The International Finance Corporation (IFC), a member of the World Bank, has launched an initiative to accelerate research and development of innovative technologies.
The initiative Africa’s Next Start-Ups programme is in partnership with Egypt’s Ministry of Investment and International Cooperation.
Under the programme, some 100 high-potential start-ups have been selected to spur innovation and enhance job creation across Africa.
More than 500 start-ups from 135 countries had proposed to participate in the programme
The programme is providing the start-ups with funding and advice to enhance research and development of services and technologies as well as to commercialise them.
The start-ups will be connected with potential investors, financial institutions, business leaders, and policymakers.
The start-ups participated in the recently held 2018 Africa Forum in Egypt as from December 7 through December 9.
The aim of the initiative is to address the shortage of funding restraining the growth of industries in African economies.
“Africa is brimming with entrepreneurs whose drive and creativity have the potential to transform the industries in which they work,” said Philippe Le Houérou, IFC’s chief executive officer. “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.”