The World Bank’s private sector development investor International Finance Corporation (IFC), has backed numerous projects in the Small to Medium Enterprises (SME) sector across Africa and it has made investments in a range of organisations across Africa, aiming to stimulate progress.
IFC assisted Savannah Fund, which provides seed funding to start-ups in Sub-Saharan Africa, with a particular focus on female entrepreneurs. Savannah’s fund raising generated a total of USD 25 million, with USD 3 million coming from IFC and a further USD 500,000 from the Women Entrepreneurs Finance Initiative (We-Fi), which is also part of the World Bank Group.
In a statement, Managing partner Mbwana Alliy, who co-founded Savannah fund with Paul Bragiel, said the company will continue its abiding mission to partner with striving founders building start-ups that will scale across Africa.
“We’re especially bullish on start-ups that have the potential to scale beyond the continent and that can expand into Silicon Valley and emerging markets like South East Asia, Central and Eastern Europe and Latin America,” Alliy said.
Alliy also stated that entrepreneurs, particularly female business founders are a strategic part of the fund’s investment strategy.
Companies in the financial technology, logistics, e-commerce, agriculture technology, healthcare and education sectors are the chief beneficiaries.
Last month, IFC invested in a bond raising funds for the expansion of Liquid Intelligent Technologies’ internet, digital and cloud services around Africa. The bond was dispensed by subsidiary Liquid Telecommunications Financing.
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