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Highlights – Board Meeting of 18 October 2018
The Board noted that the proposed investment is the first under the Boost Africa program, a partnership between the AfDB, the EIB and the European Commission, which seeks to provide investment funding for innovative start-ups in nine sub-Saharan African countries. Board members supported this project, the first to be facilitated by the new Policy on Non-Sovereign Operations and welcomed the focus on job creation, particularly for women. Specifically, they welcomed the collaborative investment model and the excellent capacity of the Fund's management team. However, Executive Directors requested additional information on the criteria for the selection of beneficiary countries, the technical assistance facility and the pipeline of projects, as well as the status of other investment partners. They invited Management to explore ways and means of renegotiating the funding structure and the high percentage of management fees to ensure greater development impact of the intervention. Finally, Management was invited to come back to the Board with an update on the progress of the investment. At the end of the deliberations, the Board approved the Equity Investment in Partech Africa Fund.