IFC launches program to support startups expand across the Maghreb region
IFC launched a new advisory program aimed at making it easier for startups in Algeria, Libya, Morocco and Tunisia, expand their operations across North Africa.
The Start Maghreb program brings together startups, incubators, accelerators, investors, donors and other stakeholders to exchange expertise, identify bottlenecks, and build solutions through targeted stakeholder engagement, as well as a series of public-private dialogues. The aim is to help startups access bigger markets across the Maghreb and create more jobs and opportunities for the region's youth.
"Young people in the Maghreb are among the most innovative in the world and have built many startups that meet their communities' needs," said Xavier Reille, IFC Country Manager for the Maghreb. "Our new program will build pathways to help even more start-ups develop and expand across the region, to boost regional cooperation and create more jobs."
Entrepreneurs and startups are seen as a vital part of the region's economy, helping to drive innovation, create jobs, and propel growth. However, the region's startup ecosystem is still considered nascent, with challenges in bringing new products to market, integrating new technology, and providing capital to help businesses grow.
Along with fostering greater regional integration and spurring innovation, the new program will also bring donors into the conversation and ensure synergies in developing the startup ecosystem across the Maghreb region.