BULAWAYO - At least 300 local businesses have applied for funding to the US$100 million private sector fund set up by the Africa Enterprise Challenge Fund (AECF).
The fund was launched by AECF to promote innovative local businesses. The organisations Zimbabwean representative, Harvey Leared, said there had been an impressive response to the fund. The Zimbabwe Window was launched on December 10 and ends on January 31. There are more than 300 companies that have submitted their proposals and we expect the number to rise to above 500 when the fund reaches its deadline, said Leared.
The fund is only open to local companies that have ideas in agribusiness, rural financial services and the value chain from rural areas to local and international markets. AECF director, Hugh Scott, challenged the private sector to come up with innovative and profitable business ideas that had a large developmental and pro-poor impact. The fund seeks to promote private sector companies to compete for investment support for new and innovative business ideas.
Successful local companies will benefit through the provision of grants and repayable grant funding to promote risk-taking and innovation to encourage established businesses to extend their core activities in ways that encourage business growth as well as opportunities for rural low income people. AEFC is funded by the Consultative Group, the UK Department for International Development, the International Fund for Agricultural Development and the Netherlands Ministry of Foreign Affairs.
Post published in: News