African Development Bank Approves €9.8 Million Investment Funds For Tech Startups In Africa
The Board of Directors of the African Development Bank (AfDB) has reportedly approved an equity investment of €9.8 million to support venture capital investments in African start-ups, from seed to growth stages, particularly in the tech sector.
Of the equity investment, €7 million would be sourced from the African Development Bank’s resources while the additional €2.8 million would be provided by the European Union (EU) through a partnership with the Organisation of African Caribbean and Pacific States (OACPS).
The investment would help Cathay-AfricInvest Innovation Fund meet its target of securing €110m to invest in over 20 early-stage ventures across sub-Saharan Africa (SSA).
Photo courtesy of WOCinTech Chat.