Africa-Press – Eswatini. The African Development Bank (AfDB) will allocate almost 10 million euros to support investments in African technology companies, together with the European Union (EU) and the Organization of African, Caribbean and Pacific States (OACPS).
An AfDB statement states that “the AfDB Board of Directors has approved a €9.8 million equity investment to support venture capital investments in African start-ups from inception to growth”.
Of this investment, “seven million euros will come from the bank and the additional 2.8 million euros represent funds provided by the European Union through a partnership with the Organization of African, Caribbean and Pacific States”.
The investment will help the Cathay-AfricInvest Innovation and Investment Fund secure €110 million to invest in 20 technology initiatives across Sub-Saharan Africa, which will focus on the areas of financial inclusion, retail and logistics platforms.
“The bank’s approval is yet another milestone in the implementation of the Boost Africa program and its partnership with the EU, OACPS and the European Investment Bank,” said AfDB Director for Financial Sector Development Stefan Nalletamby, adding that “This signals the importance given to entrepreneurs who benefit from technology to ensure rapid growth on the continent and the key role of AfricInvest and Cathay Innovation in supporting this business segment”.
According to the statement, the bank’s investment should accelerate the creation of a new class of successful African entrepreneurs, who will serve as role models for younger innovators.
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