The U.S. Mission to the African Union, the U.S. Agency for International Development (USAID), the U.S. International Development Finance Corporation (DFC), and the African Union Development Agency (AUDA-NEPAD) have announced their collaboration on the “100,000 MSMEs Initiative.”
This Initiative contributes to the “1 Million Jobs Initiative” of the African Union (AU) and aims to reach 100,000 micro- small- and medium-sized enterprises (MSMEs) across the continent by the end of 2021 and 1 million MSMEs by the end of 2024.
This AUDA-NEPAD-led Initiative is joined by strategic resource partners, Ecobank, McKinsey & Company, The World Bank Group, Microsoft, and UNDP, among others, and seeks to support MSMEs across the continent with access to finance, capacity building, networking and mentoring, and introduction to new markets and procurement opportunities.
In 2021, DFC will engage with select local banking groups in Africa to provide guaranties and/or loans in support of access to finance for MSMEs and help connect these banking groups to AUDA-NEPAD’s platform and support services. AUDA-NEPAD will offer support services to African MSMEs receiving DFC-supported financing across the continent.
DFC will also seek additional transactions in support of AUDA’s initiative in future years, leveraging support from USAID to partner with African financial institutions focused on MSMEs across the continent. Additionally, the U.S. Mission to the African Union will continue to provide technical assistance directly to AUDA to advance the 100,000 MSMEs initiative.
DFC collaboration with AUDA-NEPAD builds on existing U.S. Government efforts to increase investments that strengthen economic growth, technology, energy independence, and infrastructure in Africa. DFC’s collaboration with AUDA-NEPAD, along with the support of USAID and the U.S. Mission to the African Union, adds to a range of existing DFC partnerships.
The African Union Development Agency-NEPAD is the technical body of the African Union. The core mandate of the AUDA-NEPAD is to facilitate and coordinate the implementation of regional and continental priority programmes and projects and to push for partnerships, resource mobilisation, research and knowledge management.
Through AUDA-NEPAD African countries are provided unique opportunities to take full control of their development agenda, to work more closely together, and to cooperate more effectively with international partners. www.nepad.org
The United States International Development Finance Corporation (DFC) is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. www.dfc.gov
The United States Agency for International Development (USAID) is an independent agency of the United States federal government that is primarily responsible for administering civilian foreign aid and development assistance. USAID is the world’s premier international development agency and a catalytic actor driving development results.
USAID works to help lift lives, build communities, and advance democracy. USAID’s work advances U.S. national security and economic prosperity; demonstrates American generosity; and promotes a path to recipient self-reliance and resilience. www.usaid.gov
AUDA-NEPAD MEDIA CONTACT
Ms Mwanja Ng’anjo
DFC MEDIA CONTACT
Ms Abby Turner
Office of External Affairs
USAU/AID MEDIA CONTACT
Mr Rubani Trimiew
Public Affairs Section