A collaboration between Western Union and the United States Agency for International Development (USAID), the ADM aims to leverage the know-how and commitment of diaspora communities to help address poverty and unemployment issues in the region. "We are thrilled to have received so many proposals for the launch of this pilot program," said Alonzo Fulgham, Acting USAID Administrator.
"The African Diaspora Marketplace provides a unique opportunity for entrepreneurs with great ideas and dedication to support economic development in Africa. This incredible response underscores the enormous demand for this type of partnership."
"Through remittances, diaspora are among the strongest and most consistent financial supporters of their countries of origin. By removing some of the barriers to job-creating investment, the ADM provides a new way for diaspora entrepreneurs to generate more sustainable economic opportunity," said Anne McCarthy, Executive Vice President of Corporate Affairs, Western Union.
The ADM will award matching grants of between $50,000 and $100,000 to approximately 10-20 small-and-medium businesses with the strongest proposals for boosting economic opportunity and job creation in Sub-Saharan Africa. The initial business proposals will undergo review by a panel of independent reviewers, and finalists will be announced in late October 2009. The grant pool is financed jointly by USAID, The Western Union Company and the Western Union Foundation, as well as through Western Union® Agent Giving Circles featuring Ecobank Transnational Incorporated (ETI) in Africa and Irv Barr Management in the U.S.
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