The African Development Bank (ADB) has ploughed about R17, 5 billion into small and medium businesses in Africa. The central plan of the bank is to generate jobs and fight endemic poverty.
The bank disclosed the figure at the Innovation Africa summit, which ended today in Cape Town.
With emerging markets in the ascendancy, Africa is shedding its tag as the poor economic cousin.
However, the continent needs decisive and ambitious leadership. Poverty, poor infrastructure development and corruption all hamper the continent's development.
The bank believes it's ready to assist in meeting these challenges.
Delegates heard the continent could gain over 30 billion US dollars as a direct result of the Square Kilometer Array project.
With emerging markets in the ascendancy, Africa is shedding its tag as the poor economic cousin
Other infrastructure projects in the pipeline include the proposed Trans Africa Corridor. This is aimed at improving road and rail infrastructure across Africa.
The Inga Dam project sees the construction of two massive hydro-electric stations.
At 39 000 megawatts, it will drastically improve the continent's power supply.