On 2nd February 2021 The smart Africa secretariat launched the BLOC Smart Africa Fund with Bamboo capital. BLOC Smart Africa, a Flagship program of the secretariat is a pan-African initiative to accelerate sustainable socio-economic development, and was launched with the Governments of Luxembourg and Côte d’Ivoire as anchor sponsors.
“We have a critical funding gap across Africa,” says Lacina Koné, director general at Smart Africa. “The BLOC Smart Africa Fund will go a long way in bridging the financing gap between seed and growth stage for hundreds of businesses and in particular start-ups in Africa, emerging and frontier markets, and is the first-of-its-kind dedicated to helping achieve the Sustainable Development Goals.”
Jean-Philippe De Schrevel, founder and managing partner at Bamboo Capital Partners, says the partnership with the governments of Ivory Coast and Luxembourg would play a crucial role in de-risking the senior tranches of the fund and thereby attracting institutional investors, as well as moving Africa one step closer to becoming a single digital market.