ESPartners, an Africa-based organisation, will provide assistance for entrepreneurs in Africa who have been impacted by the outbreak break of Covid-19 pandemic, media reports said. It is reported that the organisation will partner with the United States African Development Foundation (USADF) and Ecobank for the development.
USADF President and CEO C.D. Glin, told the media, “Entrepreneurs are an important part of the ecosystem; they create markets where there often are none and help pave the way for future economic development. Now more than ever we need to invest in the next generation of African-led ventures and empower them with the tools they need to transform their businesses, create jobs, increase incomes, attract private investment, and impact their communities.”
The development is a part of the African Resilience Initiative for Entrepreneurs (ARIE), a pan-African initiative. More than 300 entrepreneurs will get financial and technical assistance from the initiative. Furthermore, ARIE will assist SMEs from countries such as Senegal, Uganda, Nigeria, Rwanda, Ghana, Ivory Coast and Kenya covering sectors such as manufacturing, energy and renewables, agri-business and essential services.
As a part of the initiative, $150,000 will be provided to the selected SMEs. The amount will be disbursed as an interest -free loan and the SMEs will get assistance from experts globally.
It is reported that the pandemic has affected nearly two-thirds of micro and small businesses around the world. African businesses are disproportionately affected. The report has been provided by the International Trade Centre (ITC).