African Development Bank partners with AFG and DEG’s African Hidden Champions Initiative to promote regional industrialization | African Development Bank

The African Development Bank will partner with African Hidden Champions in support of its efforts to foster the growth of African companies and support their transformation into world champions.

African Hidden Champions, co-founded by Africa Foresight Group (AFG) and the German investment company DEG – Deutsche Investitions- und Entwicklungsgesellschaft, identifies African companies involved in building capacity for global leadership in their sector. It helps the companies on their growth trajectory by telling their stories, exposing them to new markets and providing networking and technical support.

“The African Development Bank is proud to partner with the African Hidden Champions initiative, which fits perfectly with our strategy to boost and finance Africa’s industrial development,” said Dr. Abdu Mukhtar, director of industrial development at the bank. He said the initiative would receive $390,000 for its activities to enable its expansion and coverage into new sectors and markets in Africa, as well as provide more benefits and assistance to AHC members.

The African Hidden Champions initiative has become a leading international platform for showcasing and connecting Africa’s most promising companies. In September 2022, executives and founders of the first cohort of African Hidden Champions gathered for an inaugural summit outside Frankfurt, Germany, to discuss how Africa’s fastest growing and most inspiring companies could pave their way to global success.

Roland Siller, CEO of DEG said: “The African Hidden Champions are setting new standards for business excellence on the continent with their remarkable achievements and unwavering commitment to growth. It is a privilege to partner with the African Development Bank to help Africa expand the Hidden Champions initiative and empower more companies to realize their potential and transform the African business landscape.”

AFG CEO and co-founder of AHC, Yasmin Kumi, spoke about the initiative’s future transformative impact on the African private sector. “It is time to change the narrative of African business and expose how large multinational companies are growing out of Africa, challenging their peers in global markets and thus reinforcing Africans’ pride in their own companies,” she noted.

About AFG

Africa Foresight Group (AFG) is a women-led company founded in 2016 with a mission to build African people and businesses into world champions. The company provides top professional services to African companies across the continent through a flexible talent platform called Peralta. Founded in 2016, the company has grown to support businesses in over 20 African markets and work for over 100 clients from Africa and around the world. The company started in Ghana and has offices in Accra, Johannesburg and Lagos.

For more information: www.africaforesight.com

About DEG

For nearly 60 years, the DEG has been a trusted partner to private sector companies operating in developing countries and emerging markets. With a portfolio of approximately EUR 9 billion in approximately 80 countries, the DEG is one of the world’s largest private development financiers. The DEG offers clients tailor-made solutions, including financing, promotional programs and advice, which are necessary to develop successfully and sustainably while generating local added value and creating qualified jobs.

For more information: www.deginvest.de

About the African Development Bank Group

The African Development Bank Group (AfDB) is the leading development finance institution in Africa. It consists of three different entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and social progress of its 54 regional member states.

For more information: www.afdb.org