Wednesday, August 20, 2025
23.5 C
Lagos

ADB, EIB Launch €150m Fund to Finance 1500 African SMEs

The European Investment Bank (EIB) and the African Development Bank (AfDB) launched on November 21 in Abidjan, in partnership with the European Commission, a fund specially dedicated to financing African start-ups, small and medium enterprises (SMEs).

The €150 million fund, named BoostAfrica, should leverage up to a billion euros of new investments, support more than 1500 innovating start-ups and SMEs across Africa. The fund was launched at AfD’s headquarters in Abidjan in the presence of EIB’s president Werner Hoyer, AfDB’s, Akinwumi Adesina, and Ivorian Prime Minister, Daniel Kablan Duncan.

BoostAfrica aims to promote the development of an efficient entrepreneurial ecosystem in Africa by supporting the most risky stages of the enterprise value chain.

“Boost Africa is a truly great initiative which will support African entrepreneurship and innovation, and nurture the continent’s new talent. It is thus a concrete way of tackling the long-term factors fuelling poverty, instability and brain drain – many of which are at the origin of the migration crisis we all currently face,” said EIB’s President, Werner Hoyer.

spot_img
spot_img

Hot this week

NAICOM, SEC Initiates Partnership to Drive Insurance Sector Reforms

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin paid...

How Power Outages Threaten Nigeria’s Digital Economy Dream

By Elvis Eromosele Recently, I found myself inside a multi-storied...

Tinubu Commissions WAGL’s 40,000 CBM LPG Vessel in South Korea

Dignitaries at the naming ceremony of the 40,000 cubic...

NCC to Partner ATCON on National Digital Infrastructure Development

KEYNOTE ADDRESS BY DR. AMINU MAIDA, EXECUTIVE VICE-CHAIRMAN OF...

Tinubu Approves N16.7bn for Reconstruction of Mokwa Bridge in Niger State

President Bola Tinubu has approved the release of N16.7...

Topics

Mobile Technology Connects Africa with Global Markets

The growth of mobile phones and services across the...

Issues from Buhari’s Last Independence Day Broadcast

By Haniel Ukpaukure I sat through the agony of watching...

Lagos State Joins Commonwealth Enterprise, Investment Council

L-R: Global CEO, Commonwealth Enterprise and Investment Council (CWEIC),...

Global Airlines Confidence Survey: January 2017

When surveyed in early-January for our quarterly business confidence...

Nigeria to Sell N20bn of Green Bonds in 1st Half of 2017

Nigeria plans to sell N20 billion ($63 million) of...

Africa Re Restates Commitment to Nigeria, Invest $90m

Africa Reinsurance Corporation (Africa Re) has restated its corporate...

Heirs Holdings Raises Pay for Staff in Celebration of Workers’ Day

Mr. Tony Elumelu, Chairman of Heirs Holdings, just made...
spot_img

Related Articles

Popular Categories

spot_imgspot_img