Morocco: IDB announces an innovation support fund
(Ecofin Agency) - Islamic Development Bank (IDB) will launch in April 2018 the “Transform” fund dedicated to Moroccan startups and SMEs. It aims to support projects yielded by the platform launched by the lender on February 6, 2018, in Morocco.
The fund, with a target capital of $500 million, will finance promising projects at their early stage. It will also enable innovative startups and SMEs to implement their business projects, bringing their ideas to life.
“Thanks to Transform, innovative ideas become concrete development solutions that will help to remediate development issues and empower communities… Transform could finance the commercialization of technology developed through sustained partnership between researchers and entrepreneurs,” said an IDB executive.
The above mentioned platform named “Engage” will connect companies, startups, SMEs, to experts who will accompany them in the formulation and development of their project ideas.