The World Bank has appointed Dr. Ndiamé Diop as the regional Vice President for Eastern and Southern Africa, succeeding Victoria Kwakwa, who retired at the end of March.
- •Diop was previously the bank’s country director for Nigeria, and has also been country director for Brunei, Malaysia, Philippines and Thailand.
- •As Vice President, he will oversee an active regional portfolio of almost 400 projects worth over $76 billion across 26 countries.
- •The Senegalese national, who has a PhD in Economics, will based in Nairobi.
“With over 25 years of experience working across East Asia, the Middle East, North Africa, South Asia and Sub-Saharan Africa, Diop brings a global perspective and a strong track record of achieving results and impact, including tripling World Bank financing to the Philippines to support economic reforms and improve outcomes in various sectors,” the World Bank said in a statement announcing the appointment.
Diop is taking over the role when Bretton Woods institutions are under the spotlight, with Kenya’s president William Ruto recently calling for reforms to transform them into apolitical global institutions.
“Both the World Bank and the IMF have evolved into development finance institutions, but the ownership and power remain with the wealthy countries that they no longer serve,” Ruto said during his state visit to China.
In addition to the high costs of refinancing debt, Ndiamé Diop will also have to navigate the growing pushback on Africa’s risk ratings, which spikes the continent’s borrowing costs by more than 5% compared to other regions. With several countries in the region facing debt distress, the World Bank and IMF have also been criticised for the debt restructuring processes they push for, which are disastrous for local economies.
