Browsing: IFC

• The market for sustainable cooling systems in developing economies is set to hit $600 billion by 2050. Research shows that sustainable cooling systems can cut cooling-related emissions by almost 50%.
• They can also help lower electricity bills, reduce equipment costs, and power sector investments by $8 trillion by 2050.
• Unlocking finance, in particular private finance, is essential to support the transition to sustainable cooling across developing economies.

Economies in Africa are projected to experience the fastest growth in cooling systems, a new survey by the International Finance Corporation and the UN Environment Programme (UNEP)-led Cool Coalition shows.

Globally, Africa is poised to see her cooling systems industry expand by a factor of seven closely followed by countries in South Asia which will see this market segment quadruple.

“The sustainable cooling market represents at least a 600-billion-dollar opportunity for the private sector, …

• International Finance Corporation targets specific projects in Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.
• IFC’s $30 million (Sh4.8 billion), own-account investment will help Africa Infrastructure Investment Fund 4 Partnership (AIIF4) exceed its final close target of $500 million (Sh80.4 billion).
• A pan-African infrastructure private equity firm called the Africa50 Infrastructure Acceleration firm I is raising up to $500 million for investments

Kenya is among six African countries that International Finance Corporation (IFC) will pump $30 million (about KSh4.8 billion) equity investment to fund works on essential infrastructure.

The fund, managed by Africa Infrastructure Investment Managers (AIIM), part of the Old Mutual Group, will support projects in the telecoms, renewable energy, and transport sectors across Africa but with a specific focus on Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.

In the telecoms sector, the fund will focus on financing data centers, fiber networks, and communications towers. In …

• PROPARCO and the IFC, are scaling up of renewable energy production in both Kenya and DRC. 
• The two organisations will support Nuru, an early-stage company that provides decentralized and low-carbon power solutions in DRC. 
• PROPARCO will invest in the first close of E3 Low Carbon Economy Fund I (LCEF), which based in Kenya.

Two renewable energy investments in the Democratic Republic of Congo (DRC) and Kenya will receive financial backing to enhance their low-carbon power solutions.

The move comes after PROPARCO and IFC announced plans to support scale up of renewable energy in the two countries. PROPARCO and IFC are members of the Alliance for Entrepreneurship in Africa.

The two organizations declared support for Nuru, an early-stage startup that offers decentralized and low-carbon electricity solutions in the DRC, during the Paris summit for a new global funding agreement.

“Our support for Nuru, delivered with partners through the Alliance for Entrepreneurship …

• IFC and the Sovereign Fund will identify high-impact infrastructure projects in strategic sectors in Morocco.
• They will work closely with stakeholders to structure them into viable projects, respecting the best environmental, social and governance standards.
• IFC will also support the establishment of an Infrastructure sub-fund of the Mohammed VI Fund for Investment open to Moroccan and international partners.

A cooperation between the Mohammed VI Fund for Investment and the IFC has been established to find and fund sustainable infrastructure projects in Morocco.

One of the most important segments of the Moroccan economy is the infrastructure industry. Large capital investments are necessary, necessitating more private sector investment alongside public investment.

Infrastructure projects in Morocco

In accordance with this agreement, the Sovereign Fund and IFC will find high-impact infrastructure projects in Morocco industries.

“IFC is supporting the Government of Morocco to mobilise private investment in the infrastructure sector. This new partnership signed …

• The deal will revamp the financing of imports of oil, sugar, wheat, cement, construction equipment, vehicles, and consumer goods. 
• It will also support the purchase, processing, storage, and transportation of fisheries and mining products for export.
• IFC will also provide advisory support to Banque Populaire de Mauritanie (BPM), strengthening its corporate governance capacity.

Businesses across Mauritania are set to receive enhanced financial support following the International Finance Corporation’s (IFC) move to provide the Banque Populaire de Mauritanie (BPM) with $10 million a trade credit line. 

The trade facility will help BPM scale up lending to businesses to finance imports of oil products. Further, importers of sugar, wheat, cement, construction equipment, vehicles, and consumer goods will benefit. 

IFC loan to revamp export trade

The facility will also support the purchase, processing, storage, and transportation of fisheries and mining products for export.

Despite having vast natural resources, Mauritania faces challenges such as …

• IFC and Viva Technology have announced the second edition of the AfricaTech Awards.
• Founders are invited to apply for the awards in three categories – climate tech, fintech, and health tech 
• The winners of the awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors.

IFC and Viva Technology have announced the second edition of the AfricaTech Awards, an initiative to spotlight Africa-focused companies with innovative solutions addressing key development challenges linked to climate change, health care, and financial inclusion.

Founders are invited to apply for the awards in three categories – climate tech, fintech, and health tech – on the awards’ website from February 27 to March 12, 2023.

The winners of the awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors, including IFC, one of the largest venture capital …

• IFC, DEG, Hollard, and Yellowwoods Invest $17 million in Naked to Boost Access to Insurance in South Africa
• The IFC – Led equity Investment is aimed at increasing access to quality insurance products and services in South Africa
• The combined investment will also support Naked’s strategy to expand its digital insurance offering, including to more first-time insurance buyers, and allow it to continue innovating to improve customer experience.

The International Finance Corporation (IFC) has partnered with the German Development Finance Institution (DEG), Hollard, and Yellowwoods to invest $17 million in South African insurtech company Naked to expand access to vehicle, home, and other insurance products.

The IFC-led equity Investment is aimed at increasing access to quality insurance products and services in South Africa

The combined investment will also support Naked’s strategy to expand its digital insurance offering, including to more first-time insurance buyers, and allow it to continue innovating to …

• IFC and Equity Banque Commerciale du Congo (EquityBCDC), a subsidiary of Equity Group, has partnered to increase access to finance for small and medium-sized enterprises (SMEs) in the DRC and to promote economic diversification in the country.
• Under the partnership, IFC will support the expansion of EquityBCDC’s SME-lending operations through a $12.5 million risk sharing facility (RSF).
• Through the partnership, EquityBCDC aims to provide an additional 1,700 SME loans within the DRC and expand its SME portfolio from $250 million in 2021 to $631 million by 2026.

IFC and Equity Banque Commerciale du Congo (EquityBCDC), a subsidiary of Equity Group, has partnered to increase access to finance for small and medium-sized enterprises (SMEs) in the DRC and to promote economic diversification in the country.

Under the partnership, IFC will support the expansion of EquityBCDC’s SME-lending operations through a $12.5 million risk sharing facility (RSF).  

 IFC is also providing advisory services …

• Burkina Faso’s largest microfinance institution ACEP Burkina has received $2 million from the International Finance Corporation (IFC).  
• The loan facility will allow ACEP to ramp up access to longer-term finance for agri-sector MSMEs, smallholder farmers, and businesses in rural food chains in Burkina Faso.
• The financing will also help improve ACEP Burkina’s liquidity and support the company’s expansion of its mobile banking and access to credit services for rural MSMEs.

Burkina Faso’s largest microfinance institution ACEP Burkina has received $ 2 million from the International Finance Corporation (IFC) aimed at improving access to finance for farmers and micro, small and medium sized enterprises. 

The loan facility will allow ACEP to ramp up access to longer-term finance for agri-sector MSMEs, smallholder farmers, and businesses in rural food chains in Burkina Faso, including women-owned businesses, contributing to increased agricultural production.

The financing will also help improve ACEP Burkina’s liquidity and support the …