Malawian to head IFC in 3 countries

International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, has appointed Madalo Minofu as its new country manager for Ethiopia, Malawi and Zambia.

In a statement yesterday, IFC said Minofu, a Malawian who took her new role on October 1, will be based in Addis Ababa, Ethiopia. She will work closely with her World Bank Group counterparts and development partners to further boost investment across key sectors in the three countries.

IFC said Minofu will help to strengthen the role of the private sector in energy, telecoms, manufacturing and agribusiness development in the three countries to help create jobs and opportunities as the region continues its Covid-19 recovery and confronts new economic challenges.

IFC Eastern Africa regional director Jumoke Jagun-Dokunmu is quoted in a statement as having said that he was confident that Minofu, who brings more than 20 years of experience delivering high-impact projects and investments, will continue to deepen the impact of IFC’s work in Ethiopia, Malawi and Zambia.

He said: “The region is confronted by rising inflation and food insecurity so we must work even more closely with our partners to ensure the private sector contributes to growth and development.”

The statement quotes Minofu as having said Africa is facing serious economic challenges exacerbated by global economic shocks, climate change and rising inflation, which have heavily impacted the private sector, underlining the importance of collaboration to respond to the needs of people and economies.

“I, therefore, look forward to working closely with partners in Ethiopia, Malawi and Zambia to develop solutions that support the private sector to navigate the current challenges and contribute to job creation,” she said.

Minofu joined IFC in 2017 as the resident representative for Zambia and Malawi where she led the development and implementation of IFC’s investment and advisory work, managed key engagements with government and private sector partners to improve the investment climate and facilitated a diverse investment pipeline.

According to IFC, prior to joining the institution, she worked with the Development Bank of Southern Africa where she spent nearly 10 years.

In addition, Minofu has held senior-level roles at Pfizer and Gillette.

She holds a Master of Business Administration (MBA), with a specialty in finance from the Strathclyde Graduate Business School in the United Kingdom.

IFC is the largest global development institution focused on the private sector in emerging markets.