The 2023 Spring Meetings took place against a backdrop of multiple crises. Growing debt burdens, rising inflation, and increased costs of finance have pushed growth, poverty alleviation, and shared prosperity out of reach for many in the developing world. This situation has been exacerbated by interlocking crises including the COVID-19 pandemic, Russia’s invasion of Ukraine and an increase in extreme weather events. Tackling the issues of worsening food insecurity and climate impacts have prompted record World Bank Group support. There is a broad recognition that the world must do more to support global public goods and address the scale of the development challenges facing the world.
During the meetings, IFC leadership and staff met with delegates and donors, to strengthen existing relationships, recognize our collective progress and push for new solutions to development challenges.
Photography by Djenno Bacvic/IFC
IFC's Managing Director, Makhtar Diop, meets with Ukraine's Minister of Finance, Sergii Marchenko. "A strong private sector is essential to help Ukraine's economy recover and support reconstruction efforts," said Diop. The World Bank's 2nd Rapid Damage and Needs Assessment estimated that Ukraine will need $14 billion for critical and priority reconstruction and recovery investments in 2023.
IFC's Managing Director, Makhtar Diop, meets with Ukraine's Minister of Finance, Sergii Marchenko. "A strong private sector is essential to help Ukraine's economy recover and support reconstruction efforts," said Diop. The World Bank's 2nd Rapid Damage and Needs Assessment estimated that Ukraine will need $14 billion for critical and priority reconstruction and recovery investments in 2023.
Sabrina Borlini, Senior Advisor to the Vice President for Treasury & Mobilization, listens during a meeting with the European Development Finance Institutions.
Sabrina Borlini, Senior Advisor to the Vice President for Treasury & Mobilization, listens during a meeting with the European Development Finance Institutions.
Sérgio Pimenta, IFC’s Regional Vice President for Africa, meets with OCP Group, the world's largest phosphate-based fertilizer producer.
Sérgio Pimenta, IFC’s Regional Vice President for Africa, meets with OCP Group, the world's largest phosphate-based fertilizer producer.
Susan Lund, IFC’s Vice President, Economics and Private Sector Development, center, Federico Galizia, Vice President, Risk and Finance, and Hela Cheikhrouhou, Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, meet Odile Renaud-Bass, President of the European Bank for Reconstruction and Development (EBRD).
Susan Lund, IFC’s Vice President, Economics and Private Sector Development, center, Federico Galizia, Vice President, Risk and Finance, and Hela Cheikhrouhou, Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, meet Odile Renaud-Bass, President of the European Bank for Reconstruction and Development (EBRD).
Makhtar Diop, IFC’s Managing Director, greets Amina J. Mohammed, Deputy Secretary-General of the United Nations, during a meeting at his office to discuss strengthening IFC and the United Nations’ partnership to deliver on the Sustainable Development Goals.
Makhtar Diop, IFC’s Managing Director, greets Amina J. Mohammed, Deputy Secretary-General of the United Nations, during a meeting at his office to discuss strengthening IFC and the United Nations’ partnership to deliver on the Sustainable Development Goals.
Wendy Werner, IFC’s Country Manager, India, greets fellow attendees before the Empowering Women as Entrepreneurs and Leaders panel.
Wendy Werner, IFC’s Country Manager, India, greets fellow attendees before the Empowering Women as Entrepreneurs and Leaders panel.
Elena Bourganskaia, Vice President, Corporate Support, Hela Cheikhrouhou, Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, and Makhtar Diop, IFC's Managing Director, meet with Mohammed Al-Jadaan, Minister of Finance for the Kingdom of Saudi Arabia.
Elena Bourganskaia, Vice President, Corporate Support, Hela Cheikhrouhou, Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, and Makhtar Diop, IFC's Managing Director, meet with Mohammed Al-Jadaan, Minister of Finance for the Kingdom of Saudi Arabia.
In this episode of IFC Audio Stories we take a look back at the Spring Meetings, with highlights from an IFC-led event on women's leadership and economic empowerment.
Melinda French Gates, co-chair of the Bill & Melinda Gates Foundation, discusses women and financial inclusion during her appearance at the Empowering Women as Entrepreneurs and Leaders panel with Makhtar Diop, IFC’s Managing Director, and Adji Bousso Dieng, Assistant Professor of Computer Science, Princeton University. Mina Al-Oraibi, Editor-in-chief of The National moderated the event.
Melinda French Gates, co-chair of the Bill & Melinda Gates Foundation, discusses women and financial inclusion during her appearance at the Empowering Women as Entrepreneurs and Leaders panel with Makhtar Diop, IFC’s Managing Director, and Adji Bousso Dieng, Assistant Professor of Computer Science, Princeton University. Mina Al-Oraibi, Editor-in-chief of The National moderated the event.
Riccardo Puliti, IFC's Regional Vice President for Asia and the Pacific, greets Korea's Kyungho Choo, Deputy Prime Minister, before signing a Korea Trust Fund Agreement. The Government of Korea is providing $30 million for the Korea Green Resilient and Innovative Development (K-GRID) program
Riccardo Puliti, IFC's Regional Vice President for Asia and the Pacific, greets Korea's Kyungho Choo, Deputy Prime Minister, before signing a Korea Trust Fund Agreement. The Government of Korea is providing $30 million for the Korea Green Resilient and Innovative Development (K-GRID) program
Makhtar Diop, IFC’s Managing Director, greets Mostafa Terrab, Chairman and CEO of the OCP Group, following the signing of a landmark green loan that will help the world's largest phosphate-based fertilizer producer to build four solar plants to power OCP's Morocco operations to reduce the company's carbon footprint and help green its fertilizer production.
Makhtar Diop, IFC’s Managing Director, greets Mostafa Terrab, Chairman and CEO of the OCP Group, following the signing of a landmark green loan that will help the world's largest phosphate-based fertilizer producer to build four solar plants to power OCP's Morocco operations to reduce the company's carbon footprint and help green its fertilizer production.
Alfonso García Mora, IFC Regional Vice President, Latin American & the Caribbean and Europe, greets Liesje Schreinemacher, Minister for Foreign Trade and Development Cooperation of the Netherlands, and Ukraine’s Sergii Marchenko, Minister of Finance. The Netherlands and Switzerland will be providing $53 million for IFC's Economic Resilience Action (ERA) program, which will provide a lifeline to Ukraine's private sector. IFC expects to be able to leverage these donor funds, with these contributions potentially providing more than $200 million in financing.
Alfonso García Mora, IFC Regional Vice President, Latin American & the Caribbean and Europe, greets Liesje Schreinemacher, Minister for Foreign Trade and Development Cooperation of the Netherlands, and Ukraine’s Sergii Marchenko, Minister of Finance. The Netherlands and Switzerland will be providing $53 million for IFC's Economic Resilience Action (ERA) program, which will provide a lifeline to Ukraine's private sector. IFC expects to be able to leverage these donor funds, with these contributions potentially providing more than $200 million in financing.
Audience members take selfies following the panel, Incentivizing Inclusive and Sustainable Supply Chains, which featured Makhtar Diop, IFC’s Managing Director, and Ngozi Okonjo-Iweala, Director General, World Trade Organization, and South African moderator and journalist, Redi Thlabi.
Audience members take selfies following the panel, Incentivizing Inclusive and Sustainable Supply Chains, which featured Makhtar Diop, IFC’s Managing Director, and Ngozi Okonjo-Iweala, Director General, World Trade Organization, and South African moderator and journalist, Redi Thlabi.
Next stop Morocco
The 2023 Annual Meetings of the World Bank Group and the IMF will take place in Marrakech, Morocco, from Monday, October 9, through Sunday, October 15.
