Algeria Launches $1 Billion Fund to Support African Startups
In just one month, Algeria has mobilized a $1 billion fund to support African startups, announcing its intention to become a key player in innovation on the continent. This initiative, led by President Abdelmadjid Tebboune, targets high-impact projects in strategic sectors such as technology, education, healthcare, and humanitarian aid.
Key Objectives
The African Startup Financing Fund for young innovators is part of a broader strategy to stimulate entrepreneurship and strengthen regional economic cooperation. Currently, the Algerian entrepreneurial ecosystem comprises:
- 130 startups
- Over 1,600 microenterprises
- 2,800 filed patents
- 1,175 labeled "innovative" projects The ambitious goal is to increase the number of startups to 20,000 by 2029.
Consolidating Algeria's Position as an Innovation Hub
According to the Minister of Foreign Trade, this financing will not only support young project leaders but also consolidate Algeria's position as an African innovation hub. By leveraging local expertise and international collaborations, the country hopes to create a ripple effect that will stimulate the economy and employment across the continent.
