The British International Investment (BII) is set to pump some US$100 million ot start-ups in Egypt as part of the reported US$6 billion it has earmarked to invest into African 2025.
Earlier in July, Bloomberg reported that BII plans to invest $6 billion into Africa by 2025. It appears the British state-owned investor is doing that by continuously investments into African start-ups and venture capital firms.
It has recently invested US$20 million into Nigerian mobility firm Moove, US$10.2 million into Kenya’s iProcure and now it set to back Egypt’s Algebra Ventures and Endure Capital with US$100 million to support thousands of start-ups across that country.
Part of BII’s $100 million commitment to Egypt will be directed to climate financing because BII is very much interested in impact of its investments and not just profits.
BII is making financial commitments that are changing how development finance institutions (DFIs) are perceived across Africa.
DFIs have been known to be impact-focused for decades. They provided the much-needed funds that developed core sectors like telecommunications in Africa.
But BII is now focusing on investment in start-ups and venture capitals (VCs) which is pretty new.
Ghana is one of the biggest former British colonies and the country has loads of start-ups needing critical funding to scale. But start-ups in the country are yet to receive support from BII.
It is not clear if any start-ups in the country have applied for support from BII yet.