1 billion FCFA for the financing of projects of young Ivorians: The “Startups Boost Capital” initiative launched.
The Ministry for the Promotion of Youth, Professional Integration and Civic Service has decided to strengthen axis 4 of the Social Program of the PS-Gouv government. In accordance with the call of the President of the Republic, Alassane Ouattara, who makes 2023 the year of youth. To formalize this vision, the ministry, through the Youth Employment Agency (Aej), has decided to support the #CI20 (technical group of technology companies) by financing the “Startups Boost Capital” initiative.
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Thus, an amount of one billion CFA francs will be made available to start-ups. The launch of the project took place yesterday at the Sofitel Abidjan Hotel Ivoire, in Cocody. An agreement has been signed for this purpose for this important financing between the Aej, the #CI20 and Fin’Elle, a microfinance partner institution. According to the Minister for the Promotion of Youth, Professional Integration and Civic Service, Mamadou Touré, the provision of this fund aims to support start-ups in Côte d’Ivoire.
According to him, this billion will be made available to all start-ups, a selection committee will be set up with experts and this committee will periodically analyze the business plans of young people and the best will be financed. “The billion is for this year. We hope that every year, we will have a little more, but you should consume this amount in 2023. It is a challenge that is launched to all start-ups. The committee set up is completely independent. It was decided to cap funding for the first seven years at FCfa 50 million. The idea is that at the end of each year, the committee will meet with the partner Fin’Elle and, depending on the issues, will determine the ceiling. We are starting with 50 million, but we can go up to 200 million in the years to come,” he confided.
The Minister also recalled that between 2020 and 2022, 2,847 young people were supported outside of this initiative, in various programs for an amount of just over 577 million FCfa. He also informed, in collaboration with the UNDP and several ministries, a training and integration program for 100 young entrepreneurs at a cost of 10 billion CFA francs is underway throughout the national territory. This project will make it possible to open six incubators in Abidjan, Yamoussoukro, San Pedro, Man, Korhogo and Daloa. The Minister of Communication and the Digital Economy, Amadou Coulibaly, for his part, encouraged the promoters of this project in their desire to support young entrepreneurs in the digital field and from all sectors in Côte d’ Ivory.
According to him, the government has set itself the objective of structurally transforming the economy of Côte d’Ivoire through its industrialization. We remain convinced that the promotion of digital technologies can act as a driver of this structural transformation and make Côte d’Ivoire a major country in terms of innovation. The latest World Bank report announces a 3% contribution of the digital economy to Côte d’Ivoire’s GDP.
Côte d’Ivoire is giving itself the means for a stronger contribution of the digital economy to national wealth, i.e. 6% by 2025″, he assured. As a reminder, “Startups Boost Capital” is a startup project financing initiative via a microfinance institution, in the form of a medium-term loan (12 – 60 months max) with a rate of 8% incl. VAT/year.
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Endowed for its first year with an overall envelope of one billion, it plans to finance innovative business projects with a strong technological component from one million CFA francs for 2023. It concerns start-ups with already income for at least two years or innovative projects led by founders with expertise and experience in a similar Tech project for less than three years.
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