Twenty-five youth-led agriculture sector companies from 14 African countries have advanced to the finalist round of the African Development Bank (AfDB) Group’s 2022 AgriPitch Competition.
The Bank, in collaboration with the implementing lead Private
Equity Support and partner organizations Eldohub and the Private Finance
Advisory Network, announced the 25 finalists for the Competition that will award
$140,000 in grants and business skills training.
The 25 finalists include 17
women-owned or led small and medium enterprises. Thirteen are from Francophone
countries, while the other 12 are from Anglophone countries.
The AgriPitch Competition targets African youth
aged 18 to 35 years working in the agricultural value chain. The 25 finalists
will receive training to build business skill capacity with the requisite tools
and knowledge to bolster their investor readiness, and financial management, and
help them pitch bankable business proposals.
“These young agripreneurs show great potential and are a
testament to the level of innovation that exists across Africa. The Bank’s
support, through the AgriPitch Competition, will boost the bankability of these
projects and provide a tangible step towards enhancing agribusiness and food
security on the continent,” said Edson Mpyisi, the Bank’s Chief Financial
Economist and ENABLE Youth Coordinator.
The Competition received
over 1,000 applications from African “agripreneurs,” including around 250
entries from women-owned or led small and medium enterprises.
“It’s reassuring to see and evaluate hundreds
of great potential investment opportunities from across the region,” said Diana
Gichaga, Managing Partner at Private Equity Support. “It reaffirms the crucial
role that the agricultural sector plays in the African economy and the
continued efforts to bring these initiatives to the fore through platforms such
as the AgriPitch Competition,” she added.
The AgriPitch
Competition is a central and recurring activity of the African Development
Bank’s ENABLE Youth Program, sponsored by the Youth Entrepreneurship and
Innovation Trust Fund of the Bank. The 2022 edition will award three start-up
categories: Early start-ups (0-3 years of operation), Mature start-ups (3 or
more years in operation) and Women-empowered businesses (firms with at least
51% share of women ownership or founded by a woman). The finalists will pitch
their business plans to potential investors in the AgriPitch deal room and be
eligible for one-on-one mentorship as well as access to post-competition digital
expertise.
Click here (bitly.ws/yLQI) to
watch the video announcement of the 25 finalists for the 2022 AgriPitch
Competition, using this access code: .51E*7M.
You may click
here (bitly.ws/yLQW)
for more details about the finalists.
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