Connect with us

Hi, what are you looking for?

Senegal's Makhtar Diop will take over as chief of the International Finance Corporation, the private sector financing arm of the World Bank, the first African to lead the institutions


World Bank names former Senegal finance minister to head IFC

Washington, United States, Feb 19 – The World Bank on Thursday announced that it has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery.

He would be the first African to lead the International Finance Corporation (IFC), which leverages financing to support private firms in developing nations.

The announcement comes just days after the World Trade Organization (WTO) selected Nigeria’s former finance minister Ngozi Okonjo-Iweala as its new director-general, the first African and first woman to serve in that role.

Noting his “deep development and finance experience,” World Bank President David Malpass said, Diop’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.”

Diop, currently World Bank vice president for infrastructure and previously vice president for Africa, will start his new role at the IFC on March 1.

As countries struggle to recover from the economic crisis sparked by the Covid-19 pandemic, and acquire enough vaccines, Diop cautioned that “the coming months will be very hard.”

“The private sector has critical role to play in development,” Diop told reporters.

“My goal is to help bring back investment flows in emerging country to preserve jobs to create long term employment opportunities, especially the poorest country.”

Advertisement. Scroll to continue reading.

Malpass said the IFC will play a key role in the World Bank effort to accelerate vaccine distribution.

“Our goal is to have as many people vaccinated as quickly and as fairly … as possible” in the developing world, he told reporters.

He said the World Bank expects to have $3 billion committed to vaccine purchases by the end of March.

The Washington-based development lender said Diop’s key responsibilities will be to “deepen and energize” what it called the IFC’s 3.0 strategy to mobilize private capital, increase climate and gender investments and support countries facing conflict.

“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,” the World Bank said.

Diop, an economist who studied in Britain, worked in finance before entering government. He was named Senegal’s minister of Economy and Finance in April 2000, a position he held for just over a year.


More on Capital News


Crediton (United Kingdom) (AFP), Jun 24 – British Prime Minister Boris Johnson vowed on Friday to listen and learn but refused to quit, after...


Gayan (Afghanistan) (AFP), Jun 24 – Aid trickled to devastated villages in remote parts of Afghanistan Friday but thousands of people remain with little...


NAIROBI, Kenya, Jun 24 – Roots Party of George Wajackoyah has appointed Omar Lali as its nationwide party coordinator of Beach Boys Association (BBA)....


The decision was reached Friday when Azimio Party Leader Raila Odinga convened a meeting at the Kenyatta International Convention Centre in Nairobi to discuss the...


Nairobi, Kenya, June 24 – An unknown number of heavily armed Al-Shabaab militants stopped a Mandera-bound passenger bus belonging to Mukaram company on Thursday...

Top stories

NAIROBI, Kenya June 24 – The Kenya Healthcare Federation (KHF) and the French Healthcare Federation (FHF) are set to seal a collaboration agreement to...

August Elections

ELDORET, Kenya, Jun 24 – Media coverage of Kenya’s 2022 General Election campaign has improved compared to the coverage in the run up to...


Amb. Raychelle Omamo, Cabinet Secretary for Foreign Affairs, who is leading the Kenyan delegation to the Commonwealth Foreign Ministers Meeting (CFAMM) taking place in...