Finance

IFC doubles investments in SMEs in Africa and the Middle East in 2021

IFC doubles investments in SMEs in Africa and the Middle East in 2021
Thursday, 26 August 2021 04:48

The investments made by the International Finance Corporation (IFC) into small and medium-sized enterprises (SMEs) in Africa and the Middle East reached $10.4 billion in FY 2021. This is double the $5.6 billion in FY 2020.

Most of the amount went to digital infrastructure, health, financial services and energy. The institution granted $1.6 billion to help health facilities and service providers in Africa respond to the health crisis. IFC has also supported local vaccine manufacturers and financed the acquisition of medical equipment with $8.7 billion.

Another $2.7 billion was invested in trade in Africa and the Middle East. Financial technology development and digital services in Africa, as well as fossil fuels in the Middle East also received support.

"The past few months have shown how critical it is to ensure that small businesses have access to finance, that businesses are connected, and that trade and supply chains remain operational," said Sergio Pimenta (pictured), IFC vice president for Africa and the Middle East.

IFC’s investments over the period targeted key projects that have strong impact in the beneficiary regions.

 Chamberline Moko   

On the same topic
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
05

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.