UNDP-Togo and FAIJ launch US$476K annual fund for West Africa startups

FAIEJ (The Support Fund for Economic Initiatives for Young People) alongside the United Nations Development Program Togo has launched a fund targeting young entrepreneurs in Togo.

The US$476,000 Togolese Facility for Acceleration and Innovation will assist the most innovative and ambitious companies. The fund also offers financial assistance to startups and incubators in forming new entrepreneurs and creating jobs for the young.

Startups that will qualify for FTAI should have a turnover of ($8,979 – $1.80M). This is the latest in a series of new funds focussed on francophone West Africa. Orange Côte d’Ivoire just launched a US$415M (350 million euro) fund aimed at promoting the growth of innovative startups operating in networking, IT, cybersecurity, and digital industries in Côte d’Ivoire.

Komi Aokou, Head of Acceleration Lab Exploration Lab, UNDP SDGreiterated that the goal is to “make it easier to fund risky innovation.The Orange Venture fund aims to target startups that offer solutions to the Ivorian market’s fundamental challenges including the promotion of future technological champions.

Source article at Africaincmag

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