AfDB Backs Business Development in East Africa

    Cows at a farm owned by one of Zambia's agribusinesses. The African Development Bank is investing USD15 million for the development of medium-sized enterprises in the Democratic Republic of Congo, Zambia, Ethiopia and member countries of the East Africa Community. Photo by: BBC World Service / CC BY-NC BBC World ServiceCC BY-NC

    The African Development Bank is investing USD15 million in a multisector private fund for the development of medium-sized enterprises in the Democratic Republic of Congo, Zambia, Ethiopia and member countries of the East Africa Community.

    The Catalyst Fund supports medium-sized companies with good business track records and growth prospects. The fund aims to help these companies grow into larger regional corporations capable of supplying goods and services to countries in East Africa and beyond.

    The fund is expected to focus primarily on companies that deal with consumer goods such as personal care products and food, services like technology and telecommunications, and industries like agribusiness and packaging.

    The East Africa Community comprises Kenya, Uganda, Tanzania, Rwanda and Burundi.

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      Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.