International Finance Corporation Invests Record $11.5 Billion Across 40 African Countries for Fiscal Year 2023

Washington, D.C. – The International Finance Corporation (IFC) has invested a record-breaking $11.5 billion in 40 African nations during the fiscal year 2023, marking the institution’s highest level of annual commitment to the continent.

According to a news release by the Africa News Agency, the funds have been specifically earmarked: $1.98 billion for job creation and support of Small and Medium-sized Enterprises (SMEs), $1.76 billion for enhancing digital connectivity, $1.12 billion for trade activities, and $876 million for the continent’s energy and ecological transition.

The impact of the IFC’s financing is already evident on the ground in several African countries. In Egypt, the institution has contributed to providing clean energy for over a million people by supporting the construction of the country’s largest solar power plant and wind farm. In Ethiopia, the IFC has facilitated more affordable internet and reliable mobile connectivity by backing the development of a new telecommunications network. In Cameroon and Madagascar, the “Base of the Pyramid” program has enabled financial service providers to extend credit to micro, small, and medium-sized enterprises. Additionally, in the Democratic Republic of Congo, where approximately 70 million people lack electricity, the IFC invested $10 million in Nuru, a pioneer in decentralized energy solutions. This investment, along with contributions from other partners, has kickstarted work on new solar projects expected to benefit around 28,000 households and businesses.