The election of Mauritania’s Sidi Ould Tah as the new president of the African Development Bank (AfDB) has the continent’s tech ecosystem watching closely. Taking the helm from Akinwumi Adesina, whose tenure saw a significant push into private sector financing, Tah’s presidency begins at a pivotal moment for African startups and the venture capital funds that back them. Early indications from the recent Intra-African Trade Fair (IATF 2025) suggest a continued commitment to supporting the continent’s burgeoning innovation economy.
Under Adesina, the AfDB increasingly acted as a limited partner, channeling capital into Africa-focused venture and private equity funds. This strategy, however, has yielded mixed results, highlighting both the potential and the pitfalls of investing in the continent’s early-stage companies.
An examination of the Bank’s 2023 financial statements reveals a varied portfolio. Funds like Nigeria-based Verod saw their carrying value increase from $4.2 million in 2022 to $7.5 million in 2023. Similarly, the gender-lens fund Alitheia IDF grew from $4.2 million to $5.1 million, and the tech-focused Janngo Capital surged from $263,000 to $2.8 million in the same period.
However, other investments have faltered. The Cathay Africinvest Innovation Fund, which had $3.1 million in callable capital from the AfDB, saw its carrying value plummet from $2 million in 2022 to just $308,000 in 2023. This was partly due to a significant loss of over $2.8 million from its investment in the failed South African mobility startup, WhereIsMyTransport.
Despite the variable performance, the AfDB’s operational tempo in the tech sector has not slowed. At the IATF 2025 in Algiers, the Bank’s delegation reaffirmed its commitment to the ecosystem. Ousmane Fall, Acting Director of the Bank’s Industrial and Trade Development Department, stated that supporting SMEs and startups is a key pillar of the new president’s agenda. “The Bank will support SMEs through an innovative approach combining new financing instruments, advisory services, and policy reforms,” Fall commented.
This commitment was solidified through a strengthened partnership with the Algerian Ministry of Knowledge Economy, Startups, and Microenterprises. The collaboration includes working with the public accelerator Algeria Venture and participating in the upcoming African Startup Conference. Furthermore, Algerian President Abdelmadjid Tebboune announced the creation of a new investment fund dedicated to African startups.
Sidi Ould Tah brings over 35 years of experience to the role. His decade-long leadership of the Arab Bank for Economic Development in Africa (BADEA) saw the institution’s balance sheet quadruple. While his home country of Mauritania has not been a major player in African tech, it recently enacted a Startup Act, suggesting an appreciation for innovation-led growth at the highest levels of its government.
The core challenge for Tah will be to balance the AfDB’s development mandate with the high-risk nature of venture capital. As a development finance institution, the AfDB is uniquely positioned to de-risk early-stage investments and attract more private capital to the continent.
As Stefan Nalletamby, the AfDB’s Director of Financial Sector Development, noted earlier this year, “Equity investment will leverage innovations to leapfrog technologies and harness key opportunities that have the potential to scale across Africa.”
The continent’s tech community is now waiting to see if President Tah will build on his predecessor’s foundation and steer the AfDB towards becoming an even more influential force in Africa’s startup revolution.