AfDB, EBRD announce joint task force to build entrepreneurship and jobs creation in Egypt, Morocco, and Tunisia

 

The EBRD's SME Finance and Development Group SEMED (Southern and Eastern Mediterranean region) and the AfDB's EInA (Entrepreneurship Innovations and Advice-North Africa) Initiative assisted in the taskforce's formation and the organization of the pitching.

A combined taskforce to encourage entrepreneurship to spur job creation and growth in Egypt, Morocco, and Tunisia has been established, the African Development Bank Group and the European Bank for Reconstruction and Development (EBRD) announced on Thursday.

The taskforce was formally introduced on September 21, 2023, at a session held at the African Development Bank's North Africa Regional Office in Tunis.

 According to the Framework Partnership Agreement that was agreed by the EBRD and the AfDB in May 2021(link is external), the Joint North African Task Force on Entrepreneurship and MSMEs for Jobs Impact will be in operation. The taskforce will make sure that the two organizations work together to create and carry out new and practical efforts to address the problems with the development of micro, small, and medium-sized enterprises (MSMEs).

  In order to inform and co-finance initiatives that support the export capability and expansion potential of MSMEs, initiatives include the development of information goods and creative solutions. This activity will concentrate on assisting the formation of start-ups, companies run by women and young people, or initiatives that connect the growth of MSMEs and start-ups to local and regional value chains.

The task force announced assistance for a special cohort from the Souk At-Tanmia initiative under the EBRD Star Venture Programme during this first joint activity(link is external). With the help of international experience, this initiative seeks to find high-potential start-ups, support their operations, and help them scale up. From 2012 through 2021, the African Development Bank Group's Souk At-Tanmia program provided significant direct financial and technical support to 272 local entrepreneurs.

   On this day, seven shortlisted businesses from the Souk at-Tanmia Tunisia laureates gave a pitch about their enterprise. The EBRD will provide support to the five finalists, including access to mentorship, technical advice, and strategic company development from mentors and experts with significant and well-recognized experience in the entrepreneurship sector. Start-ups will be able to expand their operations and get access to global markets thanks to this help, which will endure for 18 months.

The EBRD's SME Finance and Development Group SEMED (Southern and Eastern Mediterranean region) and the AfDB's EInA (Entrepreneurship Innovations and Advice-North Africa) Initiative assisted in the taskforce's formation and the organization of the pitching.