KfW Development Bank partnered with Allianz Global Investors to set up a co-investment fund to support African private equity and venture capital funds that monitor innovative companies operating in fast-growing sectors.

Through this initiative called AfricaGrow, the two partners will finance about 150 companies and start-ups on the continent by 2030. The fund will raise €170 million ($197.2 million) in commitments from international financial institutions, including the German bank DEG, for this purpose.

AfricaGrow Fund plans in the mid and long term to create a measurable social and economic impact for the benefit of the main beneficiary companies. “The design and structure of the new AfricaGrow Fund is a milestone in support for the African economy,” said Prof. Dr Joachim Nagel, Member of KfW Group's Executive Board.