Former finance minister appointed World Bank director

Former finance minister, Mansur Muhktar, has been appointed alternate executive director of the World Bank. He joins former finance minister, Ngozi Okonjo-Iweala and former minister of education, Obi Ezekwesili at the 67-year-old global financial institution.

Muhktar's appointment, which is a full-time position in Washington, follows the recent creation of an additional seat for Africa region on the board of the World Bank Group. This brings to three the number of seats for Africa on the board of the since November 2010.

Nigeria is in the same World Bank Group constituency with South Africa and Angola.

Announcing the latest appointment, current finance minister, Olusegun Aganga, said this is one of the direct fallouts and benefits of Nigeria occupying the chairmanship of the World Bank/International Monetary Fund (IMF) Group since last year.

Aganga, who was the first African to chair the World Bank/IMF Group, said the creation of the third seat for Africa will enhance the voice and presence of the continent at the Bretton Woods institution as well as increase its vote.

Mahktar's duties on the board will include setting of strategic directions and approving of policies and programmes of the World Bank Group in the member states; approval of internal policies, including human resources; oversight matters in relation to the functioning of the Group's duties, among others.

Mahktar's appointment has now given Africa an additional voice at the highest level of management that would be involved in the formulation and implementation of the World Bank Group's programmes on the continent.

The Group plays a very significant role in the economies of virtually all African countries.

Foreign investors, donor and credit institutions often insist on the World Bank approval of national economic policies before dealing with developing nations, within which category virtually all African nations fall.

According to the minister, the federal government was delighted over Mr Muhktar's appointment, pointing out that given his wealth of experience at the African Development Bank, the World Bank and as a former finance minister, a better person could not have been recommended for the high position.