Tag: IFC

IFC and Sony Partner to Support Growth of Creative Businesses in Africa

Stuart Mitchell

IFC, a member of the World Bank Group, and Sony Group Corporation, recently announced the signing of a cooperation agreement to identify investment opportunities in companies in the creative industries in Africa in order to support new economic opportunities and create jobs. Under this agreement, IFC and Sony will work together to identify investment opportunities with a particular focus on seed and early-stage start-ups. Priority sectors for cooperation will include film, music, animation studios, post-production services, fashion, sports and technology and platforms supporting the creative ecosystem. This partnership leverages Sony’s…

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IFC Announces Winners of the DRC Agribusiness Innovation Challenge to Support Climate-Smart and Inclusive Agriculture

Stuart Mitchell

Businesses focused on digital technology and circular agriculture were named the winners of the DRC Agribusiness Innovation Challenge, a startup competition managed by IFC to support agri-small businesses and smallholder farmers as well as the development of climate-smart agriculture in the Democratic Republic of Congo (DRC). The three winning companies were selected from a shortlist of 10 businesses that pitched their ideas to a jury of government representatives, members of development organizations, agribusiness investors and venture capital funders in Kinshasa this week, ahead of the DRC Agribusiness Forum taking place…

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IFC Mobilizes $3.5 Billion from Leading Global Insurers to Expand Development Finance

Stuart Mitchell

IFC signed a $3.5 billion credit insurance policy with 13 global insurance companies under its Managed Co-Lending Portfolio Program (MCPP), a milestone that will support economic activity and foster development in emerging markets. The program, MCPP Financial Institutions III, mobilizes the risk capacity of leading insurers to support more than $7 billion of new IFC medium and long term lending to commercial banks and non-bank financial institutions over the next six years. The program will increase access to finance for micro, small and medium enterprises, including women-owned businesses, as well…

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New Guidance on Blue Bonds to Help Unlock Finance for a Sustainable Ocean Economy

Stuart Mitchell

The International Finance Corporation (IFC), a member of the World Bank Group, together with the International Capital Market Association (ICMA), United Nations Global Compact (UN Global Compact), United Nations Environment Programme Finance Initiative (UNEP FI), and the Asian Development Bank (ADB) have developed a global practitioner’s guide for bonds to finance the sustainable blue economy. Released today, the voluntary guidance provides market participants with clear criteria, practices, and examples for “blue bond” lending and issuances. Gathering input from the financial markets, ocean industry and global institutions, it provides information on…

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IFC Invests Record $11.5 Billion for Africa’s Green Transition and Job Creation

Stuart Mitchell

IFC provided record financing in Africa in fiscal year 2023, helping to accelerate the continent’s energy transition, develop greener manufacturing, increase intra-Africa trade, strengthen smaller businesses, and boost local food production, including in more challenging fragile and conflict-affected regions. IFC made $11.5 billion in investments between July 1, 2022, and June 30, 2023, across 40 countries, the largest ever annual commitment for the continent. The support includes $1.12 billion in trade financing, $876 million for the continent’s green energy transition, and $1.98 billion to help smaller businesses grow and create…

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