The Tunisia-based African Development Bank has approved a US$30 million loan to establish an innovation fund in Rwanda.
The purpose of the Rwanda Innovation Fund, according to the AfDB, will be “to develop the country’s entrepreneurial and innovation ecosystem capacity” by targeting tech-enabled small and medium-size businesses, not just in Rwanda but across East Africa.
“The project will enable the bank to play a leading role in helping regional member countries develop sustainable innovation ecosystems, spur entrepreneurial growth, address funding gaps, reduce poverty, and promote socio-economic growth,” said Abdu Mukhtar, director of AfDB’s trade development department.
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