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Ivory Coast / Year of Youth: the State disburses one billion FCFA to finance Startups

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The Ivorian government via the Ministry of Youth Promotion, Vocational Training and Civic Service, has released a global envelope of one (1) billion FCFA for the financing of innovative start-ups in the country.

The announcement was made on Tuesday in Abidjan by the Ivorian Minister for the Promotion of Youth, Professional Integration and Civic Service, Mamadou Touré on the occasion of the launch of the said initiative called ”Startup Boost Capital” endowed with of an envelope of 1 billion FCFA.

This financial support for start-ups in the country is part of actions aimed at promoting young people.

Ivorian President Alassane announced on December 31 that the year 2023 has been declared the ”Year of Youth” in Côte d’Ivoire.

The ”Startup Boost Capital” initiative was consecrated by the signing of an agreement between the Agence Emploi Jeunes, CI20 (Côte d’Ivoire 20, apex of start-ups) and ”FinElle” (an institution microfinance).

“It is normal to support you because you (the Startups) come up with innovative solutions. This billion will be made available and all the Startups and a selection committee will be set up. And the best ones will be funded,” said assured in a speech, Mamadou Touré, the Ivorian Minister for the Promotion of Youth, Professional Integration and Civic Service.

“The committee that will be put in place is totally independent… Funding has been capped at 50 million FCFA,” Mr. Touré said, among other things, urging a

”full transparency” around this startup funding process.

Before him, his colleague Amadou Coulibaly in charge of communication and the digital economy, welcomed this initiative in favor of young people, believing that it “fully fits” into the government’s vision.

”The Government is resolutely committed to making the Ivorian Youth responsible and accomplished on the triple moral, civic and professional level, with a culture of work and business,” said Mr. Coulibaly.

Continuing, he invited young startupers to “get to work.

“It is therefore up to you young people to make use of the full range of government entrepreneurship support offers and to disseminate them widely among your professional network”, he told the place of young Ivorians in general.

Previously, Mr. Coulibaly said that his ministerial department has drafted a bill on “Promotion of digital start-ups” which has been adopted by the Ivorian government.

He also stressed that the objective of this bill is to ensure the development and sustainability of the innovative activity of these startups until they reach maturity, so as to increase their contribution to the transformation of the national economy and people’s quality of life.

”Startup Boost Capital”, is an initiative to finance start-up projects via an MFI (Micro Finance Institute) in the form of a medium-term loan (12 – 60 months max) with a rate of 8% including tax/year . Endowed for its first year with an overall envelope of 1,000,000,000 FCFA, it plans to finance innovative business projects with a strong technological component from 1,000,000 FCFA for 2023.

To benefit from this funding, you must, among other things, be between the ages of 18 and 40, be the bearer of innovative projects or be a startup.

L. Barro

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