The European Bank for Reconstruction and Development (EBRD) has launched a joint initiative with the International Finance Corporation (IFC) in an effort to strengthen start-ups in North Africa.
Commenting the joint move, EBRD Chief Operating Officer Jean-Marc Peterschmitt said: “we will adopt an integrated approach to increase our input and counter the challenges that early-stage tech start-ups are facing in scaling up their operations and helping them to achieve their potential and contribute to economic growth and more employment.”
For his part, IFC Vice President for Africa, Sérgio Pimenta, said: “entrepreneurs and the start-ups they build are essential pillars of economic development and job creation. IFC’s partnership with the EBRD will help innovative businesses in North Africa access the funding and support they need to grow and succeed.”
The EBRD has so far supported more than 600 start-ups in 22 countries, while the IFC has invested in over 1,180 start-ups in 24 countries. Both institutions support incubators, accelerators, and innovative start-ups in emerging markets through mentoring, networking, and funding.
