According to the consultancy firm KPMG – Central Africa, the Africa Enterprise Challenge Fund, an institution that supports development and the funding of enterprises in Africa, will invest $1.2 million in many enterprises in a bid to promote the innovation sector in seven African countries. This amount shall be invested the renewable energy, climate change and agriculture sectors. The enterprises the Fund will invest in are located in Burkina Faso, Mali, Ethiopia, and Kenya.
Africa Enterprise Challenge Fund has as aim to achieve specific objectives. The Enterprise’s General Manger, Victoria Sabula explains that the innovation support fund is vital in ensuring a larger scale transformation of local communities. She adds that through the fund, they hope to find new ways of using renewable energy whether in homes, for community or commercial purposes.
The consultant KPMG-Afrique Centrale reveals on its website publications that, The challenge is to support and liberate potential renewable energies that meet market needs. This will help accelerate the development of exiting solutions to better serve the African population and open new commercial opportunities in these seven countries. Also, the enterprises to be funded must show the innovations they propose which should impact the livelihood of low income homes and generate employment for the persons targeted.