The World Bank has named a former Senegal finance minister as the new chief of International Finance Corporation, its private-sector investment arm that focuses mainly on emerging economies.
Makhtar Diop will take charge of IFC from March 1, the World Bank said in a statement.
Diop has also been appointed as a managing director and executive vice president at the World Bank.
A Senegalese national and former Minister of Economy and Finance, Diop is currently serving as the World Bank’s vice president for infrastructure. He leads the Bank’s global efforts to build infrastructure in developing economies. He also oversees the Bank’s work across energy and transport sectors, among other initiatives.
“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,” said World Bank Group President David Malpass.
Diop’s main responsibilities in his new role will be to deepen IFC’s 3.0 strategy and strengthen the linkages between IFC, the World Bank and Multilateral Investment Guarantee Agency.
The IFC 3.0 strategy seeks to help countries create markets and mobilize private capital. 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.
Prior to his current appointment, Diop served for six years as the World Bank’s vice president for Africa, where he oversaw a major expansion of the multilateral lender’s work in Africa and the delivery of $70 billion in commitments.
Previously, Diop served twice as a World Bank country director for Brazil and for Kenya, Eritrea, and Somalia. He has also worked as an economist in the International Monetary Fund and served as the World Bank director for finance, private sector and infrastructure in the Latin America and Caribbean region.