The European Bank for Reconstruction and Development (EBRD) is swapping strategy papers for office leases in West Africa, appointing a new leadership team to spearhead its long-awaited expansion into the region. The move signals that a significant new source of capital — one with a proven appetite for tech — is about to enter some of the continent’s most dynamic startup ecosystems.
After years of focusing on North Africa, the development bank has officially named its senior director for Sub-Saharan Africa and its first country head for Côte d’Ivoire, while actively recruiting for a new office in Lagos, Nigeria. For local founders and VCs, the EBRD’s arrival is no longer a theoretical exercise; it’s the arrival of a development bank with a venture capitalist’s shopping list.
The New Leadership Map
The EBRD’s push into Sub-Saharan Africa is being orchestrated by a team of seasoned insiders, redeployed to execute the bank’s new mandate.
- The Architect: Heike Harmgart, Senior Director for Sub-Saharan Africa. Harmgart is the strategic brain behind the expansion. Crucially, she was previously the Managing Director for the Southern and Eastern Mediterranean (SEMED) region, where the EBRD cut its teeth on African tech deals. Her move south signals the bank is bringing a tested playbook to a new market.
- The First Mover: Asari Efiong, Head of Côte d’Ivoire. A British-Nigerian national with over 15 years in finance, including stints at Merrill Lynch and Morgan Stanley, Efiong becomes the EBRD’s first-ever head of operations in West Africa. Based in Abidjan, she is tasked with building the bank’s presence from the ground up in a market known for its solid economic growth.
- The Pioneer: Khalil Dinguizli, Head of Senegal. As the EBRD’s first Head of Senegal, the Tunisian-French national is leading the establishment of the Bank’s presence and business in this new member country. Based in Dakar, he brings over a decade of EBRD experience, having previously served as Head of Lebanon and Acting Head of Tunisia. His background in investment banking at Crédit Agricole CIB and his deep regional expertise position him to unlock new opportunities and support sustainable development in a market with significant potential. He reports directly to Heike Harmgart.
- Hamza Al-Assad, Director for Nigeria. As the EBRD’s first Director for Nigeria, the Egyptian-Jordanian national is leading the establishment of the Bank’s presence and business in this new member country. Based in Lagos, he brings extensive EBRD experience, having previously served as Associate Director for Climate Strategy and Regional Delivery, where he led green and climate policy activities in the Bank’s southern and eastern Mediterranean (SEMED) region. His background in investment banking across the SEMED region and his deep sector expertise position him to unlock new opportunities and support sustainable development in a market with remarkable potential. He reports directly to Heike Harmgart.
The leadership shuffle is part of a broader realignment. Mark Davis, formerly head of Central Europe, has stepped in to replace Harmgart as the new MD for the SEMED region, ensuring continuity in the bank’s established North African markets.
A North African Blueprint for Nigeria?
To understand how the EBRD might operate in Lagos or Abidjan, one only needs to look at its recent investment history in Cairo and Tunis. The bank has evolved beyond its traditional mandate of funding infrastructure, acting as a direct equity investor in high-growth technology companies.
Its Egyptian portfolio reads like a who’s who of the local tech scene:
- Fintech: It backed payments gateway Paymob in a $22M Series B extension alongside PayPal Ventures and committed up to $21M to payments infrastructure firm MSS Holding.
- E-commerce: It injected $10M into online grocery retailer Breadfast.
- Insurtech: It led a $2.3M round for digital insurance broker Amenli.
- Venture Capital: It has also become a Limited Partner (LP), backing Algebra Ventures’ second fund to get broader exposure to early-stage Egyptian startups.
This pattern suggests the EBRD is comfortable writing cheques for Series A and B rounds and is not shy about playing in the competitive fintech and e-commerce spaces. For Nigerian startups in similar sectors, the bank’s arrival represents a new, deep-pocketed and patient investor.
What Startups Can Expect: Patient Capital with a Purpose
The EBRD is not a typical VC. It invests directly from its own balance sheet, allowing it to be a long-term partner with holding periods that can exceed those of traditional funds. It typically takes minority stakes of up to 35%.
While its direct equity investments can be substantial (ranging from €10M to €200M), its venture capital arm has demonstrated a flexibility to participate in smaller, startup-sized funding rounds.
The bank’s official focus areas for the region — digitalisation, the green economy, and equality of opportunity — align neatly with the pain points being addressed by many West African startups. Founders in greentech, edtech, healthtech, and financial inclusion will likely find a receptive audience.
With Harmgart leading the charge and Efiong establishing the first beachhead in Abidjan, the EBRD’s Sub-Saharan Africa strategy is finally taking shape. All eyes are now on Lagos to see who will lead its charge into the continent’s largest tech hub.