Norway supports sustainable Innovation and Entrepreneurship in Sub-Saharan Africa with close to NOK 590 million

– Small and medium-sized enterprises play a key role in value creation, jobs, and achieving the sustainable development goals. Through this initiative, we will contribute to entrepreneurship and innovation within climate, environment, food security, blue economy, and waste management, says Per Fredrik Pharo, director of the department for climate, nature, and the private sector in Norad.

This initiative has two parts:

• The first part targets actors involved in incubation, acceleration, and investment funds aimed at small and medium-sized enterprises to stimulate the mobilization of capital for start-up and growth companies in priority developing countries within thematic sectors ocean, climate, environment, renewable energy, and food security.
• The second part targets banks and financial institutions that will help scale existing solutions or companies by improving access to credit. This is done through the establishment of first-loss facilities in collaboration with local banks and financial institutions.
• By supporting innovative start-ups and small and medium-sized local businesses in Sub-Saharan Africa, we will contribute to achieving several sustainable development goals simultaneously. The aid funds will have a significant catalytic effect that will increase private investments in tomorrow's solutions for climate, environment, and food security and develop the blue economy, says Pharo.

Norad has entered into agreements with competent companies in incubation and acceleration that will establish themselves in priority countries in Sub-Saharan Africa. The companies will provide technical expertise and attract private investment capital in local start-ups. The scheme will also improve access to loans and credit for small and medium-sized enterprises through agreements with local banks and financial institutions.

In the fall of 2024, Norad gathered partners receiving support in Nairobi to create networks and collaboration.

These companies receive support through this initiative:

• Entity: Acumen

Application: Renewable energy

Geography: Regional Sub-Saharan Africa

Granted NOK: 78,000,000

• Entity: Africa Guarantee Fund

Application: Better access to loans for SMEs (small and medium-sized enterprises) in oceans and marine litter, food security, renewable energy, and job creation

Geography: Regional Sub-Saharan Africa

Granted NOK: 73,500,000

• Entity: Village Capital

Application: Incubation/acceleration in food security, oceans and marine litter, climate adaptation, and renewable energy

Geography: Malawi, Tanzania, Kenya, Ghana, and Mozambique

Granted NOK: 60,300,000

• Entity: Equity Bank

Application: Better access to loans for SMEs in oceans, marine litter, and renewable energy

Geography: Kenya and Tanzania

Granted NOK: 50,000,000

• Entity: Aceli Africa

Application: Better access to loans for SMEs in agriculture

Geography: Kenya, Uganda, Tanzania, Rwanda, and Zambia

Granted NOK: 100,000,000

• Entity: Antler Africa

Application: Start-up incubation program in climate adaptation, food security, and job creation

Geography: Regional Sub-Saharan Africa

Granted NOK: 46,000,000

• Entity: Camco

Application: TA facility in renewable energy

Granted NOK: 55,800,000

• Entity: Renew LLC

Application: Incubation and acceleration program in oceans, marine litter, and climate adaptation

Geography: Mozambique, Malawi, and Ghana

Granted NOK: 35,000,000

• Entity: Katapult Accelerator

Application: Incubation and acceleration program in oceans, marine litter, and climate adaptation

Geography: Regional Sub-Saharan Africa, based in Kenya, South Africa, and Rwanda

Granted NOK: 42,600,000

• Entity: Techbridge

Application: Incubation and acceleration program in blue economy, marine litter, and climate adaptation

Geography: Kenya and Tanzania

Granted NOK: 25,200,000

• Entity: Factor(e) Ventures

Application: Acceleration program and early investor

Geography: Regional Sub-Saharan Africa

Granted NOK: 22,000,000 (agreement under establishment)