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Funding of youth startup projects: Minister Mamadou Touré officially launches the “Startup Boost Capital” initiative endowed with 1 billion FCFA

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Abidjan, January 24, 2023- The Minister for the Promotion of Youth, Professional Integration and Civic Service, Mamadou Touré, chaired, on Tuesday January 24, 2023 at Abidjan Sofitel Hôtel Ivoire, the launch ceremony of “Startup Boost Capital, a startup project financing initiative via an MFI (Micro Finance Institution) in the form of a medium-term loan (12 – 60 months maximum) with a rate of 8% including tax/year.

It was in the presence of his colleague in charge of the Digital Economy Amadou Coulibaly, the Minister of Culture and Francophonie, Françoise Remarck and the Minister of Solidarity and the Fight against Poverty, Myss Belmonde Dogo.

Endowed for its first year with an overall envelope of 1 billion FCFA ($1.5M), “Startups Boost Capital” plans to finance innovative business projects with a strong technological component from 1,000,000 FCFA for 2023.

This launch of ‘Startups Boost Capital’ was marked by a tripartite agreement which seals this important financing. The signatories are the Agence Emploi Jeunes (AEJ), operational structure of the ministry, the # CI20 (Côte d’Ivoire Innovation 20), a technical group of technological companies of 15 young entrepreneurs and Fin’Elle, a microfinance partner institution.

“Startups Boost Capital” concerns startups that have already had revenue 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. To benefit from funding, you must be between 18 and 40 years old, have innovative projects or be a startup.

“The President of the Republic Alassane Ouattara has declared the year 2023 the year of youth. And the launch of Startups Boost Capital is a materialization of this commitment”, noted Minister Mamadou Touré.

“It is normal for the government to support you. Startups Boost Capital is aimed at all startups in Côte d’Ivoire. It is therefore a challenge launched to all startups. A selection committee will be set up in order to periodically analyze the relevance of the projects”, explained the Minister.

He recalled that between 2020 and 2022, more than 2,847 young digital project leaders were supported by the government for more than 577.5 million FCFA.

For his part, Minister Amadou Coulibaly maintained that “the government has set itself the objective of promoting the digital economy, the current contribution to national economic growth of which is 3%”.

For him, “the promotion of the digital economy can act as a driving force for the structural transformation of the Ivorian economy as desired by President Alassane Ouattara”.

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