The board of the African Development Bank Group (AfDB) has approved an equity investment of €9.8 million to support venture capital investments in African startups. The development finance institution announced this in a statement on Tuesday.

They said that €7 million of the equity investment will be sourced from its own resources. And the additional €2.8 million represents funds provided by the European Union.

The investment will help Cathay-AfricInvest Innovation Fund meet its target of securing €110m to invest.
It focuses on financial inclusion retail and logistics. Also platforms targeting online and mobile consumers, healthcare technologies, and pay as you go, off-grid energy technologies.