A great way to end the week! Following the appointment of Nigeria’s ex-finance minister Ngozi Okonjo Iweala to head the World Trade Organisation earlier this week — first time a woman and an African would be heading the 26-year-old organisation — another African, Makhtar Diop from Senegal, has been appointed to head one of the world’s leading investment firms and the private sector arm of the World Bank, the International Finance Corporation (IFC). This is the first time someone from Africa has headed the Washington-based institution.

“Thrilled to share the news of my appointment as Managing Director and Executive Vice President of the IFC — International Finance Corporation. Looking forward to mobilizing private capital and creating markets to overcome #COVID19-related challenges. The private sector has a crucial role to play in reviving economic growth and paving the way for a more inclusive and sustainable future,” Makhtar Diop said. 

A Look At Makhtar Diop

• Diop, a Senegalese national and former Minister of Economy and Finance, is currently serving as Vice-President of Infrastructure for the World Bank, where he is leading the Bank’s global efforts to create successful infrastructure for inclusive and sustainable development in developed and emerging markets. In this position, Diop oversees the vital work of the Bank in the energy and transport sectors, digital development and IFC’s efforts through public-private partnerships to bring more quality infrastructure services to communities.

• Diop worked for six years as World Bank Vice President for the Africa Region prior to his current appointment, where he oversaw a significant expansion of the bank’s work in Africa and the delivery of a record $70 billion in commitments. 

• Diop has worked as Country Director of the World Bank twice — for Brazil and for Kenya, Eritrea and Somalia. He has had interfaces with both the public and private sectors, beginning his career in the banking sector. Diop also has first-hand experience leading structural reforms in support of the private sector, including his position as Senegal’s Minister of Economy and Finance. At the International Monetary Fund, Diop worked as an economist. And he has worked as Director of Economy, Private Sector & Infrastructure for the Latin America and Caribbean Region of the World Bank.

• Makhtar has also been named one of the world’s 100 most influential Africans. He received the University of California, Berkeley’s prestigious Regents’ Lectureship Award in 2015. He holds advanced economics and finance degrees.

• The appointment will become effective on 1st March, 2021.

“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 World Bank Group President David Malpass. “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.”

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Some Hope For African Startups Looking For Funding?

With Diop’s appointment, there may be some significant increase in funding from the IFC to African startups, especially those in French-speaking African countries — like his — which have continued to lag behind in terms of venture capital funding. 

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According to the World Bank, Diop is a committed supporter of Africa and global sustainable growth, who has led efforts to increase access to affordable and sustainable energy and to foster an enabling climate for innovation and the adoption of technology. Being a World Bank Vice President for the Africa Region for six years prior to his current appointment, Diop has adequate knowledge of the funding needs of African businesses, especially startups. And so, the hope of his increased intervention in the African startup ecosystem will be expectedly high. 

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As far back as 2015, the IFC has been very active within the African startup space, investing in Kenyan logistics startup Twiga Foods; Nigerian ecommerce startup Tradeport; South African lending startup Lulalend; Nigerian logistics startup Kobo360; Egypt’s healthtech startup Vezeeta; Grainpulse, among others.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Makhtar Diop IFC Makhtar Diop IFC