IFC Drives Record Investment in Africa’s Key Sectors Amid FY24 Growth Surge

In fiscal year 2024, the International Finance Corporation (IFC) supported essential sectors across Africa, including clean energy, manufacturing, digital connectivity, small business, trade, and agriculture, providing record levels of financing and comprehensive advisory support aimed at strengthening markets and generating jobs, especially in the continent’s most fragile and high-need areas.

As the largest global development institution dedicated to the private sector in emerging markets, IFC — part of the World Bank Group — committed an unprecedented $56 billion to private companies and financial institutions in developing nations in FY24. In Africa alone, IFC invested $14.2 billion, marking a 23% increase from the prior year and its largest commitment to date on the continent.

IFC provided investment support in 45 African countries between July 1, 2023, and June 30, 2024, with 30 of these countries classified as low-income or facing fragile and conflict-affected situations (FCS), where investments are especially critical. The organization committed $8.5 billion in long- and short-term financing from its own capital and mobilized an additional $5.7 billion from partner investors. Key areas of focus included $3.9 billion in trade financing, $1.6 billion to fuel small business growth, $1.1 billion for digital connectivity, and $1.9 billion to mitigate and adapt to climate change, including in clean energy and green building projects.

Approximately 41% of IFC’s financing from its own account was directed toward climate change initiatives, 50% supported projects with a gender perspective, and 21% served low-income countries and FCS. Across the fiscal year, IFC backed 130 projects in Africa, with notable investments including a sustainability-linked loan for Cabo Verde to modernize and reduce emissions at its airports; close to $200 million aimed at food security, sustainable agriculture, and construction in Morocco and elsewhere in Africa; a partnership with Côte d’Ivoire’s Ministry of Health on two public-private projects to enhance laboratory and imaging services in 14 public hospitals; and a $3.4 million equity investment in ANKA, an online platform connecting women-led artisanal businesses to global buyers, thereby strengthening Africa’s creative and online retail sectors.

IFC’s commitment to FCS regions was underscored by a risk-sharing facility with Deutsche Bank, enabling up to €215 million in trade for some of Africa’s most challenging markets, and a $100 million package supporting renewable energy company Release by Scatec in meeting rising electricity demands in Chad, Cameroon, and neighboring countries. IFC also expanded its gender-focused efforts, partnering with Goldman Sachs’ 10,000 Women program to provide greater opportunities for women entrepreneurs in French-speaking Africa.

Beyond financial investments, IFC provided $455 million in Advisory and Upstream Services to enhance investment climates, support gender equity, and improve governance, environmental, and social practices across Africa. Upstream services include early-stage preparation work aimed at proactively setting the stage for impactful market and project developments.

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