L’Is Africa really taking the hand in the post-Trump multilateral configuration? The question deserves to be asked after the sudden appointments of two children from the continent at the head of international multilateral economic institutions: the Nigerian Ngozi Okonjo-Iweala as Director General of the World Trade Organization (WTO) and the Senegalese Makhtar Diop as President of the International Finance Corporation (IFC), a branch of the World Bank that offers financing to stimulate private investment in developing countries. While it will be necessary to see at the end of their respective mandates the impact of these two appointments for Africa and for the way in which international trade and finance will have evolved, it should be remembered that the continent lives there, with its partners, an exceptional streak in multilateral organizations. Currently vice-president of the World Bank for infrastructure, Makhtar Diop will therefore head the IFC, from 1is March, the institution announced Thursday in a statement. A member of the World Bank Group, IFC is the world’s largest development aid institution, focused exclusively on the private sector in developing countries.
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Its mission: “to deepen and revitalize IFC’s 3.0 strategy”
Makhtar Diop’s skills “will help the World Bank Group to provide a rapid response to the global crisis and help build a green, resilient and inclusive recovery,” said World Bank President David Malpass, quoted in the press release. Makhtar Diop knows the World Bank well, it is explained, since he was vice-president for Africa for six years. The institution praised “a passionate advocate of Africa and sustainable development at the global level”. He has also served as Director of the World Bank in Brazil, as well as Kenya, Eritrea and Somalia, and served as Director in charge of finance, private sector and infrastructure for Latin America and the Caribbean. . He was also an economist for the International Monetary Fund (IMF).
Makhtar Diop will have several missions, details the World Bank, which first quotes that of “deepening and boosting IFC’s 3.0 strategy consisting of proactively creating markets and mobilizing large-scale private capital”. It will also have to uphold IFC’s political commitments, in particular through increased investments in the areas of climate and gender equality, as well as support to countries affected by conflict or considered fragile.
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