AUDA-NEPAD, Ecobank Group partnership to launch funding phase of 100,000 MSME Initiative

The African Union Development Agency-NEPAD and the Ecobank Group its strategic partner on the development of 100,000 Micro, Small and Medium-sized Enterprises (MSME) will launch their financing component from May 27, 2021.

AUDA-NEPAD launched the 100,000 MSME program to accelerate Africa’s economic transformation, provide necessary skills and build resilience in the face of the economic shock triggered by the global pandemic. The 100,000 MSME initiative aims to build the capacity of 1,000,000 businesses in Africa through entrepreneurship and business training to improve access to finance and new markets while building networks of support and incubation to enhance their success.

“Around the world, MSMEs are the biggest and best driver of innovation, social transformation, and economic development and growth. AUDA-NEPAD strongly believes that Africa’s structural transformation will be driven by businesses and innovations led by youth and women. »Declared Amine Idriss Adoum AUDA-NEPAD, Director of the Program Implementation and Coordination Directorate.

AUDA-NEPAD and the Ecobank Group announced their collaboration in May 2020 and agreed to tackle three main pillars to help MSMEs emerge from the devastating economic impact of COVID-19: namely, MSME Academy, MSME Finance and MSME Marketplace. The MSME Academy was launched in August 2020 in 8 countries. The two institutions will now proceed with the launch of the MSME Finance pillar in the same countries, namely Chad, Côte d’Ivoire, Ghana, Kenya, Niger, Nigeria, Rwanda and Togo. A total sum of $ 2.0 million will be allocated in the form of working capital to beneficiaries who meet the criteria set in the eight (8) countries in this first phase.

“After an unprecedented year in 2020, the impact of COVID-19 continues to be felt in African economies with an increased and urgent need to support MSME businesses that are the backbone of our economies. As a financial institution, we reaffirm our commitment to support the “100,000 MSME” initiative. Following the successful launch of the MSME Academy, we are now continuing the funding component. We look forward to celebrating companies that successfully pass this training program and meet the criteria for financial support, ”said Josephine Anan-Ankomah, Executive Commercial Banking of the Ecobank Group.