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Mr Andrew Ndaamunhu Bvumbe

Business Editor
A ZIMBABWEAN, Mr Andrew Ndaamunhu Bvumbe, has been elected the new executive director of the World Bank, Africa Group 1 Constituency.

He becomes the first Zimbabwean to occupy such a high ranking position in the 70-year history of the World Bank.

Finance and Economic Development Minister Patrick Chinamasa announced the election of Mr Bvumbe in a statement yesterday.

“Mr Bvumbe was elected at the Africa Group 1 Constituency meeting held on 6th October, 2016 in Washington DC, USA on the margins of the 2016 annual meetings of the IMF/World Bank,” said Minister Chinamasa.

“His tenure will run from November 1, 2016 to October 31, 2018.”

Minister Chinamasa said the Government welcomed the appointment of Mr Bvumbe, “which comes at a critical time during Zimbabwe’s on-going re-engagement programme with the Bretton Woods Institutions and the African Development Bank”.

“The Government wishes him every success during his tenure as executive director of the World Bank Group for Africa Group 1 Constituency,” said Chinamasa.

Mr Bvumbe will represent 22 sub-Saharan African countries on the World Bank Group of executive directors.

The African Group 1 Constituency is made up of countries that include Botswana, Burundi, Eritrea, Ethiopia, Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Rwanda, Seychelles, Sierra Leone, Somalia, South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

Prior to his appointment, Mr Bvumbe was the alternate executive director in the World Bank Group board of executive directors representing the same constituency.

Executive directors of the global banking institution are responsible for conducting general operations of the bank including provision of general 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 World Bank Group entities.

Executive directors have a dual responsibility to represent the interest and concerns of their constituency countries to the board and the bank’s management, as well as fiduciary responsibility to act in the best interest of the organisation as a whole.

Mr Bvumbe’s appointment comes a few weeks after the country was nominated to head the United Nations Economic and Social Council.

Zimbabwe’s Ambassador to the UN, Mr Frederick Shava is the new president of the prestigious global unit after taking over from Oh Joon of South Korea.