AfDB Invites Tech Hubs in Nigeria to Apply for its over $4m YEI Trust Fund
More and more institutional support continues to emerge for thriving youth innovation on the African continent. The African Development Bank (AfDB) is the latest to join the train.
The African Development Bank has opened applications for its Youth Entrepreneurship and InnovationMulti-donor Trust Fund (YEI Trust Fund). It is an over $4 million fund with support from the governments of Denmark and Norway. The newly created fund is a special project from the regional bank. The special fund supports youth enterprise and tech development on the African continent.
It was launched in November 2017 as part of the bank’s “Jobs for Youth in Africa” initiative. The initiative aims to create 25 million jobs and equip 50 million young Africans of working age with the skills they need to help them join the formal sector, by 2025.
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In particular, the Fund’s goal is to strengthen the employment and entrepreneurship ecosystem for young African. To do this, YEI Trust Fund looks to fund tech hubs and incubator programs, provide access to finance, study and reform programs that fosters the development of innovative start-ups created and led by young African men and women.
To fast track the process, YEI Trust Fund invites tech hubs, business incubators and accelerators, also called Enterprise Support Organisations (ESOs), and others providing business development services to youth-led startups in Nigeria to apply for its Business Development Services (BSD).
Services to Render Under the YEI Trust Fund
The major service to be provided under the BSD programme includes: Business Development Services (BDS) support for underfinanced youth owned start-ups in Nigeria with a viable product or business models that have potentials for job creation and socio-economic benefits.
Other specific areas of support include, but are not limited to:
- Feasibility (financial/economic) studies
- Market research and analysis
- Investment/business plan development
- Legal advisory services
- Financial structuring
- Product development, quality standards and certification.
- Market and financial (credit) access
Eligibility
- Tech hubs, accelerators and incubators must be registered with authorities in Nigeria;
- Interested tech hubs, accelerators and incubators must has been in existence for more than three years;
- Tech hubs, accelerators and incubators must not been blacklisted by authorities, donors etc;
- Eligible tech hubs must indicate a pipeline of potential youth-led start-ups/MSMEs; and
- Tech hubs, accelerators and incubators must complete the ESO screening questionnaire in Annex to the Request for Expression.
Interested ESOs should provide information on their qualifications and experience, and show competency in providing such services (documentation, references for similar services, experience in comparable Assignments, availability of qualified staff, etc.)
Also, applicants should note that the selection procedure shall be subject to the AfDB’s Rules and Procedure for the Use of Consultants.
Commencement Date
The project is expected to kick off by September 2019 and runs for 12 months.
Application Process
Interested organisations must tender their interest within 14 days after the Request of Expression of Interest is published.
All applications must be sent via email to: YEI@afdb.org. And they must mention “Business Development Services (BDS) provision in Nigeria to youth-owned start-ups and MSMEs to strengthen their capacity and improve their access to financial services.”
Good Luck!
