A member of the World Bank Group, International Finance Corporation (IFC) is bracing to help Nigeria address its food waste challenges, support the country’s health sector, and reduce its energy consumption.
IFC is however, the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2020, IFC invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
The IFC move is in partnership with Kobo360, an African digital logistics platform. Already, the World Bank Group member has announced an open call for innovators from around the world to bring climate-smart, temperature-controlled logistics (TCL) cooling solutions to Nigeria.
The TechEmerge Temperature-Controlled Logistics Nigeria programme aims to offer market access and a pool of up to $1.00 million in funding to top innovators matched with leading Nigerian companies to jointly pilot sustainable solutions that reduce losses in cold chains, strengthen access to TCL-dependent products and markets, and build commercial partnerships.
The programme is being implemented by IFC in partnership with the UK Department for Business, Energy & Industrial Strategy (BEIS) and Kobo360, an African e-logistics platform and IFC client. Applications are open until January 31, 2021
Temperature-controlled logistics is essential for economic development, human health, and food security.
It delivers perishable goods to shops and shipping ports and keeps medicines and vaccines from spoiling as they are transported to clinics, pharmacies, and hospitals.
IFC’s Senior Director of Disruptive Technologies and Funds, William Sonneborn, said, ”sustainable cooling technologies represent a fast-growing business opportunity with particular importance to emerging markets. We are excited to support cutting-edge entrepreneurs to pilot and scale their temperature-controlled logistics solutions in Nigeria, and Africa more broadly.”
Kobo360’s Founding Partner and Head of KoboCare, Ike Abiakam, said, “Africa’s cold chain capacity faces a lack of investment in equipment for maintaining a specific temperature range throughout the supply chain.
‘’We’ve seen a gap in the market for shipping solutions, specifically concerning moving deep-frozen, cold and ambient goods in a safe and temperature-controlled environment. Temperature-controlled shipping is constantly evolving and our partnership with the IFC is a key step towards discovering the best innovations that will enable the efficient transport of chilled goods.”
The TechEmerge Sustainable Cooling program will bring together tech companies and innovators selected through a competitive process for matchmaking with leading Nigerian companies. This selection will lead to discussions of piloting and commercial deployment of their innovations.
IFC and a panel of industry experts will provide support during market entry and tech transfer, helping tech companies and start-ups mitigate financial and operational risks.
TechEmerge is part of IFC’s strategy to support entrepreneurship and innovation in emerging markets and leverage the private sector to bring cutting-edge technologies to tackle some of the world’s most critical development challenges.
TechEmerge is an award-winning IFC programme that helps entrepreneurs from around the world bring cutting-edge technologies to emerging markets to tackle some of the world’s most critical development challenges that brings cutting-edge technologies to where they are needed.
The programme has a strong track record of success in the healthcare sectors in India and Brazil. Earlier in 2020, TechEmerge launched a new program to support the growth of affordable, efficient, climate-smart cooling in emerging markets, with its first phase focusing on Latin American Cities.
On the other hand, Kobo360 is a digital logistics platform that aggregates end-to-end haulage operations to help cargo owners, truck owners and drivers, and cargo recipients to achieve an efficient supply chain framework.
Developing an all-in-one logistics ecosystem, Kobo360 leverages data and technology to reduce logistics frictions. Kobo360 enables unprecedented efficiency and cost reduction in the supply chain, providing 360-visibility while delivering products of all sizes safely, on time and in full.
The Kobo360 mission is to build the Global Logistics Operating System that will power trade and commerce across Africa and emerging markets. With operations in Nigeria, Togo, Ghana, Kenya, Uganda and Cote d’Ivoire, Kobo360 is one of the fastest-growing tech start-ups out of Africa.