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AfDB approves fund for innovative start-ups in Africa

Xinhua, November 24, 2016 Adjust font size:

The African Development Bank (AfDB) on Wednesday approved a 52.6-million-U.S.-dollar package of investments to fund innovate start-ups and small businesses across Africa.

A statement from the AfDB said the Boost Africa Investment Program will support entrepreneurs in various angel, venture, seed, accelerator and incubator funds.

"The initiative thus aims to spur the entrepreneurial power of the African youth to create innovative and compelling businesses with the capacity to compete regionally and globally, to attract domestic and foreign direct investments, to create new and quality jobs, and contribute to economic growth," Stefan Nalletamby, AfDB's Director of the Financial Sector Development Department said in a statement received in Nairobi.

According to the African bank, innovative start-ups need not only financing, but also capacity-building support and adequate networks and business connections, which will be offered through the broader Boost Africa Initiative which also has a Technical Assistance and a Lab component.

"Boost Africa is expected to be a partnership with various investors and donors. AfDB developed the initiative with the European Investment Bank," it said.

The contributions by the AfDB and others will leverage further investments into this sector, up to a total amount of 1.05 billion U.S. dollars. Endit