Ecobank to offer SME support through African Diaspora Marketplace

Feb 06, 2012

Ecobank Group has announced a N16.2 million (€77,000) fund to support small and medium-sized enterprises across Africa.

Ecobank Group has announced a N16.2 million (€77,000) fund to support small and medium-sized enterprises across Africa.

The funding will help support the second African Diaspora Marketplace (ADM) and over 21 countries could receive money through the initiative, including Nigeria, Angola and Tanzania, the Daily Trust reports.

It is set to be allocated to businesses operating in industries such as agriculture, renewable energy and information and computer technology, with between 15 and 30 businesses expected to receive grants.

Group Chief Executive at Ecobank Transnational Arnold Ekpe was quoted by the news source as saying the firm, which backed the first ADM, is "pleased" to be supporting the initiative again.

"It offers an opportunity for us to partner with others who are committed to the economic development of Africa," he remarked.

Western Union is also sponsoring the marketplace, which has been launched by the US Agency for International Development and helps African Diaspora entrepreneurs based in the US to encourage sustainable growth around Africa by investing in innovative new and existing businesses.ADNFCR-2976-ID-801285155-ADNFCR