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 of 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 a 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’s member countries.
Previous notable IFC investments in MENA startups included a $27m injection in Souq.com and $6m in Fawry.
