Technological innovation is in the spotlight at the African Development Bank (AfDB). The Group's Board of Directors has just approved a joint investment of 10.5 million euros in a technology start-up fund to stimulate innovation in sub-Saharan Africa.

The AfDB-approved equity investment pool is part of the first closing of the Janngo Start-Up Fund, a pan-African technology startup fund. The Bank's support to the Janngo Start-Up Fund aligns with its Youth Jobs Strategy, as well as its support for private sector-led growth and entrepreneurship in African economies. The Fund is expected to strengthen the private sector by deploying technology-based business models for small and medium enterprises that meet the needs of underserved populations; create significant employment opportunities for youth and women and improve the quality of life of Africans. This AfDB investment advances the Boost Africa program, a collaboration between contributing partners and the European Investment Bank to support investment funds that target innovative early-stage companies in sub-Saharan Africa.