Fund dedicated to African entrepreneurs set up in Abidjan

November 22, 2016

The President of the African Development Bank (ADB), Akinwumi Adesina and the President of the European Investment Bank (BEI), Werner Hoyer, signed the official launch of the Boost Africa initiative on Monday 21 November at Seat of the Bad, in Abidjan Plateau.

Considered as an innovative initiative, this program for SMEs and start-ups has an envelope of more than 98 billion Fcfa, “Boost africa is expected to generate leverage of 665 billion Fcfa of new investments, with In support of more than 1500 start-ups and innovative small and medium-sized enterprises across the African continent. ”

According to Adesina, Africa will be the youngest continent in the world. But the crucial problem of employment is acute. However, believes the president of the Bad, the future of young people must not limit by crossing the Mediterranean. To this end, he reassures that this new partnership framework will help young people. And an investment of more than 150 billion FCFA in the initiative will help finance 3,000 Small and Medium Enterprises (SMEs) in Africa, materialized by 25,000 direct jobs and more than 100,000 indirect jobs.

“This initiative will help strengthen an effective corporate ecosystem in Africa by sustainably and economically sustaining the earliest and riskiest stages of the entrepreneurial value chain,” says the stakeholders of the project. Going straight in line with Agenda 2030 and the Sustainable Development Goals.

For the two banking institutions, supported by the European Commission, “the first operation carried out under the Boost Africa initiative should concern Telecom Tide Africa Fund, a Tic fund for young technology companies in West and East Africa. Project Africa Technologiy ventures, currently under way, will also support innovative start-ups in East Africa and help them develop internationally. ” Source: Ecofin