Five African innovation hubs will benefit from a €40 million ($46 million) European Investment Bank (EIB) fund, which also targets high-potential markets including Uganda, Tanzania and the Democratic Republic of Congo.

The EIB said on Monday that the fund, administered through Africa-focused investment vehicle Speedinvest, aims to back emerging tech firms. It seeks to improve digital and financial inclusion and strengthen commercial links between African and European ecosystems, enabling startups to scale across borders.

Kenya, South Africa, Egypt, Morocco and Nigeria are among the hubs set to benefit. Ghana, Côte d’Ivoire, Cameroon and Tunisia are identified as high-growth markets with rising technology startups.

At least 30 percent of the fund will support companies advancing gender equality, including women as founders, employees or consumers. The investment qualifies under the 2X Challenge, a global benchmark launched at the 2018 G7 Summit for gender-focused investing.

It aligns with the European Union’s Global Gateway priorities and is expected to support job creation and expand access to digital banking and essential services.“Technology has the power to turn good ideas into real impact,” said EIB Vice-President Karl Nehammer. “By backing this vehicle, we are enabling African innovators to scale, access new markets, and build sustainable businesses – creating shared opportunities for both Africa and Europe. In a world of fragmentation, we are building bridges.”Speedinvest has backed several African growth-stage companies, including Mophones and Leta in Kenya, Precium in South Africa, Moove and FairMoney in Nigeria, Khazna in Egypt, Anda in Angola, and Oze and Julaya in Ghana and Côte d’Ivoire.

Backers say the fund will deepen existing commitments while strengthening links between European capital and Africa’s innovation ecosystems.“With EIB Global support, we are deepening our long-term commitment to backing exceptional founders across Africa while strengthening enduring bridges between Africa and Europe,” said Speedinvest CEO and Managing Partner Oliver Holle. “By combining local presence with our European network of operators, sector expertise, and follow-on capital, we aim to help founders scale regionally and internationally.”In 2025, the EIB Group signed €100 billion ($115.3 billion) in new financing and advisory deals for more than 870 projects aligned to EU priorities, including climate action, digital innovation, security, agriculture and social infrastructure.

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