In fiscal year 2024, the International Finance Corporation (IFC) will support key sectors across Africa, including clean energy, manufacturing, digital connectivity, small and medium-sized enterprises, trade and agriculture, with record goals aimed at strengthening markets and increasing revenues. provided high-quality financing and comprehensive advisory support. Employment, especially in the continent’s most vulnerable and high-need regions.
IFC, a member of the World Bank Group, is the largest global development agency focused on the private sector in emerging markets, distributing an unprecedented $56 billion to private businesses and financial institutions in developing countries in FY24. In Africa alone, IFC invested $14.2 billion, a 23% increase over the previous year and the largest investment ever on the continent.
IFC provided investment support to 45 African countries from July 1, 2023 to June 30, 2024, including 30 countries in low-income countries or in fragile conflict-affected situations (FCS) where investments are particularly important. It was classified as a facing country. The organization has committed $8.5 billion in long-term and short-term financing from equity and mobilized an additional $5.7 billion from partner investors. Key focus areas include $3.9 billion in trade finance, $1.6 billion in promoting small business growth, $1.1 billion in digital connectivity, and $1.9 billion in climate change mitigation and adaptation, including clean energy and green building projects. Included.
Approximately 41% of IFC’s financing from its own account went toward tackling climate change, 50% supported projects with a gender perspective, and 21% went to low-income countries and the FCS. Throughout the fiscal year, IFC supported 130 projects in Africa. These include notable investments such as sustainability financing aimed at modernizing Cape Verde’s airport and reducing emissions. Nearly $200 million aimed at food security, sustainable agriculture, and construction in Morocco and elsewhere in Africa. Partnered with the Ivorian Ministry of Health on two public-private projects to strengthen laboratory and imaging services in 14 public hospitals. It will also strengthen Africa’s creative and online retail sectors with a $3.4 million equity investment in ANKA, an online platform that connects women-led handicraft businesses with global buyers.
IFC’s commitment to the FCS region is underlined by a risk-sharing arrangement with Deutsche Bank that will enable trade of up to €215 million in some of Africa’s most challenging markets and support renewable energy companies1. A billion dollar package has been released by Scatec to meet rising electricity demand. in Chad, Cameroon, and neighboring countries. IFC also expanded its gender-focused efforts by partnering with Goldman Sachs’ 10,000 Women program to provide greater opportunities for women entrepreneurs in Francophone Africa.
In addition to financial investments, IFC has provided $455 million in advisory and upstream services to strengthen the investment climate, support gender equality, and improve governance, environmental, and social practices across Africa. Upstream services include early stage preparation work aimed at proactively preparing impact markets and projects for development.
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