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Morocco: IDB announces an innovation support fund

Thursday, 08 February 2018 18:10

(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.

Chamberline Moko





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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