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World Bank’s subsidiary International Finance Corporation (IFC) will invest USD 6 Mn in tech companies in Kenya and other African countries.
A report by Businessdailyafrica reveals that the money will be disbursed through fund manager TIDE Africa. TIDE will then identify these firms and facilitate their funding.
The report further divulged that, “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 global development institution has been on the forefront when it comes to supporting local startups.It is the reason they jointly launched a project dubbed, ‘The Next 100 African Start-ups initiative’ with the Egyptian Ministry of Investment and International Cooperation (MIIC). The initiative gave an opportunity to selected startups to connect with international investors and financial institutions, government officials, and policymakers from the African continent.
IFC is a sister company and a member of the World Bank Group is the largest global development institution that pays particular attention to the private sector. It currently works with over 2K companies globally. It employs its vast prowess and uses funds to come up with opportunities to help entrepreneurs in hardship regions of the world.
In 2018, IFC invested a total of USD 23 Bn in long-term financing for developing countries. The organisation notes the early stages of a business is crucial for its survival and future growth adding that it will continue to support entrepreneurs and their ecosystems by helping them bridge the challenge of inadequate seed capital.
Feature image courtesy: african leadership magazine
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