The African Development Bank will invest $10.6 million in African start-ups. The institution wants to strengthen its investments in technology companies in Africa.

The AfDB supports many investment funds, whose activities are focused on African start-ups. However, the Board of Directors of the African Development Bank (AfDB) approved on Tuesday, April 19, an equity investment of 9.8 million euros ($10.6 million) in African start-ups from the seed phase to the growth phase.

Funds will be directly invested in the Cathay AfricInvest Innovation Fund which is a venture capital vehicle created by AfricInvest to invest in Africa-focused start-ups. The Fund will in turn target some twenty companies in sub-Saharan Africa, operating in promising sectors on the continent such as financial services, insurance, retail, logistics, health and energy technologies.