Photo by: Creamer Media
The African Development Bank (AfDB) Group has announced that 25 youth-led agricultural companies will advance to the final round of its 2022 AgriPitch Competition and each be awarded $140 000 in grants and business skills training.
The bank, together with partner organisations Eldohub and Private Finance Advisory Network, will provide training to build the companies’ business skill capacity and bolster their investor readiness.
The 25 finalists, which hail from 14 African countries, include 17 women-owned or women-led small and medium-sized enterprises.
The AgriPitch Competition targets African youth aged 18 to 35 years working in the agricultural value chain.
"These young agripreneurs show great potential and are a testament to the level of innovation that exists across Africa. The bank’s support, through the AgriPitch Competition, will boost the bankability of these projects and provide a tangible step towards enhancing agribusiness and food security on the continent,” says AfDB chief financial economist Edson Mpyisi.
The competition initially received more than 1 000 applications from African “agripreneurs” and is a recurring activity of the AfDB’s ENABLE Youth Programme.
The 2022 AgriPitch Competition awards will comprise three startup categories, including those that have operated between zero and three years, three or more years, and women-empowered businesses.
The finalists will now pitch their business plans to potential investors in the AgriPitch deal room and be eligible for one-on-one mentorship, as well as access to post-competition digital expertise.