President of the World Bank Group David Malpass has announced Senegalese national, former Minister of Economy and Finance, and current World Bank’s Vice President for Infrastructure, Makhtar Diop as the newly appointed Managing Director and Executive Vice President of the International Finance Corporation (IFC), a wing of the World Bank Group which “advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries.”
Makhtar Diop’s responsibilities require him to “deepen and energize IFC’s 3.0 strategy of proactively creating markets and mobilizing private capital at significant scale; deliver on the IFC capital package policy commitments including increased climate and gender investments and support for FCV countries facing fragility, conflict and violence and strengthen the linkages between IFC, the World Bank, and MIGA, as the World Bank Group accelerates efforts aimed at boosting good development outcomes in client countries.”
The IFC 3.0 strategy is intended to assist countries in building markets and mobilizing private capital, including expanding upstream engagement by “getting involved earlier in the project development cycle to create the conditions needed for private-sector solutions and investment opportunities.”
With an aim to more than triple IFC’s annual own-account investments, It also strives to expand the influence of IFC in the poorest and most fragile countries.
“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. 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. 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,” Davis Malpass said.