EU set to disburse €15.5 mln to support 300 startups and SMEs in 13 African countries, including Togo

Investments
Tuesday, 14 July 2020 13:11
EU set to disburse €15.5 mln to support 300 startups and SMEs in 13 African countries, including Togo

(Togo First) - The European Union (EU) and Investisseurs & Partenaires (I&P), an impact investment group focused on sub-Saharan Africa, will support 300 startups and SMEs in 13 Sahel countries, Togo included.

This will be done via the I&P Acceleration and Sahel initiative. The latter benefits from a €15.5 million financing from the EU through its Emergency Fiduciary Fund for Africa which helps businesses in the region grow and expand. 

The initiative will take into consideration difficulties caused by the Covid-19 crisis. In this regard, I&P commented, “a substantial part of the program’s budget will be specially set aside to help firms that are most affected by the crisis.” 

In the short term, around 15 firms will receive financial and technical support, enabling them to adapt and re-adjust their business model, sustain activity, and overcome the crisis, I&P added. 

The program was conceived around three complementary axes: seed funding (to help businesses meet their financial needs during their incubation or expansion phase), technical assistance (to boost capacities of African businesses and investment groups), and supporting entrepreneurs in countries of intervention. 

Countries that will benefit from the initiative are Benin, Burkina Faso, Cameroon, Ivory Coast, Gambia, Guinea, Ghana, Mali, Mauritania, Niger, Chad, Togo, and Senegal. 

Ayi Renaud Dossavi

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