It was announced by the President of the European Commission, Ursula von der Leyen, during the Summit on Financing African Economies held in Paris in May 2021. It is the Team Europe initiative “Investing in young businesses in Africa” (IYBA) which was launched on February 10, 2023 in Lomé. An opportunity for Togolese entrepreneurs.
The initiative aims to help the development of sustainable, robust and inclusive activities, and the creation of decent jobs. In fact, the partners will work on the financing of companies at different levels of development and also on the regulatory framework. ” There will be funding for companies that are just starting out and need to move beyond incubation to scale. In terms of support, the regulatory framework must be adapted to make it easier for entrepreneurs to start businesses and grow them. We will also work with government and the private sector on this regulatory framework to make their lives easier. “, detailed Hugo Van Tilborg, Head of EU Cooperation in Togo
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If Togo benefits from this initiative, it is thanks to the prowess achieved in recent years at the institutional level. Around thirty mechanisms already exist to support young entrepreneurs. According to the minister in charge of financial inclusion, Mazamesso Assih, this is a recognition of Togo’s institutional environment which is constantly improving and which allows it to be among the pilot countries for the implementation of the IYBA initiative.
The IYBA is an integral part of the “Global Gateway” strategy. It is, indeed, a new European smart investment strategy aimed at developing quality infrastructure and connecting people, goods and services in Africa.
The launch of the initiative in Togo will allow the EU and its member countries to strengthen their partnership with the Togolese government and the private sector to collaborate in a more effective and coordinated way by putting in place programs that target the specific challenges facing faced by young Togolese companies and entrepreneurs.
