Baobab Tunisia and USAID have inked a partnership agreement to kick off a new phase of the Sanad program in Tunisia. This second phase, which will begin in April 2022 and last for nine months, will feature a financial support mechanism that is tailored to the unique needs of small and medium-sized businesses.
As a result, Baobab Tunisia and USAid, through its Tunisia Jobs initiative, will mobilize 12 million dinars (USD4 Million) in resources to give the essential support to entrepreneurs in the country. This envelope contains 11 million dinars in loans financed by Baobab Tunisia and 1 million dinars in subsidies provided by USAid Tunisia Jobs. The loans were financed by Baobab Tunisia.
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A press release from the two partners stated that the initiative seeks to reach more than one thousand recipients among existing Baobab customers as part of its mission. This support, which will be targeted at activities carried out by women and young people in underserved areas, will make it feasible to keep more than 1,250 employment in the long term.
This initiative was launched on April 25, 2022, with a signing ceremony between the two organizations which took place in the presence of Emmanuel Decamps, General Manager of Baobab Tunisia, and Danilo Cruz-DePaula, Chief Of Party of USAID Tunisia Jobs.
The Sanad program is a joint project between Baobab Tunisia and the United States Agency for International Development (USAID). The first phase of the program, which ended in September 2021, enabled more than 11,600 participants to benefit from a total funding of 62 million dinars. Direct loans and subsidies totaling 5.2 million dinars were rejected, while direct loans and subsidies totaling 5.2 million dinars were approved.
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It was estimated that roughly 20,000 employment were either maintained or created as a result of the support, according to the two partners.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh