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EU: €75 M for refugees & young entrepreneurs

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Tuesday, 24 July 2018

EU: €75 M for refugees & young entrepreneurs

The European Commission has approved a new financing mechanism for young people, migrants and women entrepreneurs in sub-Saharan African and the southern Mediterranean, in a programme to be managed by the Dutch Development Finance Company (FMO). In mid-July, the European Commission approved €75 million in guarantees from the European Fund for Sustainable Development (EFSD), created in September 2017. This is in addition to €8 million in technical assistance from the European Commission and €7.5 million from the Dutch government’s MASSIF financial inclusion fund. The new NASIRA Risk-Sharing Facility aims to address the high risks, “both perceived and real, involved in lending to under-served entrepreneurs in countries neighbouring the EU and in Sub-Saharan Africa, many of whom have been forced to flee their homes,” according to a European Commission document seen by Jeune Afrique.

Source: Jeune Afrique