WASHINGTON, DC, 19 February 2021 – The World Bank Group (WBG) has named one of its long-time vice presidents. Senegalese-born Makhtar Diop, as managing director of its private sector arm (IFC).
Diop, who is the first African to lead the International Finance Corporation (IFC), will start in March 2021.
In the announcement formally appointing Diop, World Bank President David Malpass, said the new IFC leader will help the WBG to “continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery”.
During the six years from 7 May 2012, Diop served as the World Bank Vice President for Africa.
He is credited with expanding World Bank commitments to Africa to a record $70 billon and building great rapport with World Bank member countries across the continent.
Kenyan President Uhuru Kenyatta and Togo’s President Faure Gnassingbe Eyadema were among the first to applaud his appointment in tweets.
Diop was World Bank Country Director for Brazil from 2009 until his appointment to the vice presidency for the Africa Region.
Brazil was the World Bank’s largest country program at the time.
He was also World Bank Country Director for a trio of Horn of Africa countries (Eritrea, Kenya and Somalia).
Prior to joining the Bank, Diop worked at the International Monetary Fund and served as Minister of Finance of Senegal.
He was also Chair of the West African Monetary Union (WAEMU) Board of Finance Ministers.
Since 1956, the IFC has been “unlocking private investment, creating markets and opportunities”.
According to its website, the IFC “has leveraged $2.6 billion in capital to deliver more than $285 billion in financing for businesses in developing countries”.
The WBG has said it plans to invest $160 billion over the next 15 months through next June 2021 “to help countries deal with the health, economic, and social shocks from the global pandemic”.
Diop’s predecessor, Philippe Le Houerou, left the IFC last September,