IFC, a member of the World Bank Group, stated that the equity investment fund will enhance SMEs' ability to address challenges related to climate change. The fund, a part of SEAF BV with backing from the Climate Investment Funds-Pilot Programme for Climate Resilience, assists developing countries in increasing their climate resilience. SEAF BV, established in 2010 by IFC and the Small Enterprise Assistance Funds, is directed towards investing in SMEs. CEO and co-founder of SEAF, Hubertus Jan (Bert) van der Vaart, acknowledged IFC's crucial support in the fund's successful initiatives and noted that their involvement will enable the fund to start investing in climate resilience activities for small businesses, aiding SMEs in managing the negative effects of climate change more effectively. The IFC stated that it had previously injected $12 million of equity into the fund in order to encourage investment in high-growth SMEs.