The African Chamber of Commerce in Scandinavia (ACCS) in partnership with Aido Network International (Aido) are pleased to announce a Business-to-Business Programme (B2B) and USD 30 million in funding for Small and Medium Size Enterprises across Africa
ACCS’ mission is to promote business and investment opportunities between Africa and the Nordic countries and through this partnership, ACCS will utilise its experience and network of both the Nordic international markets to facilitate investment in agriculture, renewable energy, tourism, mining, manufacturing, healthcare, digital and ICT, waste management and housing.
The ACCS B2B programme is designed to commercially engage African or Black Owned enterprises, and match them with international companies, specifically with companies from the Nordic community so as to promote entrepreneurship and create jobs in Africa and the Diaspora. The programme aims to facilitate the transfer of knowledge and technology to African companies through mutually beneficial partnerships and will lead to improved performance across business functions such as company management, productivity, turnover, environmental management, and within the working environment; in addition to creating both upstream and downstream employment and providing decent jobs for the many young people across Africa.
The African Development Fund will be launched in March 2021 with a focus on developing projects in Africa. The fund has received commitments of USD 30 million from anchor investors to support sustainable economic growth in Africa while delivering an attractive return to its investors. The fund will be managed by ACCS and will provide loans from USD 100.000 to USD 1 million to African business and entrepreneurs the first 3 years.
The CEO of ACCS, Cinthia, Lois TA added:
“I’m very pleased with the ACCS-AIDO partnership as well as the upcoming ACCS-AIDO Business and Investment Forum. Together, we will build and reinforce the private sector in Africa, support sustainable development and improvements in living standards across the continent.
On behalf of ACCS we are delighted to have established a new promising partnership in our portfolio and look forward to a productive and fruitful working relationship.”
This programme and fund is another step in supporting the partnership between ACCS and Aido. As an organisation, Aido works closely with communities and grassroots leadership in over 7 countries across Africa using culture as a tool for unity, development and social change. Aido advocates and represents entrepreneurial and knowledgeable people and communities that have for so long been left out of the global conversation on the development of Africa and as we look ahead to world after the Covid-19 pandemic, a world driven by technology and changing so rapidly; now is the time to create and shape new business and economic models that are responsive to the global pace of change and driven by the people and communities across Africa.
The Aido Chairperson Paul Eganda says;
“Early stage support is lacking but very much needed across the communities that we represent. The people within our communities have ideas, knowledge and drive but lack the financing and support to make their ideas viable and attractive for large-scale investment. The establishment of the B2B programme and fund is a demonstrable commitment by ACCS to do business and development differently by walking with us along the journey from idea through development and onto prosperity. Our partnership with ACCS and the wider Nordic community will empower us to build the Africa that we want.”