Ethiopis Tafara Appointed IFC VP for Africa, Pledges Focus on Jobs and Private Sector Growth

In his new role, Mr. Tafara will be responsible for leading IFC’s strategic efforts across Africa to promote economic development, expand private investment, and create jobs.

The International Finance Corporation (IFC), a member of the World Bank Group and the leading global development institution focused on the private sector in emerging markets, has appointed Ethiopis Tafara as its new Vice President for Africa. The announcement, made today, marks a significant leadership transition aimed at strengthening IFC’s investment and advisory activities across the African continent.

A New Era of Leadership for IFC in Africa

In his new role, Mr. Tafara will be responsible for leading IFC’s strategic efforts across Africa to promote economic development, expand private investment, and create jobs. His oversight includes managing a rapidly expanding portfolio that currently stands at $17 billion and supervising a team of nearly 800 professionals spread across the continent.

Mr. Tafara brings to the role a wealth of experience in international development, legal affairs, risk management, and sustainability. Prior to this appointment, he served as the Vice President, Chief Risk, Legal & Sustainability Officer and Partnerships at the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA). He also previously held the position of Vice President and General Counsel for IFC, making him well-versed in the institution’s operations and objectives.

A Personal and Professional Commitment to Africa

A U.S. national of Ethiopian origin, Mr. Tafara’s appointment reflects a deep-rooted connection to the African continent. Born in Ethiopia and raised partly in Italy, he brings a multicultural perspective and speaks five languages—Amharic, French, Italian, Spanish, and English. His appointment underscores IFC’s intention to align leadership with a profound understanding of the region's diverse contexts and dynamics.

“I am equally honored and excited to have been appointed to this position and am eager to expand upon the excellent work IFC and our partners have been achieving across the region,” said Mr. Tafara. “Africa’s is an increasingly important voice on the global stage, and though challenges persist, the opportunities are even greater, and the continent’s private sector and entrepreneurs are more dynamic than ever before.”

Building on a Strong Foundation

Mr. Tafara succeeds Sérgio Pimenta, who retired after nearly three decades at the World Bank Group. Under Pimenta’s leadership, IFC made significant inroads in high-impact sectors such as infrastructure, agribusiness, manufacturing, financial services, and telecommunications. His departure marks the end of an era, but Mr. Tafara’s entry signals continuity and renewed vigor.

Makhtar Diop, IFC’s Managing Director, expressed confidence in the appointment, stating, “I am thrilled to welcome Ethiopis to this role, knowing his deep and long-standing commitment to Africa’s development and his unique skillset are well-suited to support Africa’s development pathways. I have worked closely with Ethiopis over the years and look forward to the insights, acumen, and passion he will bring to his work supporting private sector-led growth and job creation on the continent.”

Strategic Priorities and Regional Focus

Mr. Tafara will operate from IFC’s Nairobi office, positioning him at the heart of one of Africa’s most dynamic economic hubs. His tenure begins at a time when IFC is expanding its footprint across fragile and conflict-affected states, focusing on inclusive development strategies and investment in foundational sectors.

In fiscal year 2024 alone, IFC made record-level investments and provided advisory services in 45 African countries—including 30 countries categorized as low-income or affected by conflict. This reflects a concerted push by the organization to tackle urgent development challenges through innovative private-sector solutions and partnerships.

Education and Global Expertise

Mr. Tafara holds a Juris Doctor (JD) from Georgetown University Law Center and an AB from Princeton University. Over the years, he has held leadership roles on several international boards and advisory councils, contributing to global dialogues on capital markets, corporate law, governance, and risk management.

His expertise aligns with IFC’s priorities, particularly in promoting sustainable development, facilitating capital flows into underserved markets, and enabling policy environments conducive to private sector participation.

Looking Ahead

As Africa grapples with challenges such as youth unemployment, infrastructure gaps, climate vulnerabilities, and post-pandemic economic recovery, Mr. Tafara’s leadership is poised to play a pivotal role. His background in law, risk, and sustainability offers a comprehensive lens through which to navigate complex development landscapes and implement resilient, long-term growth strategies.

With a blend of personal passion and professional rigor, Ethiopis Tafara steps into his new role with a clear mission: to harness the transformative power of private enterprise in building a more prosperous, inclusive, and resilient Africa.