduct of the general operations of the bank, including providing overall guidance to management on strategic directions and on corporate regional and country level thematic issues.
The board also exercises oversight over operational, financial and institutional matters including the approval of the use of financial resources by all WBG entities.
Chinamasa hailed the appointment, and said it came at an opportune time when Zimbabwe was vigorously pursuing a re-engagement process with global lenders.
“The government of the Republic of Zimbabwe welcome Mr Bvumbe’s appointment which comes at a very critical time during Zimbabwe’s ongoing re-engagement programme with the Bretton Woods Institutions and the African Development Bank,” he said.
The executive directors are also charged with representing the interests and concerns of their constituency countries to the board and the bank’s management as well as the fiduciary responsibility to act in the best interest of the organization as a whole.
— BERNAMA-NNN-NEW ZIANA