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IFC appoints World Bank’s former vice president

Makhtar Diop will be the first African to lead the International Finance Corporation

Makhtar Diop will lead the International Finance Corporation (IFC) as the managing director (MD) and executive vice president. With the new role, Mr Makhtar Diop is the first African to lead the IFC. This is happening at a crucial time of global rebound from the pandemic.

The development comes at a time when the World Bank seeks to provide a financial stimulus for vaccines and boost investment in low-carbon energy projects.

He was responsible to oversee the bank’s operations across segments such as energy, transport, digital infrastructure and others. He also served as World Bank Country Director for economies such as Brazil, Kenya, Somalia and Eritrea. Mr Makhtar Diop has also served as Senegal’s finance and economy minister.

Furthermore, the World Trade Organisation has appointed Ngozi Okonjo-Iweala as its new director general. Mr Ngozi Okonjo-Iweala is a former Nigeria’s finance minister and World Bank’s managing director.

IFC rolled out a $4 billion financing platform in June last year to bolster the production and supply of vaccines and other healthcare-related operations in developing economies.

World Bank Group President David Malpass, told the media, “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. He is now expected to deliver on the IFC capital package policy commitments including increased climate and gender investments and support for fragile countries facing fragility, conflict and violence.”

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