Makhtar Diop has been appointed Managing Director and Executive Vice President of the International Finance Corporation (IFC).
The Senegalese is the first African to head IFC, an arm of the World Bank Group that advances economic development and improves the lives of people by encouraging growth of the private sector in developing 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,” World Bank Group President David Malpass said in a statement. “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.”
Makhtar’s key responsibilities will be to deepen and energize IFC’s 3.0 strategy of proactively creating markets and mobilizing private capital at significant scale.
He is also expected to deliver on the IFC capital package policy commitments including increased climate and gender investments and support for FCV countries facing fragility, conflict and violence.
Makhtar, who is a former Senegal Minister of Economy and Finance, is currently serving as the World Bank’s Vice President for Infrastructure.
First Lady Lucy Kibaki Encouter
Makhtar served twice as a World Bank Country Director — for Brazil and for Kenya, Eritrea, and Somalia.
It was during his time in Kenya that Makhtar and the then First Lady Lucy Kibaki crossed paths.
Makhtar had arranged for his farewell party at his Muthaiga home in Nairobi.
But the loud music that was playing at the party was a nuisance for the late Lucy Kibaki. This prompted her to storm the house, demanding the loud music be switched off.
Musicians Mercy Myra, Eric Wainaina, and Suzanne Kibukosya were entertaining the guests at Mukhtar’s house.
One party guest said: “Makhtar Diop was playing bass guitar on the stage when Lucy came in and demanded they stop the music. They stopped straight away but she then tried to disconnect the equipment. She was spoiling for a fight and she wanted to make trouble.”