The International Finance Corporation (IFC), is investing in multiple startups across the MENA region.
As part of the World Bank Group, IFC has also reached a total sum of $26.2bn that’s going to be used to invest in Arab-based startups. Aside from its investment in Ibtikar, IFC also injected $14m in the Dubai-based Wamda Capital Fund, in addition to another $10m in Algebra Ventures, an Egyptian-American venture capital firm. Additionally, a $1.2 million was raised for Flat6Labs, a Cairo-based accelerator program.
These investments are all part of IFC’s ongoing efforts to support startups that have a sum of $30m, in order to better the market conditions for SMEs and startups within the MENA region.
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