Launch of the Boost Africa Initiative
It marks a new integrated approach to boost young entrepreneurs across Africa.The European Investment Bank (EIB), the African Development Bank (AfDB) and the European Commission launched on November 21st the Boost Africa Initiative, which supports small and medium-sized enterprises (SMEs) in Africa.
The initiative has three integrated pillars, an investment program, a technical assistance facility, along with an innovation and information lab.
"It 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 President Werner Hoyer.
Boost Africa is expected to contribute to fostering the development of an efficient entrepreneurial ecosystem on the continent by supporting the earliest and riskier stages of the venture value chain, in an economically viable and sustainable way.
It also aims to spur the entrepreneurial potential of the African youth to create innovative and compelling businesses with the capacity to compete regionally and globally, to attract domestic and foreign direct investment, to create new and quality jobs, and contribute to inclusive and sustainable economic growth.
As a result of an initial combined investment of up to €150 million, the initiative is expected to leverage up to €1 billion in additional investments in a high growth sector, and support over 1,500 start-ups and SMEs across the continent.