Chronicle (Zimbabwe) - - Business Chronicle - 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”.

“T h e G o v e r nme n t 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 sub­Sa­ha­ran African count r i e s 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.

Mr An­drew Ndaa­munhu Bvumbe

Delta Chibuku plant in Bu­l­awayo

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