Andela IDA (IFC-602433)

Countries
  • Uganda
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 30, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Andela
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 14, 2019

Disclosed by Bank May 2, 2018


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Project Description

IFC will be managing the delivery of a technical talent accelerator to be implemented by its client, Andela. Andela’s mission is to advance human potential by powering today’s teams and investing in tomorrow’s leaders. It helps leading global technology companies build high-performing engineering teams by investing in Africa’s most talented software developers. Backed by the Chan Zuckerberg Initiative, Google Ventures and Spark Capital, among others, Andela is catalyzing the growth of tech ecosystems across the African continent while solving the global technical talent shortage. Since 2014, Andela has since launched operations in Nigeria, Kenya, and is in the early stages of its expansion in to Uganda. It has received more than 75,000 applications and hired ~700 developers (as of April 2018) -- the majority of whom are working as full-time, distributed team members with leading tech companies around the world. Andela launched its operations in Uganda in June 2017. IFC will support Andela in enhancing development impact by accelerating its growth path in its third expansion market.

People Affected By This Project

This grant will support Andela’s growth in Uganda by supporting foundational factors for its business model to work. These factors include, among others: identification and expenses related to talent recruitment systems; investment in real estate, technology infrastructure and high speed internet; and an evaluation of the signs of growth in the tech ecosystem and locally-driven entrepreneurship.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Andela -- Implementing Company

Andela’s mission is to advance human potential by powering today’s teams and investing in tomorrow’s leaders. It helps leading global technology companies build high-performing engineering teams by investing in Africa’s most talented software developers. Backed by the Chan Zuckerberg Initiative, Google Ventures and Spark Capital, among others, Andela is catalyzing the growth of tech ecosystems across the African continent while solving the global technical talent shortage. Since 2014, Andela has since launched operations in Nigeria, Kenya, and is in the early stages of its expansion in to Uganda. It has received more than 75,000 applications and hired ~700 developers (as of April 2018) -- the majority of whom are working as full-time, distributed team members with leading tech companies around the world. Andela launched its operations in Uganda in June 2017

Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/