Press Releases

IFC Appoints New Director to Help Expand and Support Private Sector Activities in Senegal and Wider Region

In Dakar:
Aida Der Hovanessian
Phone: +221 33 849 5045

In Johannesburg:
Daniel Musiitwa
Phone: +27 11 731 3175

Dakar, Senegal, July 31, 2008—IFC, a member of the World Bank Group, has appointed a new director for West and Central Africa, Yolande Duhem, who will be based in Dakar, Senegal. This appointment will help strengthen IFC’s activities and support for the private sector in the country and wider region.

Duhem, who worked previously as IFC Senior Manager in Buenos Aires, Argentina, will assume her new duties as director on September 1. Aida Der Hovanessian, IFC’s current country manager in Senegal, will now head IFC’s office in Antananarivo, Madagascar.

IFC Vice President for Sub-Saharan Africa Thierry Tanoh announced the new directorship this week on an official visit to Senegal. He also outlined IFC’s strategy to get closer to clients by bringing more resources to Africa and creating two subregional hubs. “IFC’s choice of Senegal for the directorship covering West and Central Africa highlights our commitment to the country. It is also an indication of our strategy to increase investments and advisory services that create opportunities for private businesses and local entrepreneurs,” Tanoh said.

During the trip, Tanoh met with key government officials, including H.E. Mr. Abdoulaye Wade, President of the Republic; Philippe-Henri Dacoury-Tabley, Governor of the Central Bank for Western African States; Pape Diop, Lord Mayor of Dakar and President of the Senate; and Samuel Sarr, Minister of Energy. He also met with development partners, private sector representatives, and IFC clients.

IFC’s new structure for Africa also includes a director for Eastern and Southern Africa, based in Nairobi, Kenya. Both directors will report to Tanoh, whose office is in Johannesburg, South Africa. Tanoh is IFC’s first Vice President to be based outside Washington, D.C.

IFC invested $35 million in Senegal during FY08. IFC’s strategy for the country focuses on three main pillars:  Improving the investment climate; Building capacity of micro, small, and medium enterprises and institutions that support them; Developing projects in priority sectors as set by the government, including tourism, agribusiness, telecommunications, high technology, and manufacturing.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit