AFC executive director and chief investment officer, Sameh Shenouda, with Pal Erik Sjatil, managing partner and CEO of Lightrock Africa Fund at the signing ceremony.
The Africa Finance Corporation (AFC) has unveiled a major $100 million commitment aimed at accelerating investment into Africa-focused technology fund managers, marking a significant push to deepen local participation in the continent’s rapidly expanding digital economy.
The corporation on Monday said the initiative would provide catalytic capital to leading African technology investment funds, with a strong emphasis on African-owned fund managers, as part of efforts to close the persistent financing gap facing high-growth technology businesses across the continent.
The launch comes as Africa’s digital economy is projected to contribute more than $700 billion to the continent’s GDP by 2050, fuelled by rising internet penetration, rapid technology adoption and one of the world’s youngest populations.
Despite the sector’s strong momentum, the AFC said African institutional investors remain underrepresented in the venture capital ecosystem, with the bulk of investment capital still coming from foreign sources.
