The African Development Bank’s (AfDB’s) board of directors has approved the €50-million Boost Africa Investment Programme – a package of investments in various venture, seed, accelerator and incubator funds that aim to support innovative start-ups and early-stage small businesses across Africa.
Boost Africa seeks to invest in innovative businesses, mostly operated by youth between 18 and 35 years, that are positively ‘disruptive’ in a local market context.
The initiative is one of the first instruments of the AfDB’s recently approved Jobs for Youth Strategy, which responds to the renaissance of entrepreneurially driven, home-grown business models in various sectors, including off-grid energy, telecommunications, agribusiness, and privately delivered social services, such as health and education.
“The Boost Africa Initiative 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 to contribute to economic growth,” says AfDB financial sector development director Stefan Nalletamby.
AfDB developed the Boost Africa initiative with the European Investment Bank and officially launched the programme in Abidjan, in Côte d’Ivoire earlier this week.
The contributions by the AfDB and other investors will leverage further investments of up to €1-billion.