- The African Union Development Agency NEPAD (AUDA-NEPAD) and the Ecobank Group have jointly launched an initiative to develop 100,000 Micro, Small and Medium Enterprises (MSMEs) to push African economic transformation.
- The Programme will provide the necessary skills, and build resilience against the economic shock triggered by the global pandemic.
The African Union Development Agency NEPAD (AUDA-NEPAD) and the Ecobank Group have jointly launched an initiative to develop 100,000 Micro, Small and Medium Enterprises (MSMEs) to push African economic transformation.
The Programme will provide the necessary skills, and build resilience against the economic shock triggered by the global pandemic. The initiative aims to build the capacity of 1,000,000 MSMS enterprises in Africa through entrepreneurial and business training and facilitate access to finance and new markets. It will also establish networks for support and incubation to boost their success.
Amine Idriss Adoum AUDA-NEPAD, Director of Programme Delivery & Coordination Directorate pointed out that MSMEs have proved to be the biggest and the best engine of innovation, social transformation and economic development and growth. The initiative reflects the conviction of AUDA-NEPAD that Africa’s structural transformation will be driven by youth and women-led businesses and innovations.
AUDA-NEPAD and the Ecobank Group collaboration has three main pillars in supporting MSMEs to survive the economic impact of COVID-19. These are MSME Academy, MSME Finance and MSME Marketplace. The MSME Academy was launched in August 2020 in 8 countries. The MSME Finance pillar will be launched in the same countries, namely Chad, Cote d’Ivoire, Ghana, Kenya, Niger, Nigeria, Rwanda, and Togo. About $ 2.0million will be extended in the form of working capital to the selected beneficiaries across the eight countries in this first phase.
Some of the objectives of the 100,000 MSME Finance are to expand the reach of the 100,000 MSMEs initiative to African youth and build linkages into the wider entrepreneurship ecosystem, enhance evidence-based policy recommendations to AU decision bodies and enhance engagement with youth and women entrepreneurs.
