Banking & Finance

World Bank Creates New Vice-Presidencies to Improve Operations in Africa

The World Bank on Wednesday announced that it has created two new vice-presidencies exclusively for Africa to better focus on the sub-Saharan region.

In detail, one vice-presidency will cover the western and central parts while the second will focus on the eastern and southern parts. The move aligns with the World Bank’s commitment to Africa. This year alone, the institution has already invested $58 million in SSA countries.

“I am honored to lead the Bank’s efforts in West and Central Africa, with a strong focus on innovation, impact, and transformation. Working together […] we can and will do more to put countries and people first and find ways to confront today’s development challenges using all of the tools at our disposal,” said Ousmane Diagana, Vice President for Western and Central Africa, former World Bank Country Director for Côte d’Ivoire, Burkina Faso, Guinea, Benin, and Togo.

The vice-president for Eastern and Southern Africa, Hafez Ghanem, who was vice-president for Africa, said “our commitment to Africa gets stronger every day, and I am thrilled to work alongside Ousmane Diagana to deliver even more resources to the people who need them the most. We are two Vice Presidents, but we see Africa as one, and will continue sharing lessons, expertise, and ideas across the continent.”

Africa accounts for about one-third of the World Bank’s overall portfolio, according to official figures. Over the last decade, the institution doubled its aid to the SSA region.


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