AfDB pledges E7.1m towards the development of African companies

African Development Bank (AfBD)

By Bahle Gama

Over E7.1 million (US$390 000) will be injected by the African Development Bank (AfBD) towards the development of African companies.

AfDB has partnered with African Hidden Champions (AHC) in support of its efforts to promote the growth of African companies and aid their transformation into global champions.

African Hidden Champions is co-founded by Africa Foresight Group (AFG) and the German Investment Corporation, DEG – Deutsche Investitions.

The company reported identifying African firms that are involved in building capacity for global leadership in their sector, in the process helping them (firms) on their growth journey by telling their stories, exposing them to new markets and networks and providing technical assistance.

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Industrial Development

In a statement, the Director of Industrial Development at the bank Dr Abdu Mukhtar said the partnership perfectly fits their strategy of driving and financing the industrial development of Africa.

Dr Mukhtar said the initiative will receive $390 000 towards its activities to enable its expansion and coverage into new sectors and markets within Africa, and to provide more benefits and assistance to AHC members.

“The African Hidden Champions are setting new standards for business excellence on the continent with their remarkable achievements and unwavering commitment to growth. It’s a privilege to collaborate with the African Development Bank to expand the Africa Hidden Champions initiative and empower more companies to realize their potential and transform the African business landscape”.

He further stated that the African Hidden Champions initiative has become a leading international platform for showcasing and connecting Africa’s most promising companies.

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In September 2022, executives, and founders from the first cohort of African Hidden Champions met for an inaugural summit outside Frankfurt, Germany to discuss how Africa’s fastest-growing and most inspiring companies could forge a path to global success.

Changing Narrative

Meanwhile, African Foresight Group CEO and African Hidden Champions Co-founder Yasmin Kumi said it was time to change the narrative on African business, and “expose how big multinational companies are growing from within Africa, challenging their peers in global markets”.

In doing so, the Co-founder said the continent’s pride will be bolstered in homegrown businesses.

Africa Foresight Group (AFG) is a women-led company founded in 2016, that is on a mission to build African people and companies into global champions. It is reported to deliver top professional services to African companies across the continent through a flexible talent platform called Peralta.

Founded in 2016, the company has grown to support businesses in more than 20 African markets and works for more than 100 clients from Africa and across the world. The company was started in Ghana and has locations in Accra, Johannesburg, and Lagos.

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