IFC UNHCR Joint Initiative - Engagement

Flat6Labs is one of 19 funds in 24 countries IFC’s Startup Catalyst (ISC) program has invested in since 2016 to address funding gaps in underdeveloped venture capital ecosystems. The current advisory program between IFC and Flat6Labs provides business and financial support to high impact startups with the potential to create jobs and facilitate private investments in the medium to long term, with a strong focus on outreach to women, youth and forcibly displaced persons in the Mashreq. It also foresees cross-cutting outcomes including the establishment of a virtual entrepreneurship education and incubation platform; increase in the number of startups incorporated; and an increased number of startups completing the incubation program. Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. Among these is Start Mashreq, another collaboration with IFC.

• IFC
• Flat6Labs

Iraq, Jordan, Lebanon,

This Advisory Services project is a collaboration between Flat6Labs and IFC which facilitates startup development and investment-ready growth companies in Jordan, Lebanon, and Iraq. Prioritizing women, youth, and forcibly displaced people, the program utilizes a virtual platform for education, incubation, and acceleration support. Founded to create economic opportunities, StartMashreq focuses on underprivileged communities, offering tailored training and virtual incubation initiatives to empower marginalized groups and aspiring entrepreneurs.

• IFC
• Flat6Labs

Jordan, Lebanon, Iraq,

Flat6Labs is one of 19 funds in 24 countries IFC’s Startup Catalyst (ISC) program has invested in since 2016 to address funding gaps in underdeveloped venture capital ecosystems. The current advisory program between IFC and Flat6Labs provides business and financial support to high impact startups with the potential to create jobs and facilitate private investments in the medium to long term, with a strong focus on outreach to women, youth and forcibly displaced persons in the Mashreq. It also foresees cross-cutting outcomes including the establishment of a virtual entrepreneurship education and incubation platform; increase in the number of startups incorporated; and an increased number of startups completing the incubation program. Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. Among these is Start Mashreq, another collaboration with IFC.

• IFC
• Flat6Labs

Iraq, Jordan, Lebanon,

This Advisory Services project is a collaboration between Flat6Labs and IFC which facilitates startup development and investment-ready growth companies in Jordan, Lebanon, and Iraq. Prioritizing women, youth, and forcibly displaced people, the program utilizes a virtual platform for education, incubation, and acceleration support. Founded to create economic opportunities, StartMashreq focuses on underprivileged communities, offering tailored training and virtual incubation initiatives to empower marginalized groups and aspiring entrepreneurs.

• IFC
• Flat6Labs

Jordan, Lebanon, Iraq,

IFC entered into an agreement with IrisGuard, a Jordanian iris-scanning technology company, to enhance financial inclusion for Syrian refugees in Jordan and the region. IFC will support IrisGuard in expanding its iris-based e-payment solutions, allowing refugees to access cash or goods conveniently. IrisGuard aims to deploy new iris recognition point-of-sale devices with IFC's assistance. Over 2.3 million registered Syrian refugees in Jordan and the region can utilize this technology to withdraw cash or make purchases, reducing reliance on traditional assistance methods and addressing challenges associated with identity theft and corruption.

• IFC

Jordan

Luminus Group partners with both IFC and UNHCR in Jordan. As the largest technical and vocational education and training (TVET) provider in Jordan, Luminus schools and institutes have served over 40,000 students from 23 countries. Up to 80% of Luminus’s refugee students find employment and, in some sectors, like hospitality, all of them do. To support the Group’s plans for expansion, IFC provided Luminus with a loan under its Initiative for Arab Youth (“e4e”), which is aimed at addressing the mismatch between labor market needs and the skills of Arab youth by, among others, enabling greater private sector provision of quality, job-oriented tertiary education. UNHCR also partners with Luminus through the complementary pathways program, which includes support to Talent Beyond Boundaries (another UNHCR partner) for shortlisting of candidates for labor mobility opportunities, as well as providing language learning and international career preparation.

• IFC
• UNHCR
• Talent Beyond Boundaries

Jordan

IFC partnered with Ureed, an online platform offering linguistic services in the Middle East with the aim to enhance economic opportunities for women in Lebanon and Jordan. Focusing on Ureed's online marketplace for translation and content services, IFC's advisory services will analyze data on Ureed's business model to inform service providers on the platform how to enhance their profiles. The project also aims to empower female service providers through training and support, addressing high unemployment rates, especially among women and youth, in the MENA region. The initiative is part of IFC's broader efforts to build resilience in Jordan and Lebanon, considering the impact on host and refugee communities.

• IFC
• Ureed.com

Jordan, Lebanon,

UNHCR partnered with Talent Beyond Boundaries in Jordan to support them in matching skilled refugees with companies outside of Jordan in need of their skills. TBB works directly with governments to open skilled migration pathways for refugees that benefit individuals, family members, communities, and the economy. UNHCR and TBB also coordinate with partners such as Luminus to identify and prepare candidates for international recruitment.

• UNHCR
• Talent Beyond Boundaries

Jordan

UNHCR supports its partner, EFE, to offer Technical and Vocational Education and Training (TVET) to refugees of all nationalities and Jordanians, aiming to enhance employment opportunities. Program graduates (from Syrian and Jordanian nationalities) will find employment in Jordanian businesses. There are opportunities for expansion, as additional support could enable the provision of more training and services, such as childcare and transportation assistance, to further bolster employment prospects.

• UNHCR
• Education for Employment (EFE)

Jordan

Flat6Labs is one of 19 funds in 24 countries IFC’s Startup Catalyst (ISC) program has invested in since 2016 to address funding gaps in underdeveloped venture capital ecosystems. The current advisory program between IFC and Flat6Labs provides business and financial support to high impact startups with the potential to create jobs and facilitate private investments in the medium to long term, with a strong focus on outreach to women, youth and forcibly displaced persons in the Mashreq. It also foresees cross-cutting outcomes including the establishment of a virtual entrepreneurship education and incubation platform; increase in the number of startups incorporated; and an increased number of startups completing the incubation program. Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. Among these is Start Mashreq, another collaboration with IFC.

• IFC
• Flat6Labs

Iraq, Jordan, Lebanon,

This Advisory Services project is a collaboration between Flat6Labs and IFC which facilitates startup development and investment-ready growth companies in Jordan, Lebanon, and Iraq. Prioritizing women, youth, and forcibly displaced people, the program utilizes a virtual platform for education, incubation, and acceleration support. Founded to create economic opportunities, StartMashreq focuses on underprivileged communities, offering tailored training and virtual incubation initiatives to empower marginalized groups and aspiring entrepreneurs.

• IFC
• Flat6Labs

Jordan, Lebanon, Iraq,

IFC partnered with Ureed, an online platform offering linguistic services in the Middle East with the aim to enhance economic opportunities for women in Lebanon and Jordan. Focusing on Ureed's online marketplace for translation and content services, IFC's advisory services will analyze data on Ureed's business model to inform service providers on the platform how to enhance their profiles. The project also aims to empower female service providers through training and support, addressing high unemployment rates, especially among women and youth, in the MENA region. The initiative is part of IFC's broader efforts to build resilience in Jordan and Lebanon, considering the impact on host and refugee communities.

• IFC
• Ureed.com

Jordan, Lebanon,

IFC partnered with Al Majmoua, Lebanon's largest microfinance institution, on a collaborative investment and advisory project as part of an effort to stimulate entrepreneurship and drive economic development in the country. The advisory project, which was completed in 2020, focused on the design and pilot of new products to better serve the Lebanese population including host communities and Syrian refugees, and informed the ongoing investments. The funding aimed to assist Al Majmoua in expanding its loan portfolio and reaching small business owners, including female entrepreneurs and those facing economic challenges, particularly in regions like Bekaa, north Lebanon, and south Lebanon. At the time, Al Majmoua, with a market share of nearly 50%, had over 46,000 active clients, with 54% being women. The investment aligned with IFC's strategy to enhance financial services for underserved groups and regions, addressing the microfinance gap in Lebanon.

• Al Majmoua
• IFC

Lebanon

Bancamía and the IFC entered into cooperation to develop tailored financial products and services for Venezuelan refugees and migrants in Colombia. The initiative aims to understand their needs and plans to pilot financial solutions specifically designed for refugees and migrants from Venezuela, covering key cities with high concentrations of this population. The initiative is supported by the Facility for Investment Climate Advisory Services (FIAS) and the Women Entrepreneurs Finance Initiative. The agreement's gender-focused approach ensures that half of the new savings and credit accounts benefit women, promoting their empowerment and entrepreneurship.

• Bancamia

Colombia

IFC and Santander Bank Polska partnered on a $17 million investment to assist Ukrainian Forcibly Displaced Persons (FDPs) and FDP-owned businesses in Poland. IFC provides a second loss guarantee for Santander Polska’s consumer loans, freeing up capital for $100 million in new loans, primarily benefiting displaced Ukrainians and inclusive businesses. Santander Polska's focus includes supporting women from Ukraine and women-owned businesses, with at least 30 percent of new loans allocated to them. This investment consists of a synthetic risk transfer (SRT) where IFC provides a guarantee on a portion of Santander Polska’s consumer loan portfolio. It represents IFC's first investment to enhance financial inclusion for Ukrainian FDPs as well as IFC’s first SRT in support of the forcibly displaced.

• Santander
• IFC

Poland

This initiative, supported by IFC and backed by National Bank of Ukraine, Ukrainian Credit Bureaus, the Association of Consumer Credit Information Suppliers, BIK Group (in Poland) and Biroul de Credit (in Moldova), addresses the challenge of handling the sudden increase in potential customers by creating a mechanism for Moldovan financial institutions to access credit histories of Ukrainian refugees seeking services in the host country. Implemented with support from the Swiss State Secretariat for Economic Affairs (SECO) and the UK's Good Governance Fund (GGF), this initiative facilitates electronic cross-border operations for Moldovan financial institutions, enhancing access to credit for Ukrainian refugees while ensuring compliance with regulations. The mechanism is also available in Georgia, Latvia, Lithuania, Slovakia and the Czech Republic.

• IFC

Poland, Moldova,

This initiative, supported by IFC and backed by National Bank of Ukraine, Ukrainian Credit Bureaus, the Association of Consumer Credit Information Suppliers, BIK Group (in Poland) and Biroul de Credit (in Moldova), addresses the challenge of handling the sudden increase in potential customers by creating a mechanism for Moldovan financial institutions to access credit histories of Ukrainian refugees seeking services in the host country. Implemented with support from the Swiss State Secretariat for Economic Affairs (SECO) and the UK's Good Governance Fund (GGF), this initiative facilitates electronic cross-border operations for Moldovan financial institutions, enhancing access to credit for Ukrainian refugees while ensuring compliance with regulations. The mechanism is also available in Georgia, Latvia, Lithuania, Slovakia and the Czech Republic.

• IFC

Poland, Moldova,

The Economic Inclusion Exchange on Displacement serves as a collaborative coordination platform in Eastern Africa co-chaired by UNHCR and NRC forum in Eastern Africa for regional international NGOs, UN agencies, IFIs, CSOs, and research institutes across the humanitarian-development nexus. Focused on refugees, returnees, and displaced persons, the exchange encourages discussions, research, and the sharing of best practices related to livelihoods and economic inclusion. It aims to strengthen self-reliance, resilience, and durable solutions by promoting economic contributions from refugees. Meanwhile, in Uganda, a partnership involving the Government, Private Sector Foundation Uganda (PSFU), and the European Union (EU) seeks to enhance the investment climate, generate jobs, and align with the Africa-EU Alliance for Sustainable Investment and Jobs. Prioritized areas include skills development, access to finance, governance, and anti-corruption measures. The government of Uganda endorsed an integrated jobs and livelihoods response plan and established a national steering committee to derive the roll-out process. The livelihoods sector has more than 124 active projects and 64 NGO partners supporting refugees and their hosts attain basic needs with dignity. The Uganda refugee response is also witnessing an increased participation of the private sector through a strategic collaboration between UNHCR and the PSFU. In addition, The stakeholders also plan to establish the "Sustainable Business for Uganda (SB4U) Platform" to foster trade and investment links between the EU and Uganda.

• UNHCR
• Government of Uganda
• Private Sector Foundation Uganda (PSFU)
• European Union

Uganda

This initiative marks a pioneering collaboration in co-designing a blended finance facility, the first of its kind dedicated to refugees, to provide financial and non-financial services to refugees and host communities. By incorporating an innovative strategy targeting impact investors alongside financial service providers (FSPs), along with market-conducive incentives for FSPs and supportive non-financial services for refugees and host communities, a sustainable model was established that will persist and expand through the ongoing investments of partners and FSPs. The program has reached over 116,000 refugee and host entrepreneurs in four years, with 76% of the beneficiaries being women. Approximately 32,000 refugee entrepreneurs have been recipients of financial products. The initiative encompassed the provision of credit, savings accounts, financial education, and business training, resulting in the disbursal of over 8,360,000 euros and maintaining an overall portfolio quality of 5% and a written-off ratio of 3.5%.

• UNHCR
• Swedish International Development Cooperation (Sida)
• Grameen Crédit Agricole Foundation

Uganda

Financiera Confianza and IFC partnered to advance financial inclusion for refugees and migrants in Peru. Their collaboration is geared toward addressing the needs of around 2 million refugees and migrants in Peru, including over 1.2 million Venezuelans, of whom 54% are women. The partnership's primary goal is to provide access to financial and non-financial solutions to refugees and migrants by supporting Financiera Confianza in the development and piloting of services tailored for these populations, with a particular focus on women entrepreneurs. It aims to empower women among the refugee and migrant population by ensuring that half of the newly established savings and credit accounts cater to their benefit. This advisory project is also supported by We-Fi (Financing Initiative for Women Entrepreneurs).

• IFC
• Financiera Confianza

Peru

A joint initiative of UNHCR and UN Global Compact in Brazil, the Business with Refugees Forum was launched in 2021 and has grown to include almost 100 members, comprising private companies and business organizations. This Forum focuses on promoting corporate involvement in the refugee cause by facilitating the exchange of experiences, sharing best practices, and providing technical knowledge for refugees' inclusion in the labor market. Through monthly workshops and additional training sessions, Forum members have hired at least 8,500 refugees and migrants, providing training to an additional 1,500 to support their labor inclusion. UNHCR plays a crucial role in coordinating Global Refugee Forum pledges through the Forum, assisting businesses in formulating pledges with hiring targets, and providing ongoing monitoring.

• UNHCR
• IFC
• UN Global Compact for Refugees

Brazil

Supported by the Interagency Coordination Platform for Refugees and Migrants from Venezuela (R4V), involving UNHCR, IOM, and 55 civil society organizations and UN agencies in Brazil, the internal voluntary relocation program (interiorization) or Operação Acolhida (Operation Welcome) project, is an initiative by the Brazilian government that involves voluntarily relocating Venezuelan refugees and migrants from the border state of Roraima to various cities across Brazil which has benefited over 117,000 people. A 2021 survey of 2,000 participants found that they had improved access to formal jobs, housing, and education. The strategy involves providing proper documentation, vaccinations, and support from local governments and private sector entities that receive the relocated Venezuelans.

• UNHCR
• Government of Brazil
• IOM

Brazil

UNHCR is partnering with IFC to pilot innovative solutions to overcome medium- and long-term challenges faced by refugees and migrants in Brazil. Following joint missions and consultations with local partners that resulted in the identification of some of the main challenges for the local integration of refugees and migrants in the country, the two organizations sought to explore potential ways to engage the private sector in providing solutions to this population with a primary focus on three pillars: Employability; Affordable Housing; Financial Inclusion.

• UNHCR
• IFC

Brazil

The Programa de Integración Local (PIL) in Mexico, facilitated by the collaboration between UNHCR, the Government of Mexico, local Governments, the private sector and civil society, focuses on relocating and employing recognized refugees. The program strategically moves refugees from areas with limited opportunities to regions with greater job availability. To date, 35,000 refugees have been placed in over 600 companies, showing a remarkable 85% lower turnover among refugee employees compared to the industrial sector's average. These 35,000 participants contributed an annual sum of over 138 million pesos in taxes. Despite its success, the program faces challenges in meeting the growing demand for placements, financial inclusion, and legal caps on foreign hires. Ongoing studies with universities and research institutions, including one from Georgetown University scheduled for December, aim to provide further insights into the program's socio-economic impact.

• UNHCR
• Government of Mexico

Mexico

KKCF is a five-year initiative promoting private sector investment to enhance economic opportunities for refugees and hosts in the Kakuma-Kalobeyei area in northern Kenya. It collaborates with various private sector entities and is backed by development agencies from the Netherlands, Switzerland, Germany, the UK, and the European Union. IFC and Africa Enterprise Challenge Fund (AECF) selected 40 winners of the Kakuma Kalobeyei Challenge Fund (KKCF) Competitive Business Challenge. These businesses, led by local Kenyan entrepreneurs and refugees, will receive grants and technical support to drive development, job creation, and economic opportunities in Kenya's Kakuma-Kalobeyei refugee-hosting area. The competition is part of IFC's strategy to empower host communities and refugees, focusing on sectors like health, energy, agribusiness, financial services, education, media, construction, and light manufacturing. The winning companies are anticipated to create jobs, invest in operations, and contribute to the economic growth of Turkana County.

• IFC
• UNHCR
• Africa Enterprise Challenge Fund (AECF)
• Turkana County Government (Kenya)

Kenya