MANILA, Philippines — The International Finance Corp. (IFC), the private sector arm of the World Bank Group, announced the appointment of Senegalese national Makhtar Diop as its new head effective March 1.
IFC encourages private sector growth in developing countries like the Philippines to ensure economic progress.
Diop, currently the World Bank’s vice president for infrastructure, will focus on strengthening IFC’s 3.0 strategy of proactively creating markets and mobilizing private capital at significant scale.
He will also deliver on the IFC capital package policy commitments including increased climate and gender investments and support for countries facing fragility, conflict and violence.
Prior to his appointment, Diop served as the World Bank’s vice president for Africa for six years, country director for Brazil, Kenya, Eritrea, and Somalia, and director for finance, private sector and infrastructure in the Latin America and Caribbean region.
He was a former economist in the International Monetary Fund and has been named one of the 100 most influential Africans in the world.
“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,” World Bank Group president David Malpass said.
The IFC 3.0 strategy aims to help countries create markets and mobilize private capital, through broadening upstream engagement by getting involved earlier in the project development cycle to create the conditions needed for private sector solutions and investment opportunities.
IFC earlier noted that the Philippines has one of the most vibrant economies in the Asia Pacific region, supported by strong domestic demand and a young, tech-savvy population with rising disposable income.
The pandemic, however, dimmed the country’s growth prospects.
Since 1962, IFC has invested more than $3 billion to support over 100 private sector companies in the Philippines.
IFC’s strategic priorities in the country amid the pandemic include reducing the impacts of climate change, deepening financial inclusion, promoting sustainable infrastructure and strengthening the capacity of the private sector.