Business
THE African Development Bank (AfDB)-supported AfriCircular Innovators Programme has selected 30 Small and Medium Enterprises (SMEs) to receive financing and technical assistance to scale up circular economy initiatives.
The bank in a statement on Saturday, said that this inaugural cohort, drawn from Cote d’Ivoire, Ghana and Rwanda, participated in its online onboarding event on August 9.
The AfriCircular Innovators Programme is funded by the AfDB’s Africa Circular Economy Facility (ACEF) and implemented in partnership with the African Circular Economy Alliance (ACEA).
According to the statement, the programme aims to support innovative circular economy solutions that foster sustainable and inclusive growth.
It said that Micro Small and Medium Enterprises (MSMEs) represented 80 per cent of Africa’s businesses, while the circular economy in Africa had the potential to generate 11 million jobs.
“The 30 selected enterprises will receive support to scale their circular initiatives within the five big bets, the sectors identified by ACEA for their high potential in job creation and economic growth.
” They include packaging, food systems, built environment, electronics and fashion and textile.
“Among the beneficiaries are enterprises developing smart energy metering, reimagining the construction industry using coconut husks, transforming plastic waste into durable construction blocks, and digitalising the collection and processing of e-waste,” it said.
The statement said Ndintambwe Feeds Limited, a Rwandan company that produces affordable animal feeds using insects and maggots as an environmentally-friendly alternative to soybean and fishmeal, was one of the selected businesses.
It quoted the founder of the company, Jean-Bosco Nshutiyimana, as saying that the company faced numerous challenges as an SME.
” The biggest ones include limited financial capacity to fully implement our project, and the lack of required skills to sustain a profitable recycling business without harming the environment,” Nshutiyimana said.
Another beneficiary, Siboré Luxury Hair, represented by Koumbem Emilienne, said joining AfriCircular’s Innovators Programme offered a valuable opportunity for the company and aligned with its commitment to sustainability.
“Through this programme, we will benefit from the expertise and resources needed to optimise our production processes, and reduce waste and improve energy efficiency.
” Financial support and access to cutting-edge technologies will strengthen our production capacity and positive environmental impact,” Emilienne said.
The News Agency of Nigeria (NAN) reports that AfriCircular Innovators Programme aligns with the AfDB’s Jobs for Youth in Africa (JfYA) Strategy.
With Africa’s youth population set to double to over 830 million by 2050, harnessing this demographic dividend is vital for economics growth, against a backdrop of persisting high unemployment and underemployment.
The ACEF, as the sole Multi-Donor Trust Fund dedicated to mainstreaming the circular economy in Africa, strategically finances initiatives that drive inclusive and green growth.
It optimises resource efficiency, foster innovation, and create sustainable job opportunities.(NAN)
A.I
Aug. 24, 2024
Tags: AfDB African Development Bank Jean-Bosco Nshutiyimana
