World Bank appoints Senegal’s Makhtar Diop as first African head of IFC

Makhtar Diop, chief executive, International Finance Corporation (IFC). Photo: IFC

The World Bank on Thursday named the first African chief executive of its private sector arm, the International Finance Corp, a position key to the bank‘s efforts to finance vaccines and drive investment in low-carbon energy projects.

Makhtar Diop, a Senegalese national and the former minister of economy and finance of the West African nation, is taking over the job after serving as the World Bank‘s vice president for infrastructure, overseeing the bank‘s work across energy, transport, digital development, and other sectors.

Earlier this week, the World Trade Organization selected former Nigerian finance minister and World Bank Managing Director Ngozi Okonjo-Iweala as its new director general.

In a statement, World Bank President David Malpass praised Diop’s experience in both the public and private sectors, saying he will help attract investment to low-carbon energy, transportation, clean water, digital services and other infrastructure.

“Makhtar’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,” Malpass said.

Diop replaces Philippe Le Houerou, who stepped down in September 2020 after more than four years as the IFC’s CEO. Interim CEO Stephanie von Friedeburg was appointed IFC’s senior vice president of operations.

Diop told reporters that his highest priority was to reduce the risk premium for private sector investment in “fragile states,” particularly in Africa.

In June, IFC launched a $4 billion financing platform aimed at boosting the production and supply of vaccines and other critical healthcare products in developing countries.

Malpass also said that he hoped to complete the next replenishment of the International Development Association fund for the poorest countries in 2021 instead of in 2022.

Asked whether he expected the administration of new U.S. President Joe Biden to increase the U.S. contribution to IDA, he said he did not want to anticipate such a result.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.