IFC launches $225 million platform to strengthen VC ecosystems in Africa, Middle East

IFC launches $225 million platform to strengthen VC ecosystems in Africa, Middle East

Press release:

To help build the digital economy in Africa, the Middle East, Central Asia, and Pakistan, IFC has launched a new $225 million platform to strengthen venture capital ecosystems and invest in early-stage companies addressing development challenges through technological innovations in climate, health care, education, agriculture, e-commerce, and other sectors.

In 2021, these regions collectively received less than 2% of $643 billion of global venture capital funding. Access to capital has been exacerbated by a slowdown in global venture capital investment, the COVID-19 pandemic, the rise in food and supply chain costs, higher interest rates, and currency depreciation. In addition, tech ecosystems are nascent or even nonexistent outside of more established markets such as Egypt, Kenya, Nigeria, Pakistan, Senegal, and South Africa.