World Bank appoints new CEO to its private sector arm IFC

By Sayujya S, Desk Reporter
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The international financial institution World Bank has named Makhtar Diop as the new managing director of its private sector arm, the International Finance Corp (IFC).

The new appointment in the positions is key to boosting the bank’s efforts to fight climate change and inequality.

Mr. Diop, who belongs to the West African country Senegal and the former minister of economy and finance of the nation, is currently serving as the World Bank’s vice president for infrastructure, where he oversees the bank’s work across energy, transport, digital development and other sectors. He also served as the bank’s vice president for Africa for six years, where he oversaw a massive number of projects worth $70 billion.

In a statement, World Bank President David Malpass praised Mr. 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,” Mr. Malpass said.

Diop replaces Philippe Le Houerou, who stepped down in September 2020 after more than four years as the IFC’s CEO.

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The World Bank, headquartered in the US, is an international organization dedicated to providing financing, advice and research to developing nations to aid their economic advancement. The bank predominantly acts as an organization that attempts to fight poverty by offering developmental assistance to middle- and low-income countries.

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