The International Finance Corporation (IFC), a subsidiary of the World Bank Group, will provide $ 6 million in funding for technology startups in sub-Saharan Africa. The target countries are Kenya, Nigeria, Ghana and South Africa.
The fund will be disbursed by TIDE Africa, owned by UK-based venture capital firm TLcom Capital LLP, which will also be responsible for identifying beneficiaries and distributing funds.
“The majority of TIDE’s investments will be concentrated in English-speaking Africa: Kenya, Nigeria, Ghana and South Africa, and the remaining allocation will be deployed in other countries of West, East and Southern Africa, with sectoral concentration on consumer services, financial services and business technologies, “says the institution.
IFC says it will continue to support entrepreneurs and their ecosystems by helping them overcome the challenge of inadequate seed capital. “The early stages of a business are crucial for its survival and future growth,” she said.
In 2018, IFC has invested a total of $ 23 billion in long-term financing for developing countries.
