The International Finance Corporation (IFC), a member of the World Bank Group, and Egypt’s Ministry of Investment and International Cooperation have agreed to identify 100 promising young entrepreneurs to “connect them with business leaders, international investors, financial institutions, and policymakers” in an effort to help them grow their businesses. This will occur during the 2018 Africa Summit, which will be held in December in the city of Sharm El Sheikh, Egypt. The forum brings together heads of state and business leaders in Africa to address issues such as infrastructure, finance, energy, youth entrepreneurship and women’s empowerment.
Other recent efforts of the Ministry of Investment include Fekretak Sherketak, a program helping entrepreneurs learn about funding and mentorship opportunities, as well as investing in venture firms such as Egypt Ventures, Falak Start-ups and EFG-EV (Egyptian Financial Group – Egypt Venture) Fintech.
IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. Since 2016, IFC has provided approximately USD 65 million to technology companies and start-ups in the Middle East and North Africa. As of 2017, it has 184 member countries and total assets of USD 92.3 billion.
The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2018, it has 189 member nations. The group encompasses (1) IBRD and the International Development Association, which make up the World Bank; (2) the International Finance Corporation; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During the 12 months ending June 2017, the World Bank Group disbursed funds totaling USD 44 billion.
By Michelle Fleming, Research Associate
Sources and Additional Research
IFC Press Release: IFC and Egypt Partner to Help Innovative Start-ups and Foster Entrepreneurship in Africa
MICROCAPITAL BRIEF: IFC to Loan $50m to Itaú Argentina for SMEs, “Green” Lending
MICROCAPITAL BRIEF: World Bank Group’s IBRD Lending $400m to Industrial Development Bank of Turkey (TSKB) for SMEs, “Women-inclusive” Enterprises, Businesses Serving Syrian Refugees
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