The President of the World Bank Group, David Malpass has announced the appointment of Makhtar Diop new Managing Director and Executive Vice President to lead the International Finance Corporation (IFC), a member of the Group.
According to a press release from the Bank copied to ghanabusinessnews.com, Diop’s appointment to the IFC, 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 was announced today February 18, 2021.
Diop, is a Senegalese national and former Minister of Economy and Finance. He 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 supports inclusive and sustainable growth. In this role Diop oversees the Bank’s critical work across energy and transport sectors, digital development, and our efforts to bring more quality infrastructure services to communities through public-private partnerships, the release said.
Prior to his current appointment, Diop served for six years as the World Bank’s Vice President for the Africa Region, where he oversaw a major expansion of our work in Africa and the delivery of a record-breaking $70 billion in commitments. A passionate advocate for Africa and sustainable development globally, Diop led efforts aimed at increasing access to affordable and sustainable energy and promoting an enabling environment for innovation and technology adoption.
He 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. He also worked as an economist in the International Monetary Fund, and he served as the World Bank Director for Finance, Private Sector & Infrastructure in the Latin America and Caribbean region, the release 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,” said Malpass.