January 3

African Development Bank Group Approves €10,5 Million To Boost Innovation in Sub-Saharan Africa

By Hazel Marimbiza

The board of directors of the African Development Bank Group have approved an equity investment pool of €10,5 million to drive technological innovation across sub-Saharan Africa.

A statement issued by the bank yesterday said: “The African Development Bank Group has approved an investment of €10,5m toward the first close of the Janngo Start-Up Fund, a pan-African tech start-up fund.”

The pooled funds comprise €7 million provided by the African Development Bank and a €3,5 million contribution by the European Union and the Organisation of African, Caribbean and Pacific States.

Photo courtesy of Hello Lightbulb.

Source: DailyNewsZim (link opens in a new window)

impact investing, startups