By Modupe Gbadeyanka
A development expert, Mr Hafez Ghanem, has been appointed as the new Vice President of the World Bank for Africa.
Mr Ghanem succeeds Mr Makhtar Diop, who has been appointed as the World Bank’s Vice President for Infrastructure.
A statement issued by the global lender disclosed that Mr Ghanem’s appointment takes effect from July 1, 2018.
The new Vice President is armed with over 30 years of experience and he is expected to lead an active regional portfolio consisting of over 600 projects totalling more than $71 billion.
Under his leadership, the World Bank will continue to support inclusive growth and poverty reduction by financing projects that boost human capital, support private sector development, raise agricultural productivity, improve access to infrastructure, build resilience to climate change, and promote regional integration.
The World Bank said in the statement obtained by Business Post that priority will be given to projects and programs that provide economic opportunities for youth and that promote gender equality. The World Bank will also intensify its work in fragile and conflict-affected states.
Mr Ghanem brings a wealth of experience to the position, having worked in more than 30 countries in Africa, Europe and Central Asia, Middle East and North Africa, and Southeast Asia. Previously the World Bank’s Vice President for the Middle East and North Africa, he led engagement in the region through a portfolio of ongoing projects, technical assistance and grants worth more than $13 billion.
As Sub-Saharan African countries strive to accelerate growth, eradicate extreme poverty and better integrate in the global economy, the World Bank Group remains a committed partner that can be relied upon to bring innovative approaches to development and financing.
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