World Bank announces new Vice President for Africa

Category: Business & Economics Created on Tuesday, 08 May 2012 08:58 Published Date Written by GNA Hits: 231

Accra, May 7, GNA - A Senegalese national with more than 25 years of development experience, has been elected as the new World Bank (WB) Vice President for Africa.

     A press  release by the Bank and copied to the Ghana News Agency in Accra revealed that Makhtar  Diop was WB Country Director for Brazil since 2009 where he managed the financial entity’s largest country programme.

    Prior to joining the Bank, Diop worked at the International Monetary Fund and served as Minister of Finance of Senegal, and as Chair of the West African Monetary Union Board of Finance Ministers.

    It said after joining the WB in 2001, Diop held various senior positions, including Country Director for Kenya, Eritrea and Somalia, as well as Director of Infrastructure and Director of Strategy and Operations in the Bank's Latin America and Caribbean region.

   The release quoted Diop as saying: “It is an honor to return to the Africa region as Vice-President at a time when the continent is on the rise, with strong growth led by private investment, and a new sense of optimism.”

   He added: “With world-class development knowledge and innovative financing, we can help support Africa’s momentum and ensure that all Africans, especially the poor, share in the continents economic and social transformation.”

   The World Bank is a partner of 48 countries in Sub Saharan Africa and finances approximately 500 projects in the region. The Banks' portfolio includes projects and programmes in areas such as agriculture, trade and transport, energy, education, health, water and sanitation.

    During the 2011 fiscal year the WB committed more than $ 7.0 billion in new development financing for Africa, and disbursed more than $ 5.5 billion, in addition to producing more than 200 analytical studies.