IFC’s regional Director for Eastern Africa, Mary Porter Peschka
The International Finance Corporation (IFC), the private sector arm of the World Bank, has opened applications for its ‘She Wins Africa’ programme, which aims to support the growth of up to 5,000 women-led startups with advice, training, mentorship, and networking opportunities.
‘She Wins Africa’, part of IFC’s wider strategy to support women entrepreneurs, is open to women-led startups and entrepreneurs operating in Sub-Saharan Africa.
The programme would initially support a group of women-led African startups across various sectors. It includes a pitch competition for participants and networking opportunities with investors and venture capital firms.
IFC’s regional Director for Eastern Africa, Mary Porter Peschka, said:
“African women are highly entrepreneurial yet often lack the support and funding they need to succeed. She Wins Africa aims to rectify this by equipping women with skills, tools, and opportunities to scale their businesses.
“IFC is excited to welcome innovative women entrepreneurs to the She Wins Africa programme and help them grow their businesses and reach new heights.”
Applications are open until September 15.
Meanwhile, in a groundbreaking move to bolster Africa’s sustainable development, the IFC has injected a historic sum of $11.5 billion into the continent during the fiscal year 2023.
The package includes a $500 million investment in BUA Cement in Northern Nigeria to promote eco-friendly, low-carbon cement manufacturing.
This $11.5 billion investment aims to expedite Africa’s transition towards clean energy, foster eco-friendly manufacturing practices, enhance intra-African trade, fortify small-scale enterprises, and elevate local food production, even in regions grappling with fragility and conflict.
The IFC’s commitment materialised as an extraordinary feat, spanning 40 countries between July 1, 2022, and June 30, 2023. This marked the single largest annual investment drive ever witnessed on the African continent.
The huge financial support encompasses several critical sectors, including $1.12 billion designated for trade financing, $876 million to propel Africa’s green energy transition, and $1.98 billion to bolster the growth of small businesses, ultimately spurring job creation.
The IFC also allocated $1.76 billion to boost digital connectivity, with strategic investments in telecom towers, broadband expansion, and the proliferation of mobile internet access.
Of the $11.5 billion commitment, a substantial $3.5 billion was dedicated to short-term financing, while an additional $3.1 billion was mobilised.
About 40 per cent of IFC’s in-house financing directly confronted the pressing issue of climate change, while 48 per cent was channeled towards the benefit of low-income nations and those afflicted by fragility and conflict.
Commenting, the Vice President for Africa at IFC, Sérgio Pimenta emphasised the organisation’s unwavering commitment.
He said, “At difficult times like these, when the shockwaves of multiple crises are shaking economies worldwide, we are stepping up our work to support a resilient, inclusive, and greener private sector that is helping provide infrastructure and digital solutions while also tackling food security and climate change.
“Catalysing increased private sector innovation and financing for addressing climate change, bridging gender gaps, and empowering the next generation of startup leaders has been at the forefront of our work this past year and will continue to drive our engagements as we work with partners to create jobs and opportunities for more people.”
As Africa intensifies its efforts to combat climate change and transition to a net-zero future, the IFC has substantially augmented its funding for climate-related projects. Notable initiatives include $1.2 billion in financing to enable financial institutions to expand their climate and sustainability lending, $1.1 billion to support AMEA Power in the construction of Egypt’s largest wind and solar plants, a €242 million financial package to advance Senegal’s Sococim Industries, and a $500 million investment in BUA Cement in Northern Nigeria to promote eco-friendly, low-carbon cement manufacturing.
In the realm of digital connectivity, IFC and MIGA jointly pledged $1.3 billion in equity investments, loans, and guarantees to underpin Safaricom Ethiopia’s greenfield telecommunications network across Ethiopia.
To empower smaller enterprises, the IFC extended $208 million to partners in 12 countries through the Base of the Pyramid Program, which also welcomed new partners from Cameroon and Madagascar.
Throughout the fiscal year, the IFC’s Africa Fragility Initiative (AFI) lent support to 18 advisory projects specifically aimed at enhancing private sector capabilities in Africa’s most fledgling and vulnerable markets.
Ndubuisi Francis in Abuja
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