Michiel Van Acoleyen, IFC Associate Economist, attending the official “opening” football match of the Annual Meetings between the Moroccan national women and men’s team, and a WB/IMF team led by Ajay and Kristalina. Photo: Courtesy of Michiel Jean M Van Acoleyen
By Gessye Safou-Mat and Tiyani Majoko
Michiel Jean M Van Acoleyen’s journey into economics and international finance started when he founded a solar company in rural Senegal in 2013. The Associate Economist, based in Rabat, Morocco, now works in IFC’s regional economics unit for the Africa region, analyzing macroeconomic risks and leading efforts to unlock private sector investments. In this story, Michiel discusses his motivations, experiences working at IFC, and lessons learned from the 2023 Annual Meetings.
What led you to pursue a career in economics, particularly in the context of international finance?
Growing up in a small Flemish town in Belgium, I was exposed to diverse cultures through my parents’ extensive world travels and the country’s multilingual landscape (Dutch, French, and German).
During my economics studies, I founded Vitalite, which provided over 10,000 solar home systems for rural electrification through a digital pay-as-you-go model in Senegal. Being faced with various challenges, such as obtaining local financing or overcoming import restrictions, this experience showed me how economics can impact business operations, especially in emerging markets, and fueled my interest in international finance.
How has your experience at IFC been so far?
IFC’s unique position at the intersection of international development, the private sector, and public policymaking was a key driver for me to work here. I joined IFC in November 2020, and have since been working in the regional economics unit for the Africa region. Our team analyzes the key macroeconomic risks for IFC’s investment projects and leads important analytical work, such as the Country Private Sector Diagnostics (CPSDs) and Country Climate and Development Reports (CCDRs), where we identify priority policy actions and reforms that are needed to unlock private sector investments. This combination provides for a unique and engaging work program across the African continent.
After a working session with youth on the impact of climate change in Benin. Photo: Courtesy of Michiel Jean M Van Acoleyen
What are you currently working on, and how does it contribute to IFC's objectives in the region?
As the economist assigned to the Maghreb region (Morocco, Algeria, and Tunisia), I provide the investment teams with the required macroeconomic assessments throughout the investment cycle. These projects range from investing in a prominent Tunisian agribusiness firm, to overseeing large infrastructure projects in Morocco. These investments have a significant development impact—from job creation to accelerating the climate transition—positioning IFC as the leading development finance institution in the region.
I have also been involved in the launch of the CCDRs in Tunisia and Benin. These reports raise climate risk awareness for the private sector, identify emerging investment opportunities, and help accelerate the implementation of reforms to boost climate action.
What are some of the main challenges you have seen your projects face?
Several markets where we operate have challenging macroeconomic contexts. Firms operating in environments where public debt is deemed less sustainable or the foreign exchange rate more volatile, not only face higher borrowing costs, but also struggle to find investors, expand, or invest in new equipment or technologies. Often this creates a vicious circle, where it becomes challenging to convince domestic and international investors to finance projects and it also makes it more difficult for IFC to mobilize partners or proceed with projects.
Being based in Morocco, you were part of the team on the ground at the Annual Meetings. What stood out for you?
Organizing the Annual Meetings in 2023 allowed me to understand how these meetings act as a catalyst to advance critical IFC projects and reforms in the countries where we operate. In-person multilateral meetings enabled key decision-makers to reach agreements on complex issues, such as climate financing, more efficiently. I was also impressed by the Moroccan government’s ability to provide the perfect environment for these important discussions, despite recent earthquake challenges.
Did the Annual Meetings provide any learning opportunities?
Absolutely! Being present in Rabat allowed me to gain exposure to different IFC business areas. For example, I provided cross-support to the local FIG (Financial Investment Group) team on a transaction with a major Moroccan bank to promote Small and Medium-Size Enterprise (SME) and climate lending. I joined the appraisal and gained valuable insights about the IFC investment cycle. This experience offered different perspectives on a career in international finance and economics.
And lastly, what’s the top holiday destination in Belgium?
Having grown up near Antwerp, I highly recommend visiting this city. It offers a wide range of museums, a great restaurant scene, and plenty of shops. Combined with its rich history and stunning architecture, Antwerp is the perfect destination.