The World Bank on Thursday appointed former Senegal finance minister, Makhtar Diop, to lead its agency in charge of private sector finance.
Diop, who is the first African to hold the position, will lead the International Finance Corporation (IFC) which leverages financing to support private firms in developing nations.
Noting his “deep development and finance experience,” World Bank President David Malpass said, Diop’s “skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery.”
Diop, currently World Bank vice president for infrastructure and previously vice president for Africa, will take his new post at the IFC on March 1.
The Washington-based development lender said Diop’s key responsibilities will be to “deepen and energize” what it called the IFC’s 3.0 strategy to mobilize private capital, increase climate and gender investments and support countries facing conflict.
“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,” the World Bank said.
Diop, an economist who studied in Britain, worked in finance before entering government.