The World Bank convened a series of meetings in Brazzaville, Congo, in May, bringing together key economic stakeholders, including finance ministers, from the Economic and Monetary Community of Central Africa (CEMAC). Following these discussions, Ethiopis Tafara, IFC Vice President for Africa, was interviewed by Ecofin Agency. 

Ecofin Agency: Could you tell us about the main projects IFC is backing in the CEMAC region to stimulate economic growth?

Ethiopis Tafara: As the World Bank Group’s private sector arm, IFC is actively supporting the Economic and Monetary Community of Central Africa (CEMAC) in its economic transformation. We are achieving this by catalyzing investment in high-impact sectors, with our top priority being the creation of sustainable jobs that foster opportunity and stability.

We are assisting countries across the region in improving access to critical infrastructure. For example, through the SCATEC Release project, we are deploying modular solar power plants in Congo, Cameroon, and the Central African Republic to expand access to clean, reliable energy. In Cameroon, the Nachtigal hydropower project, backed by our 110 million euro financing, marks a significant step in that nation’s energy transition.

Within the digital sector, we are expanding connectivity through investments such as a 10 million dollar financing package for Airtel Congo. We also provide support for transformative projects in agribusiness, tourism, as seen with Hilltop/BUNS, and industrial processing, through initiatives like FAC and CATRAMP. Additionally, we offer financial and strategic support to local champion businesses.

Given the region's fragility, we are deploying innovative tools to attract and secure private investment. These tools include guarantees, concessional financing, and technical assistance. We collaborate closely with national authorities, small and medium-sized enterprises (SMEs), and local actors to cultivate an environment conducive to sustainable and inclusive investment.

Ecofin Agency: With IFC's substantial investment in Africa over the past decade, what measurable impacts have you seen in the CEMAC region? What sectors are particularly noteworthy, and is IFC rethinking its strategy to better foster economic diversification?

Ethiopis Tafara: Despite ongoing development challenges, we've seen real progress in the last decade. Our efforts have helped create thousands of jobs by improving electricity access and modernizing financial services, making credit more accessible for small and medium-sized enterprises (SMEs).

Energy, smart agriculture, digital technologies, and fintech are among the most dynamic sectors. These advancements highlight CEMAC countries' increasing ability to embrace diversification and innovation.

Across Africa, where the private sector already accounts for 90% of employment, IFC is developing new financial tools.

To build on this momentum, we're implementing an integrated approach alongside the broader World Bank Group. This includes using private sector diagnostics (CPSDs) to pinpoint high-potential value chains. In Congo, for instance, we're working closely with the government to transform key growth sectors such as agribusiness, productive industries, and infrastructure.

Our 2030 strategy focuses on mobilizing significant private capital to create quality jobs. We are prioritizing high-impact sectors like agro-industry, energy, healthcare, infrastructure, industrialization, and tourism. Across Africa, where the private sector already accounts for 90% of employment, IFC is developing new financial tools. These instruments aim to attract institutional investors and increase capital flows between developing nations, often referred to as South-South investment.

We now emphasize equity investments, which are vital for business growth and have a powerful multiplier effect. We take calculated risks to maximize impact and support SMEs, given that they represent 75% of jobs in emerging markets. All of these initiatives are carried out in close collaboration with the rest of the World Bank Group, including our colleagues at the International Bank for Reconstruction and Development (IBRD), whose expertise is crucial in driving reforms that foster private sector development.

Ecofin Agency: CEMAC holds key resources for the energy transition. How does IFC balance economic growth with environmental sustainability?

Ethiopis Tafara: Environmental sustainability is fundamental to the growth we promote. Every project supported by IFC adheres to our strict environmental and social performance standards. This ensures we preserve biodiversity, include local communities, and manage our impact responsibly.

The World Bank Group is taking a practical and inclusive approach. A good example is Mission 300, an initiative launched with the African Development Bank, which aims to connect 300 million Africans to electricity. IFC contributes to this goal by mobilizing private sector solutions.

Our investments in hydropower and solar projects in the region demonstrate our commitment to a climate-resilient energy transition. These efforts not only support economic development but also align with national strategies.

Ecofin Agency: Creating sustainable jobs in the CEMAC region, especially in fragile areas, is a challenge. How does IFC ensure its financing truly benefits local populations?

Ethiopis Tafara: Employment is the strongest driver of stability and prosperity. We support local small and medium-sized enterprises (SMEs) with customized financing, risk guarantees for the banking sector, and skills development programs. Our contracts specifically emphasize local economic inclusion, preferring local labor and subcontracting with national firms. Our Local Champions Initiative (LCI) helps entrepreneurs build their capacity, meet international standards, and integrate into various value chains. The results are clear: stronger, more competitive local businesses and growth powered by regional talent.

In 2024, IFC's equity investments in Africa demonstrated specific priorities. Nearly 50% of these investments focused on women's economic inclusion, while 41% addressed climate change. Additionally, 21% were directed toward low-income or fragile countries.

The LCI is a key part of our commitment to nurturing high-potential domestic enterprises. Launched in 2022 under the Africa Fragility Initiative, its goal is to identify, structure, and support promising SMEs. The initiative is already active in Guinea, Togo, Burkina Faso, Niger, Chad, and Liberia. Congo is set to become the first CEMAC country to benefit from the LCI, with Cameroon, the Central African Republic, and Gabon to follow.

Ecofin Agency: Women's entrepreneurship is vital but often overlooked. What is IFC doing in the CEMAC region to support women?

Ethiopis Tafara: Women's economic empowerment is a top priority for us. We're partnering with local banks and key industries to develop financial products specifically for women entrepreneurs. This also includes providing customized mentoring and training programs.

In 2024, almost half of our equity investments in Africa focused on women's economic inclusion. Through the She WINS Africa program, we're supporting 400 women-led startups with training, mentorship, and improved access to financing. The program also educates investors on gender-inclusive strategies. The results are clear: hundreds of women have structured their businesses, secured funding, and created jobs.

IFC provided a $200 million financing package to Airtel Africa. This aims to improve affordable broadband access for over 37 million people across six countries.

In Cameroon, we are supporting women's agricultural cooperatives, which demonstrates how female economic inclusion can be a powerful engine for growth.

Additionally, we co-launched the "10,000 Women" finance facility with Goldman Sachs. This initiative has allowed thousands of women to access management training and tailored funding. The program is now available online, including in French through Coursera, which further expands its reach.

These initiatives all reflect our commitment to closing the gap in access to capital and training for women entrepreneurs, particularly in emerging markets.

Ecofin Agency: Digital and innovation are key drivers of change. How is IFC working to cultivate a strong digital ecosystem in the region?

Ethiopis Tafara: Digital technologies are a major driver of economic and social opportunity. We're investing in core infrastructure to expand connectivity, which is essential for a thriving digital economy.

Since 2018, IFC's investments in African digital infrastructure have increased internet traffic capacity and improved regional connectivity. These investments include fiber optics, towers, submarine cables, and data centers.

For example, IFC provided a $200 million financing package to Airtel Africa. This aims to improve affordable broadband access for over 37 million people across six countries: the Democratic Republic of Congo, Kenya, Madagascar, Niger, the Republic of Congo, and Zambia. This initiative helps close the digital divide in East and Central Africa.

Beyond infrastructure, we actively support startups, fintech companies, and local tech firms through dedicated funds, accelerators, and strategic partnerships. Our goal is to build a robust, inclusive, and sustainable digital ecosystem. We also want to foster innovative solutions tailored to African populations and nurture local talent.

Interview by Aboudi Ottou & Idriss Linge,

Translated by Mouka Mezonlin