The International Finance Corp. is making changes to its organizational structure, according to an internal memo obtained by Devex.
“With IFC's expanded capital base and growing staffing and program trajectory, we must ensure that IFC's organizational structure, operational processes and procedures, as well as systems and administrative functions are fit for purpose,” World Bank Group President David Malpass wrote to staff members Thursday. “As we continue to implement IFC 3.0 and expand collaboration across the WBG, our goal is to support effective decision making and efficient delivery for clients.”
What’s changing: IFC, the private sector-focused member of the World Bank Group, is consolidating some responsibilities and reshuffling where departments report while creating new leadership positions. The changes are meant to ensure IFC’s regional and sectoral strategies are aligned with development objectives and informed by economic analysis, according to the note.
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IFC’s vice president for economics and private sector development will oversee the corporate strategy department. IFC is also creating a crosscutting solutions vice president, who will oversee the institution’s climate, public-private partnerships and corporate finance advisory, upstream, sustainability, and gender solutions teams, along with the Western Europe and Tokyo offices. Malpass described the move as an effort to strengthen oversight of key priorities including climate, gender, and upstream work.
The human resources, budget, information technology, communications, partnerships, and multilateral engagement departments will report to a new corporate support vice president.
Why it matters: IFC’s new leader, Makhtar Diop, took up his post March 1, and this is the first significant move during his tenure. It is the latest in a series of changes at IFC as it looks to implement its IFC 3.0 strategy. The goal, according to the internal document, is to strengthen support for front-line staff members as the organization expands.