Organizers of the annual “Future of Capitalism” competition have invited African startups to pitch for the 2024 edition which carries a $1m prize tag.

In a press release issued by the competition’s founder, Leo Lion, the “Future of Capitalism” competition “allows founders to accelerate their startups with an investment of up to $1 million.”

The global startup competition is looking for innovative tech that will help businesses work smarter, the release said.

The release said the Leo Lion Foundation is committed to using business success and commercial acumen as a platform to support social projects across the world.

A statement posted on the website of the Leo Lion Foundation said:

“Do you want to realise your ambitions and use your business success to make a difference? The Future of Capitalism Tech Startup Competition is the right choice for you.

“The competition aims to invest in tech startups that want to make both a commercial and a social impact.

“Either by using business profits to support social causes or through providing a technology that could positively impact the people’s lives.

“​The “Future of Capitalism” competition is on the lookout for tech startups that will transform how businesses operate, and founders who want to improve the world we live in.

“If your technology can transform how businesses operate – from improving productivity, security, logistics or sustainability to streamlining financial processes and enhancing customer experience, or perhaps something else – then this is the competition for you.”

Applications for the competition are now open and will close on Monday, September 30, 2024.

Eight shortlisted finalists will be invited to London for the chance to pitch their innovation in front of a prestigious panel of judges, including tech investment professionals, experienced entrepreneurs and angel investors, the statement said.

The International Finance Corporation (IFC) has entered into a partnership with Deutsche Bank aimed at boosting trade finance in Africa.

In a statement by the IFC which is a member of the World Bank group, the risk-sharing facility with Deutsche Bank of up to €215 million will help provide vital financing to importers and exporters of essential goods in Africa, especially in small, fragile and conflict-affected states.

The partnership with Deutsche Bank is expected to help meet the demand, enabling Deutsche Bank to continue providing trade financing to African countries at a time when many global banks are pulling back, ultimately supporting the ongoing flow of trade on the continent.

“Under the facility, IFC will provide risk participation in a portfolio of trade transactions originated by Deutsche Bank with local issuing banks in Africa,” the statement said.

It added that the initial portfolio will cover risk for 40 issuing banks across 18 countries on the continent, 14 of which are classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected.

“IFC’s partnership with Deutsche Bank comes at a time when traders in Africa are finding it increasingly difficult to access credit, with demand for trade finance from banks on the continent greatly outstripping supply,” said Mohamed Goule, Vice President for Industries. IFC.

“This risk-sharing facility will help African importers and exporters participate in global value chains, creating jobs and driving economic growth.

“IFC anticipates that its investment will encourage other financial institutions to deliver trade finance to credit-issuing banks in Africa, resulting in more support for trade in essential goods across the continent,” he added.

Also speaking on the partnership, Borislav Ivanov-Blankenburg, Global Head of Documentary Trade Finance for Deutsche Bank, said:

“IFC’s risk participation with Deutsche Bank leverages our issuing bank network to enable trade flows in Africa with our Global Hausbank clients and echoes a shared commitment to ongoing economic growth in emerging markets.”