IFC invests to support Chinese entrepreneurs
Print Edition
INTERNATIONAL Finance Corp, an arm of the World Bank, yesterday said it has invested US$15 million in China Innovation Works to support entrepreneurship in China.
The investment will go toward Sinovation Fund III LP, a venture capital fund focusing on early and mid-stage Internet firms in China. It is the first time that IFC has invested in such programs in China.
“We are quite impressed by what is happening in the entrepreneurship space sector in China, where the country is taking a leading role now,” said Atul Mehta, director of IFC TMT, Venture Capital & PE Funds.
Innovation and entrepreneurship have become China’s new growth engines. They have benefited from increased government policy support of innovation spaces in hopes of boosting industrial upgrade and employment.
It is interesting to see that China shifts to an economy driven by innovation and service, and Chinese young people are more open to pursuing entrepreneurship as an option, Atul Mehta added.
As of March 2016, China Innovation Works has invested in over 200 projects.
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