Carmen Nonay

Carmen Nonay

Director of IEG's Finance, Private Sector, Infrastructure, and Sustainable Development Department, World Bank Group

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Carmen is a seasoned leader in international development with over 25 years of experience across various sectors and regions, in the private sector and all three arms of the World Bank Group (World Bank, IFC and MIGA). As a Director at the World Bank Group’s Independent Evaluation Group (IEG), Carmen oversees financial, private sector, infrastructure, and sustainable development thematic and project-level evaluations, providing intellectual and technical leadership as well as contributing to strong stakeholder engagement in all those sectors.

Prior to joining IEG, Carmen led the World Bank’s Water Practice in the Middle East and North Africa region, overseeing a US$3.5 billion portfolio. She also had extensive experience in successfully mobilizing external funds worth more than US$2.5 billion with other Multilateral Development Banks, developing capital markets in Latin America with IFC and underwriting over US$1 billion of guarantees in LAC and ECA while at MIGA. She has led policy reforms dialogue, fostered public and private investments, and built capacity with strong analytical work in the financial sector, infrastructure and sustainable development in all regions of the world—from fragile and conflict-affected countries to high middle-income countries.

Carmen holds an MBA from Thunderbird and Bachelor’s Degrees in Business Administration (Finance) from the University of Texas at Austin and in Sociology and in Political Science from the Universidad Complutense de Madrid in Spain.