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IFC Invests $26.2M In Funding Startups Across The Region

MAGNiTT News 3 years ago - Sun, Jul 9, 2017, 8:00 PM

IFC Invests $26.2M In Funding Startups Across The Region
Author: MAGNiTT

SOURCE: Forbes Middle East - IFC Invests $26.2M In Funding Startups Across The Region


he International Finance Corporation (IFC), which recently took part in the $2.5 million-fund that was raised by Palestine’s Ibtikar, is heavily investing in a number of startups across the MENA region.

Part of the World Bank Group, IFC has reached a total sum of $26.2 million of investments in Arab-based startups.

In addition to its investment in Ibtikar, the corporation has injected $14 million in the Dubai-based Wamda Capital fund, in addition to further $10 million in the Egyptian-American Algebra Ventures.

Another $1.2 million were raised for the Cairo-based Flat6Labs.

The investments are all part of the IFC’s initiative to support startups with a sum of $30 million in an attempt to create better market conditions for SMEs and entrepreneurship in the World Bank member countries.

Previous notable IFC investments in MENA startups included a $27 million injection in Souq.com and $6 million in Fawry.

If you want to read this article in Arabic, please follow this link.


SOURCE: Forbes Middle East - IFC Invests $26.2M In Funding Startups Across The Region

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