IFC gives $2.9bln to East African green economy businesses

The International Finance Corporation (IFC) has given Kenya, Tanzania and the Democratic Republic of Congo (DRC) businesses $2.9 billion in long-term and short-term financing.

Mary Porter Peschka, IFC Regional Director for Eastern Africa, said it gave $65 million to fintech platform M-Kopa Holdings in Kenya to expand its financial services to under-banked consumers.

The fund aims to increase access to finance for small businesses, boost energy access and drive gender inclusion.“IFC increased its investments in Eastern Africa by 61 percent in the last financial year and this financing is supporting our partners to increase lending to small businesses, expand access to green and sustainable electricity, and drive greater gender inclusion,” Peschka said.

This is helping to increase access to productive assets such as solar home systems, smart phones and e-bikes, making them more accessible to customers.