{"id":6843,"date":"2022-05-01T05:37:14","date_gmt":"2022-05-01T05:37:14","guid":{"rendered":"https:\/\/appsaf.apieproject.com\/news\/?p=6843"},"modified":"2022-05-01T05:37:15","modified_gmt":"2022-05-01T05:37:15","slug":"nigeria-afdb-approves-e9-8m-fund-for-african-startups","status":"publish","type":"post","link":"https:\/\/appsaf.apieproject.com\/news\/2022\/05\/01\/nigeria-afdb-approves-e9-8m-fund-for-african-startups\/","title":{"rendered":"Nigeria: AfDB Approves \u20ac9.8m Fund for African Startups"},"content":{"rendered":"

AfDB will provide \u20ac7 million from its funds to the equity fund. The additional \u20ac2.8 million will be funds from the European Union through a partnership with the Organisation of African Caribbean and Pacific States (OACPS).<\/p>\n

The investment is expected to help Cathay-AfricInvest Innovation Fund meet its target of securing \u20ac110m to invest in over 20 early-stage ventures across sub-Saharan Africa. The Innovation Fund focuses on financial inclusion (financial tech and insurance tech), retail and logistics platforms targeting online and mobile consumers, healthcare technologies, and pay-as-you-go, off-grid energy technologies.<\/p>\n

More recently, the Innovation Fund has expanded its focus to include startups that use emerging digital opportunities created by the COVID-19 pandemic or with a massive potential to contribute to the coronavirus fight. The Mauritius-based Fund is jointly sponsored by AfricInvest Capital Partners and Cathay Innovation SAS.<\/p>\n

AfDB Director for Financial Sector Development, Stefan Nalletamby, in a statement, said, “The Bank’s approval signals the importance given to Africa’s tech-enabled rising entrepreneurs, as well as the significant role played by AfricInvest and Cathay Innovation in supporting this key business segment to achieve Africa’s growth, transformation and integration objectives.”<\/p>\n

The bank’s investment is expected to accelerate the creation of a new class of successful African entrepreneurs that will serve as a model to younger innovators. Through appropriate technology and innovation, it will also support youth and women-led startups and increase access and inclusion to financial and ‘real sector’ services and goods.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Board of Directors of the African Development Bank (AfDB) has endorsed a 9.8 million Euros equity investment to stimulate venture capital investments in African entrepreneurs at all stages of development.<\/p>\n","protected":false},"author":12963,"featured_media":6840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,21],"tags":[7,26,22],"class_list":{"0":"post-6843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-technology","9":"tag-apie-project","10":"tag-news","11":"tag-technology"},"yoast_head":"\nNigeria: AfDB Approves \u20ac9.8m Fund for African Startups - APIE NEWS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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