(Yicai) Feb. 21 -- The World Bank yesterday named Zhang Wencai as its new executive vice president and chief administrative officer.

Zhang will be responsible for the World Bank’s institutional strategy, planning, budgeting, information technology services, and sanctions systems, according to a statement released by China’s Ministry of Finance yesterday.

Zhang is the VP of the Export-Import Bank of China and serves as trustee of the International Financial Reporting Standards Foundation. Before, he was the VP of Agricultural Development Bank of China and Asian Development Bank, and director general of the Department of International Financial Cooperation of MOF.

Founded in 1945, the World Bank is the world’s largest multilateral development institution headquartered in Washington, D.C. China is the third-largest shareholder of the World Bank.

Editor: Futura Costaglione