The World Bank Group has announced the appointment of Makhtar Diop as Managing Director and Executive Vice President of the International Finance Corporation (IFC).
The Senegalese national becomes the first African to head the financial arm of the Bretton Woods institution.
"Makhtar Diop has deep development and finance experience and a career of energetic leadership and service to developing countries in both public and private sectors," World Bank Group President David Malpass said in a statement.
He is now expected to deliver on the IFC capital package policy commitments including increased climate and gender investments and support for fragile countries facing fragility, conflict and violence, the statement said.
Before the appointment, he was serving as the World Bank's Vice President for Infrastructure. Prior to that, he served as World Bank Country Director for Kenya, Somalia, Eritrea and Brazil.
He also served as Senegal's Minister of Finance.
Time in Kenya
During his time in Kenya, Mr Diop found himself in the headlines after late former First Lady Lucy Kibaki dramatically disrupted a farewell party at his Nairobi home.
An angry Ms Kibaki invaded the house in Muthaiga demanding that the loud music be switched off.
At that time, musicians Mercy Myra, Eric Wainaina and Suzanne Kibukosya were on stage entertaining the guests.