THE World Bank Group on Thursday announced the appointment of long-time vice president and Senegal's former finance minister Mr Makhtar Diop as the head of their private sector arm, the International Finance Corporation (IFC), making him the first African to lead its private sector arm.

Mr Diop is taking over the job from former IFC Managing Director and Executive Vice President Mr Philippe Le Houerou who stepped down in September, 2020 after serving for over four years.

The Senegalese national is currently the development lender's Vice President for Infrastructure, where he leads the bank's global efforts across energy, transport, digital development and other sectors in developing and emerging markets.

He will take over his new role from the beginning of March, said World Bank President Mr David Malpass.

"Mr 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," said Mr Malpass.

Mr Diop will help the bank to "continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," Mr Malpass added.

A passionate advocate for Africa and sustainable development globally, Mr Diop told the press that his highest priority was to reduce the risk premium for private sector investments in "fragile States."

A recognized opinion leader in development, Makhtar has been named one of the 100 most influential Africans in the world. He has also served as the bank's Vice President for the Africa Region and been appointed twice as a Country Director for Brazil, and for Kenya, Eritrea and Somalia. He has also worked as an economist in the International Monetary Fund and served as the World Bank Director for Finance, Private Sector and Infrastructure in the Latin America and Caribbean region.