Togo launches CFA265 million fund to support youth-led businesses

Economic governance
Wednesday, 21 July 2021 17:56
Togo launches CFA265 million fund to support youth-led businesses

(Togo First) - FAIEJ, a fund supporting youth-led businesses, and UNDP-Togo launched last Monday the Togolese Facility for Acceleration and Innovation (FTAI). This is a CFA265 million fund to back local innovative and ambitious entrepreneurs. 

The fund, which should bolster business creation and generate more jobs for the youth, will benefit startups and incubators. 

It is a facility that operates as a fund to accelerate businesses especially SMEs which have been established for at least three years. It also focuses on innovation that propels business activity. The goal is to facilitate the financing of innovation which is risky,” said Komi Aokou, chief of exploration at the UNDP SDG acceleration lab. 

The UNDP says the facility is the main component of the “Project to support the promotion of entrepreneurship and the private sector for the creation of sustainable jobs.” It should also significantly contribute to achieving the SDG2 and SDG3.

SMEs looking to benefit from the FTAI should meet some criteria. Notably, they should have a turnover that ranges between CFA5 million and CFA1 billion. 

 Esaïe Edoh

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