The European Investment Bank (EIB) has announced a new €40 million ($46 million) investment fund aimed at strengthening Africa’s rapidly growing technology sector. Managed through the Africa-focused investment partner Speedinvest, this fund is designed to bridge the gap between African innovators and European capital, while also promoting digital inclusion and gender equality.
Although the investment supports technologically advanced countries such as Kenya, South Africa, Nigeria, Egypt, and Morocco, the bank has specifically identified high-growth potential markets—such as Uganda, Tanzania, and the Democratic Republic of Congo (DRC)—as primary targets for this new capital support.
The fund aims to support new startups working to solve critical challenges in healthcare, transport, education, and financial payment sectors through mobile and technology-based solutions.
By supporting these organizations, the EIB and Speedinvest hope to enable African entrepreneurs to expand their operations regionally beyond their borders and build a strong bridge between African and European economic ties.
Regarding the fund, EIB Vice-President Karl Nehammer stated: “Technology has the power to turn good ideas into real impact; by facilitating this financial support, we are helping African innovators access new markets, expand their operations, and build sustainable business institutions.”
A unique feature of this fund is its commitment to social equality. At least 30 percent of the total capital will be allocated to companies that promote gender equality.
This includes organizations founded by women, those with a high number of female employees, or institutions producing technological products specifically for women’s services.
This initiative meets the international “2X Challenge” criteria, which was launched at the 2018 G7 Summit to measure gender-focused investments.
In addition to gender equality, the fund is expected to play a significant role in creating job opportunities for the continent’s youth and expanding access to digital banking services.
The partnership with Speedinvest is based on previous successful investment experiences in Africa. The firm has previously supported successful startups such as Leta in Kenya, FairMoney in Nigeria, and Julaya in Côte d’Ivoire.
