World Bank Group President Jim Yong Kimannounced the appointment of Kristalina Georgieva as Chief Executive Officer of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), lending arms for middle-income and poor countries known collectively as the World Bank.

“Kristalina is a globally recognized leader with a proven track record in improving the lives of those most in need,” said Kim. “She will be the strongest possible champion for the work of our dedicated staff in addressing the complex challenges faced by our partner countries. I am proud to welcome Kristalina back to the World Bank family.”

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 of Directors and its shareholder countries.

After leaving the World Bank Group in 2010, Georgieva 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.

In her current role as European Commission Vice President for Budget and Human Resource, Georgieva is in charge of the European Union’s €161 billion (US $175bn) budget and 33,000 staff across its institutions around the world. Georgieva tripled funding available to the refugee crisis in Europe and drove rapid progress towards achieving a target of 40 percent women in management by 2019 in order to improve the Commission’s gender balance.

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.

Georgieva will begin her appointment January 2, 2017.