Johannesburg, South Africa July 13, 2017—IFC,
a member of the World Bank Group, today announced that Cheikh Oumar Seydi
has assumed the role IFC’s Regional Director for the entire Sub-Saharan
Africa region effective July 1, expanding his leadership role for IFC.
In order to further strengthen regional leadership IFC will add two Associate
Director positions to support the delivery of the IFC strategy in Africa,
which is central to the implementation of the global IFC 3.0 strategy.
An Associate Director will soon be appointed for West and Central Africa,
based in Dakar, and another will cover East and Southern Africa, based
in Nairobi, reporting to the Regional Director.
“Africa is a priority for IFC, and Oumar’s leadership will help us play
a growing role to catalyze private investment in the continent,” said
IFC CEO Philippe Le Houérou, “Our goal is to work with the private sector
and with governments to create markets throughout Africa, including in
fragile situations, to provide more opportunities and more jobs for people.”
IFC’s long-term strategy, or IFC 3.0, is anchored around the two pillars
of creating markets and mobilizing private capital. It is intended to make
IFC more strategic, efficient and impactful and to operationalize the new
development finance reality that places the private sector at the heart
of development—not only to raise more capital but to drive innovation
and lower cost.
IFC’s priorities in Africa are bridging the infrastructure gap; building
productive industries, including more productive agribusiness and a robust
manufacturing base; and leading inclusive business approaches, including
through technology, media, and telecoms, and promoting access to finance
through financial institutions. IFC supports its priorities and development
impact through projects and programs that expand capital markets, encourage
empowerment of women, mitigate climate change, improve the investment climate,
and deepen partnerships.
“IFC has a strong franchise in Africa and we have the opportunity to increase
our impact by ensuring that private investment plays a much larger role
in the continent’s development,” said Seydi, “IFC will work across the
World Bank Group and with other partners to provide private investors with
the products and services they require to de-risk projects. IFC aims to
increase our impact by supporting reforms that promote the private sector
at-large, including leveraging the results of the IFC-World Bank Doing
IFC invested nearly $19 billion globally in fiscal 2016, including about
$8 billion mobilized from other investors. In Sub-Saharan Africa,
IFC provided $2.4 billion new long term investments and mobilizations and
$1.5 billion in short term investments. IFC also facilitated an additional
$700 million in mobilizations in the region on behalf MIGA, another World
Bank Group institution that promotes foreign direct investment by providing
political risk guarantees and credit enhancements to investors. IFC anticipates
strong growth in the Africa region.
Mr. Seydi has held various positions at IFC, including Director of Human
Resources for more than four years. He was previously Senior Manager for
the Central Africa sub-region, responsible for overall management of IFC's
investment and advisory operations in Cameroon, Central African Republic,
Congo Republic, Chad, DRC, Equatorial Guinea and Gabon.
Oumar joined IFC in 1997 as an Investment Officer focused on the chemicals
sector in a department for oil, gas, mining and agribusiness. Before that
he was a manager at Ernst & Young in New York, where he provided consulting
services in restructuring, reorganization, corporate finance and business
valuation. Earlier in his career, he spent five years at the United States
Agency for International Development and gained experience in commercial
banking and auditing in Senegal and Belgium.
Seydi holds an MBA from Harvard Business School.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In FY16, we delivered a record $19 billion in long-term financing
for developing countries, leveraging the power of the private sector to
help end poverty and boost shared prosperity. For more information, visit