The International Finance Corporation (IFC), the World Bank’s private sector arm, has launched applications for its ‘She Wins Africa’ program, which seeks to provide guidance, training, mentorship, and networking opportunities to up to 5,000 women-led firms.
‘She Wins Africa,’ an initiative of the International Finance Corporation (IFC), is open to women-led companies and entrepreneurs working in Sub-Saharan Africa.
The program would initially help a handful of African entrepreneurs led by women in various fields. Participants can compete in a pitch competition and network with investors and venture capital firms.
Mary Porter Peschka, IFC’s Regional Director for Eastern Africa, stated:
“African women are highly entrepreneurial, but they frequently lack the necessary support and funding to succeed.” She Wins Africa strives to change this by providing women with the knowledge, resources, and chances they need to grow their enterprises.
“The IFC is delighted to welcome innovative women entrepreneurs to the She Wins Africa program and to assist them in growing their businesses and reaching new heights.”
Applications are being accepted through September 15.
Meanwhile, in a ground-breaking gesture to support Africa’s long-term development, the IFC has invested a record $11.5 billion in the continent during fiscal year 2023.
The package includes a $500 million investment in Northern Nigeria’s BUA Cement to enhance environmentally friendly, low-carbon cement manufacturing.
This $11.5 billion initiative intends to accelerate Africa’s transition to renewable energy, promote environmentally friendly industrial practices, boost intra-African commerce, buttress small-scale firms, and boost local food production, including in fragile and conflict-affected regions.
The IFC’s commitment became a remarkable achievement, reaching 40 nations between July 1, 2022, and June 30, 2023. This was the largest single annual investment effort ever seen on the African continent.
The massive financial assistance covers multiple vital areas, including $1.12 billion for trade financing, $876 million to accelerate Africa’s green energy transition, and $1.98 billion to boost small company growth, ultimately boosting job creation.
The IFC also invested $1.76 billion to improve digital connectivity through strategic investments in telecom towers, broadband expansion, and mobile internet access proliferation.
A considerable $3.5 billion of the $11.5 billion pledge was committed to short-term funding, with an additional $3.1 billion mobilized.
Approximately 40% of IFC’s in-house finance directly addressed the serious issue of climate change, while the remaining 48% benefited low-income countries and those affected by fragility and conflict.
Sérgio Pimenta, Vice President for Africa at IFC, spoke, emphasizing the organization’s unwavering commitment.
“In difficult times like these, when the shockwaves of multiple crises are shaking economies around the world, we are stepping up our work to support a resilient, inclusive, and greener private sector that is helping to provide infrastructure and digital solutions while also addressing food security and climate change,” he said.
As Africa ramps up its efforts to address climate change and transition to a net-zero future, the IFC has increased its funding for climate-related initiatives significantly. Notable initiatives include $1.2 billion in financing to help financial institutions expand their climate and sustainability lending, $1.1 billion to help AMEA Power build Egypt’s largest wind and solar plants, a €242 million financial package to help Senegal’s Sococim Industries, and a $500 million investment in BUA Cement in Northern Nigeria to promote eco-friendly, low-carbon cement manufacturing.
IFC and MIGA together offered $1.3 billion in equity investments, loans, and guarantees to support Safaricom Ethiopia’s greenfield telecommunications network across Ethiopia.
The IFC provided $208 million to partners in 12 countries under the Base of the Pyramid Program, which welcomed new partners from Cameroon and Madagascar.
Throughout the fiscal year, the IFC’s Africa Fragility Initiative (AFI) provided assistance to 18 advisory projects geared primarily at improving private sector capacities in Africa’s most nascent and vulnerable markets.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
