Makhtar Diop, the Managing Director of the International Finance Corporation (IFC), is set to visit Kenya as from January 31st to February 4th. Diop’s visit is aimed at highlighting IFC’s commitment to supporting Kenya’s development agenda.
During his planned visit, Mr. Diop will hold talks with President Uhuru Kenyatta, and key private sector representatives and business leaders. Mr. Diop will also discuss IFC’s commitment to promote social inclusion with support from the private sector across health, agriculture, housing, and public-private partnerships in Kenya and the broader region.
IFC’s investment and advisory portfolio in Kenya currently stands at Ksh. 109 billion (USD 964 million). IFC works across a number of key sectors including manufacturing, agribusiness, financial services, infrastructure, and technology. The Corporation has supported Kenya throughout the COVID-19 pandemic, deploying Ksh. 13 billion (USD 115 million) of its COVID-19 fast-track global financing facility to several financial institutions in Kenya. This is in a bid to support them to increase lending to small businesses vital to the country’s economy.
While the COVID-19 pandemic hit Kenya’s smaller businesses hard, the country is staging a positive economic recovery and is expected to post one of the stronger growth rebounds in Sub-Saharan Africa in 2022. The private sector has an instrumental role to play in supporting Kenya’s continued recovery from the pandemic and in creating more productive jobs in the longer term.
Makhtar Diop assumed the position of IFC’s Managing Director on March 1st, 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.