A New Method to Finance Tunisian Start-ups is Launched

A framework to finance young entrepreneurs with innovative and high potential ideas was launched yesterday, July 12.

The African Development Bank (AFDB) is implementing a strategy for empowering self-employability in the North African region. The Development Market, also called Souk At-Tanmia, will provide young Tunisian innovators, idea holders and high qualified people with the financial means to launch their own start-ups.

“This is a modest initiative that can be a part of the key to solve the employment issue in Tunisia. Capturing innovative ideas and implementing them to create jobs is what we are going to do,” declared AFDB president Donald Kaberuka during his speech at the press conference for the project.

To achieve this goal the AFDB is cooperating with several local and international institutions like the Bank for Financing Small and Medium Enterprises (BFPME), the United Nations Organization for Industrial Development (ONUDI) and 16 other institutions to create a development market.

The aim of this initiative is to promote socio-economic development by considering youth in disadvantaged areas as a part of the solution, and giving opportunities to every young Tunisian to fulfill her potential.

Souk At-Tanmia is a method of alternative financing with a goal to contribute to the reduction of unemployment in its first three years. It will donate up to 30,000 TND (18,300 USD) to each selected project for their first steps. This will also give the selected projects more credibility and leverage in the eyes other financial institutions who might want to invest or loan funds.