David Malpass, President of the World Bank Group (WBG) has announced the appointment of Makhtar Diop as Managing Director and Executive Vice President to head the International Finance Corporation (IFC).
This is according to a statement issued in Washington D.C. by the group on Thursday.
Diop’s appointment takes effect from March 1,” the bank said.
It also said that the IFC was an arm of the group that advanced economic development and improved the lives of people by encouraging growth of the private sector in developing countries.
“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.
“His skills at IFC will help the WBG 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.
“We also need clean water, infrastructure, digital services and the wide range of development success that are key to our mission of poverty reduction and shared prosperity,” Malpass is quoted as saying.
The statement said that Diop’s key responsibilities would be to deepen and energise IFC’s 3.0 strategy of proactively creating markets and mobilising private capital at significant scale.
He will also need to deliver on the IFC capital package policy commitments, including increased climate and gender investments and support for FCV countries facing fragility, conflict and violence.
According to the group, Diop will also strengthen the linkages between IFC, the World Bank and MIGA, as WBG accelerates efforts aimed at boosting good development outcomes in client countries.
The IFC 3.0 strategy seeks to help countries create markets and mobilise private capital.
This includes through broadening upstream engagement by getting involved earlier in the project development cycle to create the conditions needed for private sector solutions and investment opportunities.
It also aims to expand IFC’s impact in the poorest and most fragile countries, with a goal to more than triple IFC’s annual own-account investments.
Diop, a Senegalese National and former Minister of Economy and Finance, is currently serving as the World Bank’s Vice President for Infrastructure, where he leads the bank’s global efforts to build effective infrastructure in developing and emerging markets that support inclusive and sustainable growth.
In this role, he oversees the bank’s critical work across energy and transport sectors, digital development and its efforts to bring more quality infrastructure services to communities through public-private partnerships.
Prior to his current appointment, Diop served for six years as the World Bank’s Vice President for the Africa Region.
There he oversaw a major expansion of the work in Africa and the delivery of a record-breaking 70 billion dollars in commitments.
Describing him as a passionate advocate for Africa and sustainable development globally, the bank said he led efforts aimed at increasing access to affordable and sustainable energy and promoting an enabling environment for innovation and technology adoption.
“Diop served twice as a World Bank Country Director — for Brazil and for Kenya, Eritrea, and Somalia.
“He has a strong grasp of the public/private sector interface, started his career in the banking sector and has first-hand experience in leading structural reforms in support of the private sector, including in his position as the Minister of Economy and Finance of Senegal.
“Diop worked as an economist in the International Monetary Fund, and he served as the World Bank Director for Finance, Private Sector and Infrastructure in the Latin America and Caribbean region.”
A recognised opinion leader in development, Makhtar has been named one of the 100 most influential Africans in the world.
“In 2015, he received the prestigious Regents’ Lectureship Award from the University of California, Berkeley and holds advanced degrees in economics and finance,” the statement read in part.