World Bank makes Diop the first African to lead IFC

The World Bank Group has appointed long-time Vice President Makhtar Diop to head the International Finance Corporation (IFC), making him the first African to lead the branch of the development lender for the sector private.

IFC is a branch of the World Bank Group that advances economic development and improves people’s lives by encouraging private sector growth in developing countries.

Mr. Diop, currently the World Bank’s vice president for infrastructure, takes over as IFC chief executive in early March, President David Malpass said in a statement last Thursday.

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

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

“We need successful business climates and businesses that attract investment, create jobs, and promote the scale-up of low-carbon electricity and transportation, clean water, infrastructure, digital services and the wide range of development successes that are essential to our mission to reduce poverty. and shared prosperity, ”he said.

The Washington-based World Bank plans to deploy up to $ 160 billion in grants and financial support over 15 months through June to help countries cope with the health, economic and social shocks of 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 country director for Brazil and for Kenya, Eritrea and Somalia, the World Bank said. He is also a former Minister of Economy and Finance of Senegal.

Philippe Le Houerou, the former head of IFC, left at the end of September. – Bloomberg