IFC partners Global Innovation Fund to drive Water Innovation Platform in Africa

 A member of the World Bank Group, IFC, has revealed that it had partnered London-based Global Innovation Fund, Isle Utilities, and the African Water Association to originate an Innovation Platform for Water in Africa.

In a statement copied to this paper, it explained that the partnership is aimed at introducing tested, new technologies into the African water sector, and work with local water utilities to implement these solutions.

According to the Water Specialist for IFC, George Butler, IFC is committed to finding solutions to difficult problems in emerging markets through Innovation Platform to support municipal and private sector organizations to invest in new, proven technologies to implement a step change in efficiency.

He noted that the new models and applications of digital know-how, mobile payments, the internet of things and telecommunications are changing the way development challenges can be solved.

“According to UN data, more than 600 million people globally are still without improved drinking water sources, while around 1.8 billion people use a source of water that is contaminated. Our partnership with IFC, Isle Utilities, and the African Water Association will introduce an innovative market link between water utilities, technology providers, and regulators, with the potential to solve common delivery challenges and transform the lives of millions of people living in poverty across sub-Saharan Africa.”

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.

The Global Innovation Fund (GIF) is a non-profit innovation fund that invests in the piloting, rigorous testing, and scaling of innovations targeted at improving the lives of the poorest people in developing countries. GIF aims to support a portfolio of innovations that collectively open up opportunities and improve lives for millions of people across the developing world.



Source: therepublicnewsonline.com

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