Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Telecom

AfDB injects $10 million in TIDE I to boost ICT-driven growth in Africa

Friday, 18 November 2016 17:45

(Ecofin Agency) - The board of directors of the African Development Bank (AfDB) has approved a $10 billion equity investment in the Technology and Innovation in Developing Economies I (TIDE I) which aims to boost ICT-driven growth and production in Africa.

With a target size of $100 million, TIDE I is a global capital-risk fund that focuses mainly on technology services and innovation across Sub-Saharan Africa.

Incorporated in Mauritius, the fund has a 10-year target life within a 5-year investment period. It will “invest in companies that leverage on new technology to dramatically lower the cost of services ranging from agribusiness to financial services, energy, education and healthcare, expanding access to these services by households and enterprises,” says AfDB’s statement. The bank added that it will invest mainly in Nigeria, Kenya, Ghana, Ethiopia, Rwanda and Zambia.

According to the institution, TIDE I is a tool to support the growth of an ecosystem which facilitates the development of new technologies and new companies using technologies that lower the cost of primary services like health and education for people with low incomes. The $10 million investment approved by the AfDB falls under its 2013-2022 strategy aiming to improve the living standards of Africa populations.

Muriel Edjo





 
Finance


 
Mining


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.