USAID supports SMEs in Sahel
The US agency is granting $1.2 million to three investment companies.The United States Agency for International Development (USAID) has signed a three-year cooperation agreement with Investors & Partners to fund the development of more than 50 small and medium-sized enterprises (SMEs) in the West African Sahel.
The US agency will provide funding of $1.17 million (€1 million) to three investment companies sponsored by Investors & Partners: Sinergi Niger, Burkina Sinergi and Teranga Capital (Senegal), newspaper Jeune Afrique reports.
This partnership is placed under the Partnering Initiative to Accelerate Entrepreneurship (PACE), which aims to facilitate access to finance for SMEs and start-ups with high growth potential in developing countries.
This initiative will mobilise over three years up to $5.6 million to support around 50 SMEs and startups with needs ranging between $30,000 and $300,000.
This financial support, along with technical support and advice, is expected to create up to 2,000 jobs, according to USAID.