International Finance Corporation (IFC) announced, on October 19, the appointment of Madalo Minofu as its new Country Manager for Ethiopia, Malawi and Zambia. In her new role, Minofu will help strengthen the role of the private sector in energy, telecom, manufacturing, and agribusiness development in the three countries to create jobs and opportunities as the region continues its COVID-19 recovery and confronts new economic challenges.
A Malawian national, 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.
In her new role as IFC’s Country Manager for Ethiopia, Malawi and Zambia, Minofu will be based in Addis Ababa and will work closely with her World Bank Group counterparts and development partners to further boost investment across key sectors in the three countries. Her new role took effect October 1.
Madalo Minofu 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 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”.
Jumoke Jagun-Dokunmu, IFC’s Regional Director for Eastern Africa: “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. I am confident that Madalo, 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”.
Strong understanding of the Southern African investment space
Madalo Minofu has over 20 years of experience in the development and project finance arena at various levels in the Southern Africa region. She has a strong understanding of the Southern African investment space and key requirements of the private sector.
Prior to joining IFC, Madalo Minofu worked with the Development Bank of Southern Africa (DBSA), where she spent nearly 10 years and was responsible for the development of infrastructure projects from early stage to implementation, as part of both DBSA’s Investments and Project Development Advisory teams. In the latter capacity, she was a key member of the South African Government IPP team (in a ring-fenced capacity) that worked on the design of procurement documentation for South Africa’s IPP programmes successfully delivering the first three phases of the Renewable Energy IPP Programme.
In addition, she has held senior-level roles at Pfizer and Gillette.
Madalo Minofu is a regular contributor to investment fora in the energy and infrastructure space and has a passion for renewable energy and the difference it can make in increasing the pace of development in Africa.
Madalo Minofu holds a Master of Business Administration (MBA), with a specialty in finance, from the Strathclyde Graduate Business School in the United Kingdom.
$32.8 billion committed in 2022
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
