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World Bank appoints first African head of private sector's IFC

By TIOL News Service

WASHINGTON, FEB 19, 2021: THE World Bank on Thursday announced the appointment of Senegal's Makhtar Diop as their first African chief executive to lead their private sector arm, the International finance Corporation (IFC).

Long-time vice president for infrastructure, Mr Diop will take over the IFC as its managing director and executive vice president from the beginning of March, said the development lender's President Mr David Malpass.

Mr Diop has served as Senegal's minister of economy and finance and is taking over the job of overseeing the bank's work encouraging growth of the private sector in developing economies.

"Mr 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 Mr Malpass.

He will help the bank to "continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," Mr Malpass added.

Mr Diop replaces Mr Philippe Le Houerou who stepped down in September, 2020 after serving for over four years.

A passionate advocate for Africa and sustainable development globally, Mr Diop told the press that his highest priority was to reduce the risk premium for private sector investments in "fragile States."


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