Dodoma, Tanzania, February 2, 2022 – Makhtar Diop, Managing Director of the International Finance Corporation (IFC), will visit the United Republic of Tanzania on February 3 to underscore IFC's strong commitment to supporting the country's development agenda and helping it create jobs and opportunities by mobilizing the private sector.
During his visit, his first to Tanzania since becoming IFC MD, Mr. Diop will hold talks with President of Tanzania Samia Suluhu Hassan, as well as with Honorable Dr. Mwigulu Lameck Nchemba, Minister for Finance and Planning. Mr. Diop will discuss IFC's commitment to supporting development inTanzania and the need for the country to increase investments in agriculture, manufacturing, and other sectors.
Mr. Diop will also meet with Tanzanian business leaders in Tanzania's capital, Dodoma. IFC has recently supported projects in Tanzania's housing and manufacturing sectors. Since 2015, IFC has invested more than $300 million in Tanzania's agriculture, light manufacturing, and infrastructure sectors, among others.
Tanzania's economy is growing and the country is accelerating its recovery from COVID-19 shocks, which slowed growth and harmed important sectors including tourism and trade. The private sector has a significant role to play supporting Tanzania's recovery and helping it build a strong, sustainable foundation for future growth.
WHO: Makhtar Diop, Managing Director, IFC - @Diop_IFC
WHEN: Thursday, February 3, 2022
WHERE: Dodoma, Tanzania
For media requests, please contact:
In Nairobi: Kristina Nwazota | knwazota@ifc.org | +254 793 263 740
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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Makhtar Diop is IFC's Managing Director. He assumed this position on March 1, 2021. Prior to this appointment, he was the World Bank's Vice President for Infrastructure, where he led the Bank's global efforts to build sustainable infrastructure in developing and emerging economies. In this role, he oversaw the Bank's critical work in energy, transport, digital infrastructure, and public-private partnerships.
Prior to this, Mr. Diop served for six years as the World Bank's Vice President for Africa, where he oversaw the delivery of a record-breaking USD$70 billion to Sub-Saharan Africa to help tackle development challenges such as increasing access to energy; boosting women's and youth's economic empowerment; and promoting an enabling environment for more innovation and technology adoption. A passionate advocate for Africa's right to clean and affordable electricity, he also called for greater investment in renewable energy and pushed for stronger regional interconnectivity in the power and transport sectors. He previously served as World Bank Director for Finance, Private Sector & Infrastructure in the Latin America and the Caribbean Region; Country Director for Brazil, where he helped finance major infrastructure work; and Country Director for Kenya, Eritrea, and Somalia.
Mr. Diop brings to the post a deep level of experience and understanding of development challenges and a firm grasp of the public/private sector interface. His main priorities will be to mobilize investments in the poorest and most fragile countries and create the conditions for a resilient, inclusive, and sustainable recovery. In addition to his international organization experience, Mr. Diop, an economist by training who started his career in the banking industry before joining the IMF and later the World Bank, has extensive private sector experience. He has also held government positions, most notably as Minister of Economy and Finance of Senegal, where he played a key role in instituting structural reforms that helped build a strong foundation for Senegal's growth in the late 1980s.
A recognized opinion leader in the economic and social development field, Makhtar Diop has been named one of the 100 most influential Africans in the world. In 2015, he received the prestigious Regents' Lectureship Award from the University of California, Berkeley.
Mr. Diop holds degrees in economics from the Universities of Warwick and Nottingham in England.
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