Wednesday, July 2, 2025
23.4 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
spot_img

Hot this week

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

The Nigerian private sector remained in growth territory as...

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

Mr. Kunle Ahmed Chairman Nigerian Insurers Association (NIA) The Nigerian Insurers Association...

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Topics

NCC: Telecom Sector Contribution to GDP Rose to 13.5% in Q4, 2022

  The Nigerian Communications Commissions (NCC) says the contribution of...

Transcorp Power: N142bn Revenue, N52.8bn PBT, Declares N23.46bn Dividend

From L-R: Dr. Owen D. Omogiafo, Non-Executive Director; Peter...

World Economic Forum Cancels Singapore Meeting, Proposes 2022

The much anticipated Special Annual Meeting by the World...

‘How Soybeans Will Reduce Malnutrition in Nigeria’

Professor Ibiyemi Olayiwola, a nutritionist, says soybean has the...

ALTON Chair, Gbenga Adebayo to Review ‘Sagacity of a Digital Revolution’

The Chairman of the Association of Licensed Telecommunications Operators...

Verve Partners Alcineo, Unveils SoftPOS to Boost Contactless, Digital Payment

  Vincent Ogbunude Managing Director Verve International Africa’s leading payment cards and digital...

AMCON, ESVARBON Partner on Sale of Assets

The Managing Director/Chief Executive Officer, Asset Management Corporation of...

Nominations Now Open for ‘IDC CIO Excellence Awards 2018’

Global technology research and consulting firm International Data Corporation...
spot_img

Related Articles

Popular Categories

spot_imgspot_img