
Kenya Launches UK-Kenya AI Challenge Fund to Advance Ethical AI Development
Kenya has made a significant stride in building a responsible and inclusive artificial intelligence (AI) ecosystem with the introduction of the UK-Kenya AI Challenge Fund.
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Proparco has partnered with RMBV to support the North Africa Fund III (NAF III), which aims to drive economic growth in the region.
This fund invests in mid-sized companies across Egypt, Morocco, Algeria, and Tunisia, aiming to stimulate growth in key sectors such as healthcare, education, financial services, and consumer goods.
NAF III represents RMBV’s inaugural fund as an independent manager, marking a new chapter for the firm.
The fund plans to raise up to $300 million to support businesses that demonstrate potential for expansion and resilience in the face of economic challenges.
The European Bank for Reconstruction and Development (EBRD) has also committed up to $80 million to NAF III, reinforcing its support for private equity as a vital funding source in the region.
Beyond financial investment, the EBRD will provide technical assistance to RMBV to develop and implement a gender action plan, promoting inclusive growth and diversity within the fund’s portfolio companies.
Proparco’s collaboration with RMBV aligns with its mission to promote sustainable development and inclusive economic growth.
Through this partnership, Proparco will have co-investment opportunities, furthering its objective of advancing sound business practices and delivering transformative outcomes across North Africa.
RMBV, formerly part of the Abraaj Group, has a history of investing in sectors that are pivotal to the region’s development.
With a focus on companies that are well-positioned to benefit from North Africa’s evolving consumer landscape, RMBV aims to transform mid-cap businesses into regional leaders.
This strategic partnership between Proparco, RMBV, and the EBRD underscores a shared commitment to fostering economic resilience and sustainable growth in North Africa, providing much-needed capital and expertise to mid-sized enterprises poised to make a significant impact in their respective sectors.
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Kenya has made a significant stride in building a responsible and inclusive artificial intelligence (AI) ecosystem with the introduction of the UK-Kenya AI Challenge Fund.
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