AfDB grants Mozambican enterprise developer $1m grant
The African Development Bank (AfDB) Group has approved a $1-million grant to Mozambique-based small and medium-sized enterprise (SME) promotional agency the Instituto para a Promoção das Pequenas e Médias Empresas (Ipeme), to boost local content and development of SME initiatives in Mozambique.
The grant, from the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, will provide technical and institutional assistance, as well as direct support of startups and SMEs, with a particular focus on youth-led and women-owned businesses.
The Mozambique YWEB startup project with Ipeme will be a multisector local content initiative focusing on tourism, manufacturing, agriculture, information and communications technology, health and transport.
The project aims to facilitate supply links between such initiatives and large companies, including government entities and nongovernmental organisations.
AfDB private sector, infrastructure and industrialisation VP Solomon Quaynor says the project is intended to improve job creation, linkages between local SMEs and youth and women empowerment.
“They are in line with the bank’s core objective of supporting private sector development in Africa, including through the promotion of local entrepreneurship, the development of value chains and support to small and medium-sized and microenterprises that represent the bulk of the African economic fabric,” he says.
The project will also support more than 150 local companies by facilitating access to skills and certification, contracts with large firms and finance from local financial institutions.
These partnerships demonstrate a commitment from the Mozambique government to support local business, communities and create jobs, particularly in the north of the country.
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