The Africa Enterprise Challenge Fund (AECF) has launched a new fund to support entrepreneurs using renewable energy in Burkina Faso and Mali to launch new activities or diversify existing ones.

1.2 million US$1.2 million to unlock the potential of renewable energy and spark new business opportunities in Burkina Faso and Mali.

Companies in Burkina Faso and Mali have the opportunity to apply for funding to strengthen their market readiness for promising innovations, as well as to obtain financial, technical and networking support to scale up existing and proven prototypes.

The Innovation Support Fund builds on the AECF's REACT initiative, which was launched to help the private sector develop and expand its clean energy technologies to rural communities in Africa.
For AECF Director General Victoria Sabula, the Innovation Support Fund is key to fostering large-scale transformation within local communities. " Investing in accessible and low-cost renewable energy solutions creates jobs, grows economies and builds more sustainable livelihoods. Through this fund, we hope to find new ways to use renewable technologies to generate income and create jobs," she added.

The fund will invest in technologies that meet market needs, while accelerating the development of existing solutions to better serve African communities and not technologies at the prototype stage. It will also be launched in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique and Zimbabwe.

About AECF
 

The Africa Enterprise Challenge Fund (AECF) (www.AECFafrica.org) is a leading development organization that helps businesses innovate, create jobs and leverage investments to boost resilience and sustainable income generation in communities rural and marginalized people in Africa. Launched in 2008, AECF has invested in 292 companies in more than 40 value chains and 26 countries in sub-Saharan Africa. The AECF focuses specifically on agribusiness, renewable energy and climate technologies, while addressing cross-cutting themes of gender, youth and fragile contexts. In just over a decade, AECF has impacted the lives of more than 27.7 million people, created nearly 24,000 jobs and mobilized more than US$740 million in matching funds.