Tuesday, 09 January 2018

€4 billion EU pledge for small business

The European Union, has pledged more than €4 billion for small business startups for young people. The Union will work closely with many African governments to implement its grant program. The grant program to run annually and will prioritize agriculture, science and technology innovations that promote economic growth and job creation. Most grants will be given under these three categories. Over 200 young people across have so far received average grants of €5,000 Euro that focus on Climate innovation technologies in the last year. Speaking during the 6th European Union Africa Business Summit held in Abidjan, Ivory Coast Vice-President Daniel Kablan Duncan said that Africa has come of age. “Ivory Coast and indeed Africa have very strong relations and the bond keeps growing. Since, 2011, our economy has been rated by the World Bank as one of the fastest growing economies in the world. “This grants will come hand in hand with a National Youth Policy Draft paper of 2011 implemented the same year. We as a government encouraged young people to move into rural areas and venture into Agribusiness. With an annual loan kitty from the European Union of different amounts, we have been offering them grants ranging about $5,000 a person via various government agencies”, said the Vice-President. The EU has been giving governments’ money which in turn, the governments disburse the kitties to different individuals with strong ideas of business startups.