IFC steps up African investments

March 15th, 2021 – The International Finance Corporation (IFC), part of the World Bank Group, has made investments in a range of organisations across Africa, aiming to stimulate progress in the small and medium-sized enterprise (SME) and start-up sectors.

IFC has backed Savannah Fund, which provides seed funding to start-ups in Sub-Saharan Africa, with a particular focus on female entrepreneurs. Savannah’s fund raising generated a total of USD 25 million, with USD 3 million coming from IFC and a further USD 500,000 from the Women Entrepreneurs Finance Initiative (We-Fi), which is also part of the World Bank Group. This will initially go to businesses in Kenya, Nigeria and South Africa, with further investments in Rwanda, Ethiopia, Uganda, Ivory Coast and Ghana all possibilities.

Companies in the fintech, logistics, e-commerce, agritech, healthcare and education sectors are the main recipients.

More…https://iclg.com/alb/15863-ifc-steps-up-african-investments

Written by African Law & Business
Photo: Gate-News