Makhtar Diop (born June 27, 1960) is a Senegalese economist and public official. He is currently the Managing Director of the

International Finance Corporation The International Finance Corporation (IFC) is an international financial institution headquartered in Washington, D.C. and a member of the World Bank Group that offers investment, advisory, and asset-management services to encourage private ...

(IFC), the largest development institution focused on the private sector in emerging markets and developing economies. He is the first African to hold this position. Before his appointment at the IFC, Diop had a series of senior leadership roles at the

World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...

and served as Senegal’s Minister of Finance and Economy from 2000 to 2001.

Early life and education

Diop was born on June 27, 1960, in

Dakar Dakar ( ; ; ) is the capital city, capital and List of cities in Senegal, largest city of Senegal. The Departments of Senegal, department of Dakar has a population of 1,278,469, and the population of the Dakar metropolitan area was at 4.0 mill ...

Senegal Senegal, officially the Republic of Senegal, is the westernmost country in West Africa, situated on the Atlantic Ocean coastline. It borders Mauritania to Mauritania–Senegal border, the north, Mali to Mali–Senegal border, the east, Guinea t ...

. Diop obtained a Masters in Finance from a

Grande Ecole Grande means "large" or "great" in many of the Romance languages. It may also refer to: Places *Grande, Germany, a municipality in Germany * Grande Communications, a telecommunications firm based in Texas * Grande-Rivière (disambiguation) *Arro ...

in France. He also obtained Masters degrees in Economics at the

University of Warwick The University of Warwick ( ; abbreviated as ''Warw.'' in post-nominal letters) is a public research university on the outskirts of Coventry between the West Midlands and Warwickshire, England. The university was founded in 1965 as part of ...

(MSc) and the

University of Nottingham The University of Nottingham is a public research university in Nottingham, England. It was founded as University College Nottingham in 1881, and was granted a royal charter in 1948. Nottingham's main campus (University Park Campus, Nottingh ...

(MPhil) in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

. In June 2023, he was awarded an Honorary Doctorate from the

University of Ottawa The University of Ottawa (), often referred to as uOttawa or U of O, is a Official bilingualism in Canada, bilingual public research university in Ottawa, Ontario, Canada. The main campus is located on directly to the northeast of Downtown Ot ...

for his contributions to economic development and finance.

Career

Early career

Diop began his career as a financial analyst. From 1986 to 1993, he served as a technical advisor to the Senegalese Ministry of Economy and Finance. He also worked as an economist at the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

(IMF) between 1997 and 2000.

Minister of Economy and Finance, 2000–2001

In April 2000, Diop was appointed Minister of Finance and Economy of Senegal under Prime Minister

Moustapha Niasse Moustapha Niasse (born 4 November 1939
.) is a

and President

Abdoulaye Wade Abdoulaye Wade (, ; born 29 May 1926) is a Senegalese politician who served as the third president of Senegal from 2000 to 2012. He is also the Secretary-General of the Senegalese Democratic Party (PDS), having led the party since it was founded ...

, making him the youngest person to hold this position in the country's history. Diop chaired the Council of Ministers of the

West African Economic and Monetary Union The West African Economic and Monetary Union, generally referred in English to by its French acronym UEMOA (for Union Économique et Monétaire Ouest-Africaine) and alternatively as WAEMU, is a treaty-based arrangement binding together eight West ...

. He played a key role in restructuring the country's Customs and Treasury departments (ref 19, 20). He also launched Senegal’s first "Sovereign Debt Credit Rating" with

Standard and Poor’s S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is consi ...

, the first in Sub-Saharan Africa outside of South Africa. He also played a role in initiatives associated with the Omega Plan MRAP and the

New Partnership for Africa’s Development The New Partnership for Africa's Development (NEPAD) is an economic development program of the African Union (AU). NEPAD was adopted by the AU at the 37th session of the Assembly of Heads of State and Government in July 2001 in Lusaka, Zambia. ...

(NEPAD).

The World Bank

Diop joined the

in October 2001 (ref 22). He was Country Director for

Kenya Kenya, officially the Republic of Kenya, is a country located in East Africa. With an estimated population of more than 52.4 million as of mid-2024, Kenya is the 27th-most-populous country in the world and the 7th most populous in Africa. ...

Somalia Somalia, officially the Federal Republic of Somalia, is the easternmost country in continental Africa. The country is located in the Horn of Africa and is bordered by Ethiopia to the west, Djibouti to the northwest, Kenya to the southwest, th ...

, and

Eritrea Eritrea, officially the State of Eritrea, is a country in the Horn of Africa region of East Africa, with its capital and largest city being Asmara. It is bordered by Ethiopia in the Eritrea–Ethiopia border, south, Sudan in the west, and Dj ...

; Sector Director for Finance, Private Sector and Infrastructure for

Latin America and the Caribbean The term Latin America and the Caribbean (LAC) is an English language, English-language acronym referring to the Latin American and the Caribbean region. The term LAC covers an extensive region, extending from The Bahamas and Mexico to Argentina ...

; Director of Operations and Strategy for

; and Country Director for

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

from 2009 to 2012. The World Bank's Country Partnership Strategy (2012–2015) for Brazil was developed under Diop's leadership. On May 1, 2012, Diop was appointed by

President

Robert Zoellick Robert Bruce Zoellick (; ; born July 25, 1953) is an American public official and lawyer who was the 11th president of the World Bank Group, a position he held from July 1, 2007 to June 30, 2012.Africa Africa is the world's second-largest and second-most populous continent after Asia. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 20% of Earth's land area and 6% of its total surfac ...

, responsible for Sub-Saharan countries. In this role, Diop oversaw the institution’s strategy and delivery of $70 billion in funding to promote economic growth, reduce poverty, and enhance resilience across the continent. He was instrumental in expanding financial inclusion programs, especially in rural regions, and in leading infrastructure projects that addressed energy deficits and transportation challenges. On July 1, 2018, Diop was appointed Vice President for Infrastructure at the

. He oversaw the World Bank portfolio for Energy & Extractives, Transport, Digital Development, Infrastructure Finance, Public-Private Partnerships (PPPs), and Guarantees.

Managing Director of the International Finance Corporation (IFC) (2021–Present)

On March 1, 2021, Diop was appointed Managing Director and Executive Vice President of the

(IFC), the private sector arm of the

World Bank Group The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group ...

, becoming the first African to hold the position. In his current role, he has championed initiatives to mobilize private sector investment, promote climate finance, and support sustainable development in emerging markets. Diop has also strongly emphasized the importance of fostering innovation and digital transformation in developing economies. Under Diop's leadership, IFC hit a record $56 billion in investments in the 2024 financial year.

Personal Interests

Creative Industries

Diop hosts the “Creative Development” podcast, where he engages in discussions on cultural innovation, development, and the role of creative industries in spurring economic growth. His guests have included internationally renowned figures such as

Idris Elba Idrissa Akuna Elba Order of the British Empire, OBE ( ; born 6 September 1972) is an English actor and musician. He has received a Golden Globe Award as well as nominations for three BAFTA Awards and six Primetime Emmy Awards, Emmy Awards. He w ...

Pretty Yende Pretty Yende (born 6 March 1985) is a South African operatic coloratura soprano. She has performed leading roles at opera houses internationally, including La Scala and the Metropolitan Opera. She performed at the coronation of Charles III and ...

, Chimamanda Ngozi-Adichie,

Don Cheadle Donald Frank Cheadle Jr. (, ; born November 29, 1964) is an American actor. Known for his roles in film and television, he has received List of awards and nominations received by Don Cheadle, multiple accolades including two Golden Globe Award ...

Nadia Nadim Nadia Nadim (; born 2 January 1988) is a professional association football, footballer who plays as a striker (association football), striker for the Damallsvenskan club Hammarby Fotboll (women), Hammarby, on loan from Italian Serie A (women's f ...

Alexandra Cousteau Alexandra Marguerite Clémentine Cousteau (born March 21, 1976) is a filmmaker, sustainability keynote speaker and an environmental activist. Cousteau continues the work of her grandfather Jacques-Yves Cousteau and father Philippe Cousteau. Cous ...

, Lewis Pugh,

Anand Mahindra Anand Gopal Mahindra (born 1 May 1955) is an Indian billionaire businessman, and the chairman of Mahindra Group, a Mumbai-based business conglomerate. The group operates in aerospace, agribusiness, aftermarket, automotive, components, construc ...

Vidya Balan Vidya Balan (pronounced ; born 1 January 1979) is an Indian actress. Known for pioneering a change in the portrayal of women in Hindi cinema with her roles in female-led films, she is the recipient of several awards, including a National Fil ...

Dia Mirza Dia Mirza Rekhi (born Dia Handrich; 9 December 1981) is an Indian actress who primarily works in Hindi films. She won the title of Miss Asia Pacific International in 2000 after being crowned Femina Miss India Asia Pacific 2000. Mirza made her ...

Sauti Sol Sauti Sol is a Kenyan afropop band formed in Nairobi in 2005 by vocalists Bien-Aimé Baraza, Willis Chimano, and Savara Mudigi. Initially an a cappella group, guitarist Polycarp Otieno joined before they named themselves Sauti Sol. Sauti So ...

Baaba Maal Baaba Maal (, born 13 June 1953) is a Senegalese singer and guitarist born in Podor, on the Senegal River. In addition to acoustic guitar, he also plays percussion. He has released several albums, both for independent and major labels. In July ...

Ablaye Cissoko Ablaye Cissoko is a Senegalese musician, singer and composer, who plays the kora. Career As a solo musician, he has played live shows in several countries, including Portugal, France, Belgium, Senegal, Mali, Canada, Germany, Norway and Russia. ...

Barbara Hendricks Barbara Hendricks (born November 20, 1948) is an American lyric soprano and humanitarian. Born in Arkansas, Hendricks studied chemistry and mathematics at the University of Nebraska before becoming a singer. She gained acclaim for her operatic r ...

, and others. The podcast emerged as Finalist in 15th Annual Shorty Awards.

Music

A passionate advocate for the arts, Diop is an avid jazz enthusiast. He has spoken on how the creativity inherent in jazz music influences leadership, problem-solving, and innovation within the realm of finance.

Sports

In addition to his financial and economic endeavors, Diop is an accomplished karate competitor. A three-time Senegal Karate Champion, he has also represented his country in the

World Karate Championships The Karate World Championships, also known as the World Karate Championships, are the highest level of competition for karate organized by the World Karate Federation (WKF). The competition is held in a different city every two years. Championshi ...

on two occasions, crediting the discipline for fostering resilience and focus in his professional life. He is also a member of Olympism365, a commission of the

International Olympic Committee The International Olympic Committee (IOC; , CIO) is the international, non-governmental, sports governing body of the modern Olympic Games. Founded in 1894 by Pierre de Coubertin and Demetrios Vikelas, it is based i ...

(IOC).

Recognition

Diop’s contributions to economic policy and international development have earned him numerous accolades, including: * Listed in

Jeune Afrique ''Jeune Afrique'' (English: ''Young Africa'') is a French-language pan-African weekly news magazine, founded in 1960 in Tunis and subsequently published in Paris by Jeune Afrique Media Group. It is the most widely read pan-African magazine. It o ...

's "50 Most Influential Africans" (2014) * Awarded the Regents’ Lectureship Award by the

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after t ...

(2015) * Named among the 100 Most Influential Africans by New African Magazine (2017) * Elevated to Commander in the

National Order of the Lion The National Order of the Lion () is the highest order of Senegal. The order was instituted by Law 60-36 of 22 October 1960 and was awarded to His Imperial Majesty Haile Selassie I The FIRST as The Grand Cross of The National Order of the Lion ...

of Senegal by the President

Macky Sall Macky Sall (, , ; born 11 December 1961) is a Senegalese politician who served as the fourth president of Senegal from 2012 to 2024. He previously served as the eighth Prime Minister of Senegal, prime minister from 2004 to 2007, under President ...

(2022) * Named by

Business Insider ''Business Insider'' (stylized in all caps: BUSINESS INSIDER; known from 2021 to 2023 as INSIDER) is a New York City–based multinational financial and business news website founded in 2007. Since 2015, a majority stake in ''Business Inside ...

Africa as one of 5 Highly Influential Africans Leading Top Global Organizations (2024) ----

References

{{DEFAULTSORT:Diop, Makhtar Alumni of the University of Nottingham Alumni of the University of Warwick Senegalese politicians World Bank people Finance ministers of Senegal Ministers of the economy and finance of Senegal 1960 births Living people Senegalese officials of the United Nations