AFC Invests $100M in Africa's Digital Technology Fund

Africa Finance Corporation (AFC) announced a commitment of $100 million to an Africa-focused technology fund, aiming to drive digital industrialization across the continent. This investment is part of a strategic initiative to address the underrepresentation of local capital in venture funding and to catalyze greater participation from African institutional investors.

AFC's President and CEO, Samaila Zubairu, emphasized the importance of seizing the moment for technology adoption to solve real economic problems. The fund is expected to support the growth of technology-enabled businesses, contributing to a projected $700 billion GDP from the digital economy by 2050.

The commitment represents the first tranche of a broader deployment strategy, with further investments anticipated in the near term. Lightrock Africa Fund II's CEO, Erik Sjatil, welcomed AFC as an anchor investor, highlighting the shared vision of backing high-growth technology-enabled businesses.

The initiative aims to create jobs and enhance infrastructure development across Africa.