- African Hidden Champions (AHC) is an initiative that seeks to showcase exceptional growth stories of unique African startups.
- The AHC initiative has led to several breakthroughs for various African startups.
- AfDB and AHC partnership is a stepping stone that would provide financial inclusion and regional industrialization.
AfDB has announced a new partnership with the African Hidden Champions to promote and empower local startups.
African Hidden Champions (AHC) is an initiative that seeks to showcase exceptional growth stories of unique African startups. Essentially AHC seeks potentially revolutionary companies that are building Africa’s startups to scale on a global scale.
Africa Foresight Group and German Investment Cooperation co-founded this initiative to shed light on Africa’s potential as a continent. They created AHC for the primary purpose of helping firms on their growth journey by telling their stories, exposing them to new markets and providing funding and technical assistance if need be.
Dr Abdu Mukhtar, Director of Industrial Development at AfDB stated, “The African Development Bank is proud to partner with the African Hidden Champions initiative, which perfectly fits our strategy of driving and financing the industrial development of Africa.”
According to AHC, the $390,000 support from AfDB would enable the organization expand its activities and coverage into new African sectors and markets. In doing so, the organization will finally be able to make significant strides in its goal to promote Africa’s development.
The AHC initiative has led to several break-throughs for various African startups. Today it is a leading international platform for showcasing, promoting and networking with African Startups. In September 2022, the first cohorts of African Hidden Champions met with executives and AHC founders for an inaugural summit outside Frankfurt, Germany. Within the meeting, these parties addressed and highlighted various ways to improve Africa’s economy and financial inclusion.
Roland Siller, CEO of DEG, stated that AHC is essentially setting a new standard for business excellence in the continent. Their remarkable achievements and unwavering commitment to promoting Africa’s developments are unparalleled. He further claimed that working with AfDB was a privilege. It would hasten the expansion of the African Hidden Champion’s initiative. With the global reach of this financial institution, it would make an immense difference not only to their operation but also to propelling Africa’s economy in the future.
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AFG CEO and Co-Founder of AHC, Yasmin Kumi, spoke of the initiative’s future transformative impact on Africa’s private sector as transformative. He claimed that with the combined efforts of AHC and AfDB, African businesses will have the voice and the support they require to reach global heights. Currently, more African startups are acquiring unicorn startups challenging those within the global market. In doing so, it bolsters African pride and showcases that Africa has the potential to rival developed continents.
African Development Bank’s mission
The African Development Bank (AfDB) is a prominent financial Institution in Africa. It funds projects and startups with the potential of promoting economic and social progress. To fulfil its noble goal, the AfDB comprises three significant entities; the African Development Bank, the African Development Fund, and the Nigeria Trust Fund. Founded in 1964, the bank has provided $55 billion in loans and grants in the region.
Its founders also intended for the bank to provide relevant solutions to reduce poverty and improve Africa’s living conditions. With their objective and mission in mind, AfDB has combated poverty in the hearts of several countries by offering various local talents a chance to thrive within the business world.
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AfDB is among the few organizations actively acknowledging one of Africa’s greatest resources; Human Capital. Today Africa holds around 60% of the total youth population and has the highest number of young entrepreneurs. Through the empowerment of ;ocal talent and industries, AfDB believes that Africa has the potential to be a self-sufficient continent.
AfDB has a strict policy of decentralization. Africa is known for its widely distributed population. Thus, AfDB has taken its operations closer to its beneficiaries. Through its plan to promote Africa’s development, it has established about 23 field and country offices across the continent.
With the changing times and the upcoming 4th Industrial revolution, Africa is steadily making its mark on the world. AfDB and AHC partnership is a stepping stone that would provide financial inclusion and regional industrialization. Today entrepreneurs with innovative concepts are flooding the African market. It’s a matter of time before AHC discovers numerous hidden gems in Africa’s marketplace.