The International Finance Corporation (IFC) provided a record financing of USD $11.5 billion in Africa during the fiscal year 2023 across 40 countries. The financing includes, $876 million for the continent’s green energy transition, $1.12 billion in trade financing, and $1.98 billion to help smaller businesses grow and create jobs.

Out of the $11.5 billion, 40 percent of IFC’s own account financing was dedicated to addressing climate change while 48 percent went to low-income and fragile and conflict-affected states. The funding was aimed at helping to accelerate the continent’s energy transition, develop greener manufacturing, increase intra-Africa trade, strengthen smaller businesses, and boost local food production, including in more challenging fragile and conflict-affected regions. As the continent accelerates its climate response and shifts to a net-zero world, IFC increased its financing for climate projects including:

• $1.2 billion in financing to support financial institutions to expand their climate and sustainability lending,
• $1.1 billion to AMEA Power to build Egypt’s largest wind and solar plants;
• €242 million financing package for Senegal’s Sococim Industries; and
• $500 million investment in BUA Cement in Northern Nigeria to promote greener, low-carbon cement manufacturing.

IFC’s historic investment in Africa signifies a major boost for clean energy financing and sustainable development on the continent. It supports clean energy, sustainable industrial practices, climate resilience, all of which are critical components of Africa’s sustainable future.