The World Bank has appointed Makhtar Diop as the Managing Director and Executive Vice President of the International Finance Corporation (IFC)—the Bank’s private sector arm.

"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," David Malpass, the World Bank Group President, said in a statement.

Makhtar's skills at IFC, Malpass added, will help the World Bank Group continue its rapid response to the global crisis and help build a green, resilient, inclusive recovery.

"We need business climates and thriving businesses that attract investment, create jobs and foster the scaling up of low carbon electricity and transportation, clean water, infrastructure, digital services, and the wide range of development success that are key to our mission of poverty reduction and shared prosperity."  

Former Finance Minister of Senegal, Diop, is now tasked with adding impetuous to IFC's strategy of creating markets and mobilising private capital.

In addition, he will be tasked to deliver on the IFC’s capital package policy commitments including increased climate and gender investments and support for countries facing fragility, conflict and violence.

"He will also strengthen the linkages between IFC, the World Bank, and MIGA (Multilateral Guarantee Agency), as the World Bank Group accelerates efforts aimed at boosting good development outcomes in client countries,” the statement says.

His appointment takes effect on March 1, 2021, the Bank said.

Diop currently serves as the World Bank's Vice President for Infrastructure, where he leads its global efforts to build effective infrastructure in developing and emerging markets that support inclusive and sustainable growth.

He has also previously served as the global development lender’s Vice President for the Africa Region where he is credited for delivering a record-breaking $70 billion in commitments.

A UK trained economist and a passionate advocate for Africa and sustainable development globally, Diop led efforts aimed at increasing access to affordable and sustainable energy and promoting an enabling environment for innovation and technology adoption.

He served twice as a World Bank Country Director – for Brazil and for Kenya, Eritrea, and Somalia among other roles.