The European Union (EU) and the European Investment Bank (EIB) have invested €108 million in African businesses through the Boost Africa initiative, leveraging the funding to mobilise an additional €400 million and supporting the creation of up to 15,000 jobs.
The initiative, which targets early-stage and high-growth businesses across the continent, is designed to address the financing constraints facing African entrepreneurs while strengthening the venture capital ecosystem and helping businesses scale beyond their domestic markets.
Gautier Mignot, EU Ambassador to Nigeria and ECOWAS, disclosed this on Wednesday in Abuja at a media briefing ahead of the Boost Africa Impact Forum, themed, “Investing in Africa’s Next Generation of Entrepreneurs: From Investment to Impact.”
Mignot said the initiative was part of the EU’s long-term partnership with Africa under its Global Gateway strategy, which seeks to promote sustainable economic growth, mobilise private investment, create jobs and strengthen local value chains.
He said the EU was working with its member states and development banks under the “Team Europe” approach to build quality partnerships capable of generating sustainable economic opportunities, particularly for Africa’s growing youth population.
