- From March 1, T Makhtar Diop from Senegal will be the new managing director of the International Finance Corporation the private sector arm of the World Bank.
- Mr Diop, a former Minister of Economy and Finance in Senegal, is currently World Bank’s vice president for infrastructure, overseeing the Bank’s work across energy, transport, and digital development sectors.
From March 1, T Makhtar Diop from Senegal will be the new managing director of the International Finance Corporation the private sector arm of the World Bank. He will be the first African to head the institution.
Mr. Diop, a former Minister of Economy and Finance in Senegal is currently World Bank’s vice president for infrastructure, overseeing the Bank’s work across energy, transport, and digital development sectors. As World Bank’s vice president for Africa for six years, he oversaw the delivery of a record-breaking $70 billion in commitments. Mr. Diop has also served as the global lender’s country director for Kenya, Eritrea, Somalia, and Brazil and as the World Bank Director for Finance, Private Sector & Infrastructure in the Latin America and Caribbean region and as an economist in the International Monetary Fund.Mr Diop replaces French economist Philippe Le Houerou, who stepped down in September 2020.
Speaking about the appointment, World Bank President David Malpass remarked that Diop brings his rich experience in development and finance and service to developing countries in both public and private sectors. In his new role, Mr. Diop is expected to attract investment to fight climate change and gender inequality. The World Bank President added that Makhtar’s experience will enable World Bank Group to continue its rapid response to the global crisis and help build a green, resilient, inclusive recovery. He stated that an attractive business climate to lure investment, scaling up of low carbon electricity and transportation, clean water, infrastructure, digital services, etc were key to World Bank’s mission to reduce poverty and promote shared prosperity.
