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IFC invests record $14.2bn in Africa in 2024 to support economic growth

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IFC invested a total of $14.2 billion in Africa in the 2024 fiscal year, its largest-ever commitment to the continent and up 23 per cent.
The International Finance Corporation (IFC) has announced a record investment of $14.2 billion in Africa for the year 2024, aimed at bolstering economic growth across the continent. This investment, the largest in IFC's history for Africa, focuses on key sectors such as infrastructure, manufacturing, agriculture, and financial services. The funding is intended to create jobs, enhance access to finance, and support sustainable development. Significant projects include renewable energy initiatives, improvements in transportation networks, and support for small and medium-sized enterprises (SMEs). The IFC's strategy also emphasizes climate-smart investments to address environmental challenges and promote resilience against climate change. This substantial financial commitment underscores the IFC's dedication to fostering economic stability and growth in Africa, particularly in light of global economic uncertainties.

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