The European Investment Bank (EIB), through its Boost Africa program, is significantly impacting the growth of startups in Kenya and across Africa by providing crucial funding and technical assistance. This initiative aims to bridge the financing gap for young entrepreneurs, fostering innovation and creating jobs.

• Shamba Pride, an agri-tech firm founded by Samuel Munguti, saw its revenue grow from Sh5 million to nearly Sh300 million within three years after receiving $500,000 (Sh64.7 million) in funding via Seedstars African Ventures, supported by EIB.
• The Boost Africa program, a joint initiative with the African Development Bank (AfDB), launched in 2016, has invested Euros 78 million (Sh11.7 billion) which has attracted an additional Euros 482 million (Sh72 billion) from other private investors.
• So far, over 70 companies have been supported, creating 15,000 jobs, with a target to support 120 companies by the end of its first phase.
• Edward Claessen, Head of EIB Global's Regional Representation East Africa, highlighted that the program uses a junior tranche structure to de-risk investments for private sector partners.
• The program supports various sectors including logistics, health, education, agribusiness, renewable energy, financial services, digital, and creative industries, with a successor program expected to launch next year and be double in size.