IFC, Investment Min. select 100 start-ups to participate in initiative

By Egypt Today


SOURCE: Egypt Today - IFC, Investment Min. select 100 start-ups to participate in initiative

CAIRO – 7 December 2018: The International Finance Cooperation (IFC) and the Egyptian Ministry of Investment and International Cooperation announced the selection of more than 100 high-potential start-ups to participate in a new initiative designed to spur innovation and job creation across the African continent. 

IFC noted that the start-ups include Vezeeta, Avidbeam and Next Protein. They and other selected companies will participate in Africa’s Next Start-Ups program, a joint IFC-MIIC effort that helps provide up-and-coming small businesses with funding and advice. 
It added that the selection of the applicants according to the greatest potential to achieve a positive impact on their communities. 

The statement clarified that these applicants come from cross the African continent—including Burkina Faso, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa, noting that they operate in a range of sectors, including education, health care, logistics, and software. 

According to the statement, the program connects such companies with potential investors, financial institutions, business leaders, and policymakers. 

“It is designed to support the continent’s budding start-up culture and create opportunities for entrepreneurs, who often struggle to secure growth capital and have few places to turn for guidance,” the statement read. 

Upon the program, the start-ups and other entrepreneurs will attend the Africa 2018 Forum in Sharm El Sheikh, Egypt, from December 7 to 9. 

“Africa is brimming with entrepreneurs whose drive and creativity have the potential to transform the industries in which they work,” IFC’s Chief Executive Officer Philippe Le Houérou said. 

He added: “With the right support, African start-ups can help create the high-quality jobs that are so urgently needed while reducing poverty and finding solutions to some of the continent’s most urgent challenges.” 

IFC referred that the number of applicants to the program exceeded 500 businesses from 35 African countries. 

In October, IFC and Ministry of Investment and International Cooperation announced the launch of the initiative that aims to strengthen ecosystem entrepreneurship across Africa, calling for applicants for it.