The International Finance Corporation (IFC) a subsidiary of the World Bank has revealed plans to invest USD 6 million in tech companies majorly in Kenya and other African countries.
According to a report by Businessdailyafrica, the money will be apportioned through the fund manager TIDE Africa. TIDE will then identify these firms and facilitate their funding.
The report further states, “Majority of TIDE’s investments will be concentrated in Anglophone Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other Western, Eastern and Southern African countries, with a sectoral focus on consumer services, financial services, and enterprise technologies.”
The IFC has been on the frontline when it comes to aiding the growth and sustenance of local startups. This drive has led to its partnership with the Egyptian Ministry of Investment and International Cooperation (MIIC) to launch a project tagged ‘The Next 100 African Start-ups initiative.’ The initiative paved the way for selected startups to connect with international investors and financial institutions, government officials, and policymakers from the African continent.
It is worth noting that the IFC is a sister company and a member of the World Bank Group. It is the largest global development institution that pays particular attention to the private sector. It currently works with over 2000 companies globally. It applies its vast financial resources, technical expertise, global experience, and innovative thinking to help its partners overcome financial, operational, and other challenges.
Interestingly, in 2018, the global development institution invested a total of USD 23 billion in long-term financing for developing countries. The organization has also vowed that it will continue to support entrepreneurs and their ecosystem by helping them bridge the challenge of inadequate seed capital.
