The African Development Bank will partner with African Hidden Champions(link is external) in support of its efforts to promote the growth of African companies and aid their transformation into global champions.
African Hidden Champions, co-founded by Africa Foresight Group (AFG(link is external)) and the German Investment Corporation, DEG – Deutsche Investitions- und Entwicklungsgesellschaft(link is external), identifies African firms that are involved in building capacity for global leadership in their sector. It helps the firms on their growth journey by telling their stories, exposing them to new markets and networks, and providing technical assistance.
“The African Development Bank is proud to become a partner of the African Hidden Champions initiative, which perfectly fits our strategy of driving and financing the industrial development of Africa,” said Dr. Abdu Mukhtar, Director of Industrial Development at the Bank. He said the initiative would receive an amount of $390,000 toward its activities to enable its expansion and coverage into new sectors and markets within Africa, and to 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 from the first cohort of African Hidden Champions met for an inaugural summit outside Frankfurt, Germany to discuss how Africa’s fastest-growing and most inspiring companies could forge a path 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’s a privilege to collaborate with the African Development Bank to expand the Africa 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 of the initiative’s future transformative impact on Africa’s private sector. “It is time to change the narrative on African business and expose how big multinational companies are growing from within Africa, challenging their peers in global markets, and in doing so bolstering Africans’ pride in their homegrown businesses,“ she noted.
