To provide financial support for innovations in climate technology in Africa, the International Finance Corporation (IFC) has invested $5 million in the Equator Africa Fund, which supports technology-focused companies in the energy, agriculture, and transportation sectors across the continent.
Although Africa is strongly affected by climate change, these technology companies can generally offer sustainable solutions to these challenges.
IFC made this investment through its $225 million Africa, Middle East, Central Asia, and Pakistan Venture Capital Platform. So far, the fund has contributed to companies such as SunCulture, which develops solar energy and irrigation systems; Roam, which designs electric two-wheelers and buses; Apollo Agriculture, which provides financial support for renewable energy infrastructure; Ibisa, which offers insurance products for climate risks; and Downforce Technologies.
The fund also has international partners, including British International Investment, the Global Energy Alliance, and the Shell Foundation. IFC plans to provide support in environmental and social governance areas in addition to financial investment in the future.
