The Federal Development Ministry (BMZ) is launching DeveloPPP Ventures Program, which will provide an entrepreneurial support program with a grant of up to €100,000 to local Kenyan entrepreneurs.
DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH provides grant finance for growth investments in start-ups that have proven their concept and are ready to scale using a matching-funds mechanism.
“The start-up scene in many developing countries, notably in Africa, is vibrant. This is where the employment of the future are being created, as well as inventive solutions to real-world problems. Many African companies are already making these ideas a reality, according to Development Minister Gerd Müller. “Drones delivering medicines, completely digital banks – things that sound like the music of the future to European ears – many African companies are already making these ideas a reality,” he said. “We aim to further foster this entrepreneurial spirit, thereby assisting in the creation of modern jobs for young people.
More than 2,000 projects have been completed around the world since the inception of our DeveloPPP program, in collaboration with local, German, and European businesses. Thanks to this support, about 80,000 people received first and subsequent training last year alone.”
The BMZ has established a new pillar to its assistance portfolio in the form of DeveloPPP Ventures.
The initiative is aimed at young entrepreneurs who are making creative contributions to sustainable development in their developing countries while also improving the living standards of the inhabitants, with the help of impact investing specialist Seedstars and business incubator NaiLab.
The BMZ has been collaborating with enterprises intending to make sustainable investments in a developing country or emerging economy and expand their activities on the ground for over two decades through its support program DeveloPPP.
The new program will begin in Kenya, which already has a thriving startup community.
DeveloPPP Ventures program will progressively expand to include other countries after that.
If you are a Kenyan entrepreneur, you can apply or get more information on the website.
The application date is Tuesday, July 15, 2021.