Renewed Support For Africa's Digital Economy

Renewed Support For Africa's Digital Economy

About three weeks ago, something big happened. The European Investment Bank, together with the African Development Bank, launched a project that both had been crafting intensively for a few years.

There was little in the way of fanfare, but over the next five to 10 years the results could set Africa and its young people down a new path to a sustainable and prosperous future.

The project, under the Boost Africa initiative that was agreed upon in 2016, calls for a joint investment in the TLcom Technology and Innovation for Developing Economies Africa Fund, a plan to offer venture capital and advice where it is needed the most: to 10-15 tech startup companies run by young and female entrepreneurs who are creating African solutions to African problems.

These young people represent one of the biggest bright spots for the future of Africa and they are part of its rising digital economy, which is why we at the EIB and Afrika-Verein der deutschen Wirtschaft, alongside the Federal Ministry for Economic Cooperation and Development, are calling for more support for them.

In the next few years, it is expected that Boost Africa, a joint African Development Bank and EIB initiative, will reach 1,500 small businesses across sub-Saharan Africa and create 25,000 jobs. But of course, the benefits will be felt by many more people and the impact on the real economy will be much broader.

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