The IFC (International Finance Corporation), an arm of the World Bank Group that advances economic development and improves people’s lives by encouraging the growth of the private sector in developing countries, has appointed Makhtar Diop as Managing Director and Executive Vice President.
This appointment is effective 1st March 2021.
Before his appointment, Mr Diop served for as the World Bank’s Vice President for the Africa Region for six years, where he oversaw the delivery of $70 billion in commitments.
He is currently serving as the World Bank’s Vice President for Infrastructure, leading the Bank’s global efforts to build effective infrastructure in developing and emerging markets which supports inclusive and sustainable growth. He also oversees the Bank’s critical work across digital development, energy and transport sectors, and its efforts to bring quality infrastructure services to communities via public-private partnerships.
Diop has also previously served twice as a World Bank Country Director — for Brazil and for Kenya, Eritrea, and Somalia, in addition to working as an economist in the IMF (International Monetary Fund). Furthermore, he served as the World Bank Director for Finance, Private Sector & Infrastructure in the Latin America and Caribbean region.
In his new role, Mr Diop’s key responsibilities will be as follows:
- Deepen and energize IFC’s 3.0 strategy of proactively creating markets and mobilizing private capital
- Deliver on the IFC capital package policy commitments, which include increased climate and gender investments, and support for FCV countries facing conflict, fragility, and violence.
- Strengthen the linkages between IFC, the World Bank, and MIGA,
Mr Diop 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. He holds advanced degrees in economics and finance.