The African Development Bank-supported (www.AfDB.org) AfriCircular Innovators Programme has selected 30 small and medium enterprises to receive financing and technical assistance to scale up circular economy initiatives. This inaugural cohort, drawn from Cote d’Ivoire, Ghana and Rwanda, participated in an online onboarding event on August 9, 2024.
The AfriCircular Innovators Programme, funded by the African Development Bank's Africa Circular Economy Facility (ACEF) and being implemented in partnership with the African Circular Economy Alliance (ACEA), aims to support innovative circular economy solutions that foster sustainable and inclusive growth. MSMEs represent 80 percent of Africa's businesses, while the circular economy in Africa has 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: packaging, food systems, built environment, electronics, 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 digitalizing the collection and processing of e-waste.
Ndintambwe Feeds Limited, a Rwandan company that produces affordable animal feeds using insects and maggots as an environmentally-friendly alternative to soybean and fishmeal, is one of the selected businesses. Speaking at the event, the founder, Jean Bosco Nshutiyimana said, “As an SME, we face numerous challenges. 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."
Koumbem Fatou Emilienne, representative of Siboré Luxury Hair, another beneficiary, said, “Joining AfriCircular's Innovators Program offers a valuable opportunity for Siboré Luxury Hair, aligned with our commitment to sustainability. Through this program, we will benefit from the expertise and resources needed to optimize 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.”
The AfriCircular Innovators Programme aligns with the African Development Bank'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 economic growth, against a backdrop of persisting high unemployment and underemployment.
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, optimize resource efficiency, foster innovation, and create sustainable job opportunities.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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