The Africa Finance Corporation (AFC) yesterday announced that its Board has approved a commitment of up to $100 million to invest in Africa-focused technology fund managers.
The launch comes at a pivotal moment for Africa, a statement from the institution explained.
The continent’s digital economy is projected to contribute over $700 billion to GDP by 2050, driven by a fast-growing, digitally connected population and accelerating enterprise adoption of technology.
Yet despite this momentum, a persistent gap in long-term institutional capital continues to constrain the development and scaling of high-potential technology businesses across the continent.
Through this commitment, AFC would deploy catalytic capital in leading Africa-focused technology Funds and in particular African-owned fund managers.
