IFC launches $225m platform to back startups.

ISLAMABAD -- The International Finance Corporation (IFC) of the World Bank Group has launched a new $225 million platform to help build the digital economy in Pakistan and countries of Africa, the Middle East and Central Asia.

The platform will build on IFC's investments and efforts to build tech ecosystems in Africa, the Middle East, Central Asia, and Pakistan through initiatives such as the IFC Startup Catalyst Programme, IFC announced.

In Pakistan, according to IFC, the digital transformation can unlock up to $59.7 billion in annual economic value by 2030, equivalent to about 19 per cent of the country's GDP.

The platform will be backed by an additional $50m from the Blended Finance Facility of the International Development Association's Private Sector Window, which helps de-risk investments in low-income countries. In addition, IFC will mobilise capital from other development institutions and the private sector to support entrepreneurs and tech companies in those countries.


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