IFC Identifies More Than 100 Start-Ups That Could Speed Up Innovation in Africa International Finance Corporation
IFC, a member of the World Bank Group, in cooperation with Egypt’s Ministry of Investment and International Cooperation (MIIC) have selected more than 100 high-potential start-ups to participate in a new initiative designed to spur innovation and job creation across the African continent.
The start-ups include Vezeeta, Avidbeam and Next Protein. They and other selected companies will participate in Africa’s Next Start-Ups program, a joint IFC-MIIC effort that helps provide up-and-coming small businesses with funding and advice. The program connects such companies with potential investors, financial institutions, business leaders, and policymakers. It is designed to support the continent’s budding start-up culture and create opportunities for entrepreneurs, who often struggle to secure growth capital and have few places to turn for guidance.
As part of the program, the start-ups and other entrepreneurs will attend the Africa 2018 Forum in Sharm El Sheikh, Egypt, from December 7 through December 9. The Africa 2018 Forum will take place under the guidance of Egyptian President Abdel Fattah el-Sisi.
“Africa is brimming with entrepreneurs whose drive and creativity have the potential to transform the industries in which they work,” said Philippe Le Houérou, IFC’s Chief Executive Officer. “With the right support, African start-ups can help create the high-quality jobs that are so urgently needed while reducing poverty and finding solutions to some of the continent’s most urgent challenges.”
More than 500 business from 35 African countries applied to be part of the program. The companies selected represent those with the greatest potential to achieve a positive impact on their communities. They come from across the African continent—including Burkina Faso, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa. They operate in a range of sectors, including education, health care, logistics, and software.
The initiative is part of IFC’s advisory program in MENA, which aims to boost access to finance, ease business regulations, support entrepreneurs, and help businesses improve governance. With over 56 active projects across 15 countries, IFC’s advisory services are made possible with support from our development partners—Switzerland's State Secretariat for Economic Affairs (SECO) and the UK’s Department for International Development (DFID).
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org