SACRAMENTO (Jan. 22, 2020) – The California Infrastructure and Economic Development Bank (IBank) has announced innovation and investment expert Scott Wu as its Executive Director, effective immediately.
Wu was appointed as the Executive Director after spending the last several years leading and advising teams focused on financing beneficial and innovative solutions to large-scale, public sector issues. The long-time Northern California resident was a partner and head of investments for the Omidyar Network where he also led the firm’s activities to provide energy to off-grid communities around the world. He was a Presidential Innovation Fellow in the Obama White House where he served as senior advisor to the innovation investing of USAID.
Wu has spent a lifetime of uniting his strong finance and innovation skills with a passion for global philanthropic endeavors. Now he plans to leverage those experiences as a banker, investor, entrepreneur and public servant to help amplify California’s strong economic growth through IBank’s powerful platform.
“IBank combines all the things I love and care about most: infrastructure, economic development, climate change and the environment, disaster relief, and supporting people, small businesses and our communities,” Wu said. “We finance things that matter to the public and improve our society. To be able to help guide these programs for one of the largest economies in the world is a dream come true.”
Lenny Mendonca, the Chairman of the IBank Board, is the Director of the Governor’s Office of Business and Economic Development. He said Wu is a great fit for the IBank team.
“IBank is experiencing continued growth in financing infrastructure projects and supporting small businesses throughout California and we know that Scott’s experience can help identify and create further opportunities that will help communities throughout the state,” Mendonca said. “His work in the private, public, and social sectors coupled with his innovation and passion for helping people is ideal for leading this team.”
IBank Contact: Gabrielle Stevenson, (916) 341-5568, Gabrielle.Stevenson@IBank.ca.gov
About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information at www.ibank.ca.gov.
Mailing Address: P.O. Box 2830, Sacramento, CA 95812-2830
Main Telephone: (916) 341-6600, www.IBank.ca.gov