IFC invests $26.2bn in funding startups across MENA region

The International Finance Corporation (IFC), which recently took part in the $2.5m 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 $26.2bn in investments in Arab-based startups. In addition to its investment …

The International Finance Corporation (IFC), which recently took part in the $2.5m 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 $26.2bn in investments in Arab-based startups.

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

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

The investments are all part of the IFC’s initiative to support startups with a sum of $30m 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 $27m injection in Souq.com and $6m in Fawry.