AFD to set a €65 million fund for African startups
Monday, 28 May 2018 21:11
French President Emmanuel Macron last May 24 announced a fund worth €65 million to assist African young businesses.
“The French Development Bank (AFD) will deploy in coming weeks a specific instrument equipped with €65 million […] that will be used to fill support gap through fund-tranches estimated between €30,000 and €50,000 for startups in need,” the president specified at the opening of the Vivatech technology fair.
“African startups are skilled but largest development aid donors and funders are not adapted to this, even us, we are too slow, too reluctant,” he added expressing his desire that France “takes steps in the financing of African ecosystems’ development”.
AFD's fund will support startup projects that will be selected on a platform called Digital Africa. The head of State also announced that AFD would subsequently call for others including private donors, to participate in order to “multiply this initiative tenfold”.
Live News
-
Cameroon: Kribi to Host $24 Mln Tourism Complex with Hotel, Golf Course
20:25
-
Cameroon Inflation Seen Easing Below 3% by 2027 But Staying Above Regional Target in Near Term
19:53
-
Mauritania Launches Digital Platform to Help Parents Monitor Children’s School Progress
19:19
-
ECOWAS Lawmakers Push for Regional Pact on Ethical AI and Digital Education
18:26
-
Togo: Lomé Airport Receives U.S.-Funded Security Equipment to Bolster Threat Detection
17:42
-
MTN Nigeria Unveils Tier 3 Data Centre, Signals Major Boost for Local Digital Economy
17:26
-
Ecobank to End Safe Deposit Box Services Amid Low Demand and Compliance Risks
17:12
-
Ecobank Taps Google Cloud to Accelerate Digital Banking Across Africa
16:42
-
Cameroon Imposes New Tax on Used Vehicle Imports
16:17
-
South Sudan Launches $58 Million Education Program
15:47
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
The MTN Nigeria Dabengwa Tier 3 Data Centre is more than just a physical infrastructure project — it’s a foundational investment in Nigeria’s digital...
• South Sudan initiates a $58 million, four-year project to transform basic education nationwide.• The program aims to directly benefit over 300,000...
• Cape Verde reclassified as an upper-middle-income country due to a 16.8% rise in GNI per capita.• Namibia downgraded to lower-middle-income after a...
• Ivory Coast grants two new four-year gold exploration permits to Global Industries Sarl and Rampage Exploration Sarl.• National gold production reached...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...