PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

605569

Primary Business Area

Other

Disclosure Date

May 25, 2021

Country

Nigeria

Region

Africa

IFC Approval Date

Sep 24, 2020

Status

Active

Estimated Total Budget

$1,300,000.00
(Project budget includes all project-funded activities)

Last Updated Date

May 27, 2021

Project Estimated Start Date

Sep 14, 2020

Project Estimated End Date

Dec 31, 2022

Project Description

The TechEmerge project will support IFC’s strategy by introducing the best available technologies to IFC clients and prospective clients in the sustainable cooling sector across emerging markets, especially in Nigeria through implementing the following 4 main components: 1. Mapping demand and cooling innovation needs across the various sub-segments of cooling including the agricultural value chain; 2. Screening and evaluation of relevant new and sustainable cooling offered by innovative technology providers; 3. Curating credible innovations; creating linkages between innovators and adopters; and 4. Supporting structuring and financing field test projects (pilots) uniquely tailored to local needs. The TechEmerge project will leverage and combine IFC’s strong track record in venture capital investing in young companies with its existing network and know-how of 2,000+ investment clients globally who are users of technology. Local corporations in emerging markets often lack collaborations with international and local innovators resulting in sub optimal solutions being scaled up. Hence, the Project also seeks to enhance integration across markets by creating mechanisms that enable the flow of best-in-class cooling technology solutions from around the world to Nigeria, by reducing mitigating adoption risks.

Development Results

E&S Risks / Impacts and Mitigation