Luanda, Angola, November 11, 2021—A new partnership between IFC and the European Union will support the growth and expansion of start-ups and entrepreneurs in Angola by providing them with improved access to training, markets, and a range of other development services, supporting the creation of jobs in the country.
Through the partnership, IFC and the EU will strengthen the capacity of existing fintech and digital tech incubators in Angola, helping them to serve more entrepreneurs with tailored training and support services. The partnership will also establish an agri-focused incubator to support the growth of entrepreneurs engaged in Angola's broiler, or chicken, rearing sector.
IFC and the EU will also help the Government of Angola develop a more enabling legal and regulatory framework for startups and entrepreneurs, removing policy hurdles that slow their growth, and building an entrepreneurial environment.
The goal of this five-year project is to nurture Angola's entrepreneurs and connect them to markets and financing.
"The project will be a fundamental step for the establishment of constructive partnerships between various actors that will stimulate the creation of decent jobs for all," said Jeannette Seppen, Ambassador of the European Union to Angola.
"Entrepreneurs and start-ups are important pillars of the digital and fintech sectors, though they often lack the access to training and other services they need to grow," said Sérgio Pimenta, IFC's Vice President for Africa. "Through this inititaive, which strengthens our partnership with the European Union in the region, we will address many of the hurdles entrepreneurs in Angola face and help them to access financing, and to grow and create jobs, contributing to Angola's long-term development."
As part of its work with Angola's incubators, IFC will assess Angola's investment climate and business development challenges and opportunities and make recommendations for how entrepreneurs can best be supported.
Through the partnership, the EU will provide IFC with €4.8 million to allow IFC to deliver advisory services to the Government of Angola and to incubators in the country.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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