• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    To Our Dedicated Readers…
    Experts Divulged African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education
    The East Africa Device Assembly Kenya (EADAK) Sold 360,000 devices being Inaugurated on its Blast-off in October 2023
    ….as it strives to Exploit its Supplies of Fossil Fuels £19 Billion Gas Pipeline would pass…13 Countries
    In a Bid to Accelerate Green Energy Economy, Kenya Reveals a 10-year Implementation Plan
    African Leaders Lift-off African School of Governance…
    Zimbabwe in Alacrity to Participate in the Forthcoming Minerals Africa Summit in Cape Town South Africa
    Rwanda’s MPs in the Lower House started Nationwide Assessment on progress of the Agricultural Outreach season
    $2.8 Million has been Vitally signed by Grid Africa as an Equity Investment from Rifuwo Energy Partners
    The Elected African Table Tennis Federation Executive Council Agreed on a Memorandum of Understanding with Ethiopian Airlines

    About $11.5 Billion Investment By International Finance Corporation (IFC) for Africa’s Green Transition and Job Creation

    Posted On 31 Aug 2023
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Photo Credit: Renewables Now

    NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- International Finance Corporation, 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 jobs. IFC also provided $1.76 billion to boost digital connectivity, with investments in telecom towers, broadband, and mobile internet growth.

    Of the $11.5 billion, IFC provided $3.5 billion in short-term financing and mobilized $3.1 billion, with 40 percent of IFC’s own account financing dedicated to addressing climate change and 48 percent going to low-income and fragile and conflict-affected states.

    “At difficult times like these, when the shockwaves of multiple crises are shaking economies worldwide, we are stepping up our work to support a resilient, inclusive, and greener private sector that is helping provide infrastructure and digital solutions while also tackling food security and climate change,” said Sérgio Pimenta, IFC Vice President for Africa. “Catalyzing increased private sector innovation and financing for addressing climate change, bridging gender gaps, and empowering the next generation of startup leaders has been at the forefront of our work this past year and will continue to drive our engagements as we work with partners to create jobs and opportunities for more people.”

    As the continent accelerates its climate response and shifts to a net-zero world, IFC increased its financing for climate projects. This included $1.2 billion in financing to support financial institutions to expand their climate and sustainability lending, $1.1 billion to AMEA Power to
    build Egypt’s largest wind and solar plants, a €242 million financing package for Senegal’s Sococim Industries and a $500 million investment in BUA Cement in Northern Nigeria to promote greener, low-carbon cement manufacturing.

    To strengthen digital connectivity, IFC and MIGA announced $1.3 billion in equity investments, loans, and guarantees to support Safaricom Ethiopia’s greenfield telecommunications network across Ethiopia. And to empower more small businesses, IFC provided $208 million to partners in 12 countries through the Base of the Pyramid Program including on boarding new partners in Cameroon and Madagascar into the program.

    During the financial year, IFC’s Africa Fragility Initiative (AFI) supported 18 advisory projects focused on developing private sector capacity in the most nascent and fragile markets in Africa. IFC and its partners also announced four new projects through the Alliance for Entrepreneurship in Africa to support micro, small, and medium-sized enterprises and help address food insecurity, and increase trade and agricultural productivity and efficiency.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Some of the West African Countries Committed to Fostering Regional Integration and Socio-economic Development Among Women

    Next Story

    …as a Segment of Broader endeavors to Improve Tourism Tanzania Slates to Inaugurate Cable Transportation in Six Regions by way to Ameliorate Commuting

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    To Our Dedicated Readers...

    Posted On 04 Nov 2024

    Experts Divulged African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education

    Posted On 04 Nov 2024

    The East Africa Device Assembly Kenya (EADAK) Sold 360,000 devices being Inaugurated on its Blast-off in October 2023

    Posted On 04 Nov 2024

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    Africa Leader of the Year 2023-2024, Rwanda's President Paul Kagame

    Posted On 21 May 2024

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 15 Feb 2024

    Peace making leader. Congrat Paul...

    Posted On 15 Feb 2024

    Thanks for reading, Africa’s fastest...

    Posted On 15 Feb 2024

    Facebook

    Latest Posts

    To Our Dedicated Readers...

    Experts Divulged African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education

    The East Africa Device Assembly Kenya (EADAK) Sold 360,000 devices being Inaugurated on its Blast-off in October 2023

    Recent Posts

    • To Our Dedicated Readers…
    • Experts Divulged African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education
    • The East Africa Device Assembly Kenya (EADAK) Sold 360,000 devices being Inaugurated on its Blast-off in October 2023
    • ….as it strives to Exploit its Supplies of Fossil Fuels £19 Billion Gas Pipeline would pass…13 Countries
    • In a Bid to Accelerate Green Energy Economy, Kenya Reveals a 10-year Implementation Plan

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • Obituary
    • Sport

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.