AfDB, Ebrd Announce Joint Task Force to Build Entrepreneurship and Jobs Creation in Egypt, Morocco, and Tunisia

21 September 2023
Content from a Premium Partner
African Development Bank (Abidjan)
press release

The African Development Bank Group and the European Bank for Reconstruction and Development (EBRD) on Thursday announced the setting up of a joint taskforce to foster entrepreneurship to catalyse jobs creation and growth in Egypt, Morocco, and Tunisia.

The official launch of the taskforce took place on Thursday, 21 September 2023 during a workshop in Tunis, at the North Africa Regional Office of the African Development Bank.

The Joint North Africa Task Force on Entrepreneurship and MSMEs for jobs impact will operate under the Framework Partnership Agreement signed by the EBRD and the AfDB in May 2021. The taskforce will ensure that the two institutions will jointly identify and implement innovative and operational initiatives to tackle the challenges faced by micro, small and medium-sized enterprises (MSMEs) development.

Initiatives include developing knowledge products and innovative solutions to inform and co-finance operations that promote the export capacity and growth potential of MSMEs. This work will focus on supporting the emergence of start-ups, businesses led by women and youth, or operations linking the development of MSMEs and start-ups to regional and local value chains.

During this first joint activity, the task force announced support to a special cohort from the Souk At-Tanmia initiative under the EBRD Star Venture Programme. This programme aims at identifying high-potential start-ups and mobilise global expertise to support their operations and assist them in scaling up. Souk At-Tanmia was an African Development Bank Group programme which ran from 2012 to 2021, offering substantial direct technical and financial support to 272 local entrepreneurs.

On this occasion, five shortlisted companies from the Souk at-Tanmia Tunisia laureates presented their business idea during a pitching session. Two finalists will be selected and will qualify for EBRD support, including access to mentorship, technical advisory, and strategic business development from mentors and experts with strong and recognised experience in the entrepreneurship field. This assistance will last over an 18-month a period and allow start-ups to further develop their activities and access international markets.

The setting up of the taskforce and the organisation of the pitching were facilitated by the AfDB EInA (Entrepreneurship Innovations and Advice-North Africa) Initiative and the EBRD' SME Finance and Development Group SEMED (Southern and Eastern Mediterranean region).

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2023 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.