[ 2021-02-22 ]

World Bank makes Diop first African to head IFC
The World Bank Group has named longtime Vice-
President, Mr Makhtar Diop, to head the
International Finance Corporation (IFC), making
him the first African to lead the development
lender’s arm for the private sector.
IFC is an arm of the World Bank Group that
advances economic development and improves the
lives of people by encouraging growth of the
private sector in developing countries.



Mr Diop, currently serving as the World Bank’s
vice- president for infrastructure, takes over the
IFC at the beginning of March, President David
Malpass said in a statement last Thursday.

He will help the World Bank to “continue our
rapid response to the global crisis and help build
a green, resilient, inclusive recovery,” Mr
Malpass said.

“Makhtar Diop has deep development and finance
experience and a career of energetic leadership
and service to developing countries in both public
and private sectors. Makhtar’s skills at IFC
will help the World Bank Group continue our rapid
response to the global crisis and help build a
green, resilient, inclusive recovery.

“We need business climates and thriving
businesses that attract investment, create jobs
and foster the scaling up of low carbon
electricity and transportation, clean water,
infrastructure, digital services, and the wide
range of development success that are key to our
mission of poverty reduction and shared
prosperity,” he said.



The Washington-based World Bank expects to deploy
as much as $160 billion in grants and financial
support over 15 months through June to help
countries deal with the health, economic and
social shocks from the global pandemic.

Mr Diop spent six years as the World Bank’s
vice-president for Africa, where he oversaw a
major expansion of the lender’s work and a
record $70 billion in commitments. He previously
worked as a country director for Brazil and for
Kenya, Eritrea and Somalia, the World Bank said.
He is also a former economy and finance minister
of Senegal.

Philippe Le Houerou, the previous head of the IFC,
left at the end of September. — Bloomberg

Source - Bloomberg

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