AfDB To Empowers 30 SMEs To Lead Circular Economy Growth

The African Development Bank (AfDB)-backed AfriCircular Innovators Programme has selected 30 Small and Medium Enterprises (SMEs) to receive financial support and technical assistance to expand their circular economy projects.

According to a statement from the bank on Saturday, this inaugural group, comprising businesses from Côte d’Ivoire, Ghana, and Rwanda, participated in an online onboarding session on August 9.

The AfriCircular Innovators Programme is funded through the AfDB’s Africa Circular Economy Facility (ACEF) and is implemented in collaboration with the African Circular Economy Alliance (ACEA). The programme’s primary objective is to support innovative circular economy solutions that promote sustainable and inclusive growth across the continent.

The statement highlighted that Micro, Small, and Medium Enterprises (MSMEs) make up 80% of businesses in Africa and that the circular economy on the continent has the potential to create 11 million jobs. The 30 selected SMEs will receive support to scale their circular initiatives in sectors identified by the ACEA as having significant potential for job creation and economic growth. These sectors include packaging, food systems, built environment, electronics, and fashion and textiles.

Among the beneficiaries are businesses that are developing smart energy metering systems, reimagining construction with coconut husks, transforming plastic waste into durable construction blocks, and digitalizing e-waste collection and processing.

One of the selected businesses is Ndintambwe Feeds Limited from Rwanda, which produces affordable animal feed using insects and maggots as an eco-friendly alternative to soybean and fishmeal. Jean-Bosco Nshutiyimana, the company’s founder, expressed that the company faces several challenges typical of SMEs, including limited financial capacity to fully implement their project and a lack of necessary skills to sustain a profitable recycling business without harming the environment.

Another beneficiary, Siboré Luxury Hair, represented by Koumbem Emilienne, shared that participating in the AfriCircular Innovators Programme offers valuable opportunities for the company, aligning with its commitment to sustainability. Emilienne noted that the programme would provide the expertise and resources needed to optimize production processes, reduce waste, and improve energy efficiency. Financial support and access to advanced technologies will also help the company enhance its production capacity and environmental impact.

The News Agency of Nigeria (NAN) reports that the AfriCircular Innovators Programme aligns with the AfDB’s Jobs for Youth in Africa (JfYA) Strategy. As Africa’s youth population is expected to double to over 830 million by 2050, leveraging this demographic dividend is crucial for economic growth, particularly in the context of persistent high unemployment and underemployment.

The ACEF, which is the only Multi-Donor Trust Fund dedicated to integrating the circular economy in Africa, strategically funds initiatives that promote inclusive and green growth, optimize resource efficiency, foster innovation, and create sustainable job opportunities.

Source link

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *