IFC expands African development through Africa50 leadership and Ethiopian mortgage initiative

The International Finance Corporation (IFC) is expanding its influence in African development through new leadership and strategic partnerships. A former IFC leader has been appointed to head the Project Development Fund of Africa50. This role focuses on enhancing the structuring of infrastructure projects in sectors such as energy, transportation, and digital technology to ensure they are ‘bankable’ and capable of attracting international investment.

In Ethiopia, Prime Minister Abiy Ahmed has overseen a cooperation framework between the National Bank of Ethiopia and the IFC to establish the country’s first Mortgage Refinance Company. Capitalized at 100 billion Birr, with a minimum contribution of $200 million from the IFC, the institution aims to resolve liquidity mismatches in the banking sector. The initiative is designed to unlock accessible mortgage financing to support the national goal of providing 1.5 million affordable homes for Ethiopian families.