Agribusinesses, Micro, Small and Medium-sized Enterprises (MSMEs), Cooperatives, etc. in the cassava, cocoa and palm oil sectors are invited to submit their expressions of interest no later than 30 November 2020 to be assisted to raise capital to grow their businesses.
This call is part of the West Africa Competiveness Programme (WACOMP) Sierra Leone project which focuses on interventions for the development and enhanced competitiveness for cocoa, cassava and palm oil with strong potential for regional and global value chains, job creation and growth through regional value chain linkages. WACOMP is in line with the value-added transformation of local raw materials, increasing the industrial sector’s percentage of the GDP, contributing to increasing the share of industrial products in regional trade and the drive to increase industrial products from West Africa to the world market. This approach is consistent with the multi-sectoral investment programme led by the Government focusing, amongst others, on private sector development to drive socio-economic transformation in the aftermath of Ebola and falling iron prices. WACOMP is funded by the European Union and implemented by UNIDO and the International Trade Centre (ITC).
ITC is the joint cooperation agency of the World Trade Organization (WTO) and the United Nations (UN) for trade-related technical assistance. Its primary objective is to assist developing countries and economies in transition to enhance their international competitiveness while taking advantage of market opportunities and increasing their exports.
Scope of the Technical Assistance
Access to finance is a core component of the WACOMP Sierra Leone project and is an integral part of SME development which is an important element to ensure a more inclusive economic growth model. The goal of the technical assistance to be provided is to facilitate access to funding. It should be noted that the project itself will not provide funding directly. The final decision whether to fund the company will rely exclusively on the financial institutions, investors, matching grant facilities managers that will be introduced through the component of the project.
The technical assistance consists of:
Participation in a series of training sessions/webinars where selected SMEs or cooperatives will be trained in business and strategic plan development, financial literacy and ways to meet the requirements of different financial institutions and investors;
A coaching programme during which shortlisted agribusinesses, SMEs and cooperatives will receive individual coaching and advisory services from an expert to improve their internal financial management, prepare realistic and bankable business plans and submit funding applications to financial institutions or investors. Agribusinesses, MSMEs and cooperatives successful in securing funding will continue to receive support.
To qualify for the support, the applicant must meet the following criteria:
Be established in Sierra Leone;
Be an agribusiness, MSME or cooperative involved in operations production, processing, transport, packaging, retail, wholesale and export of cassava, cocoa and palm oil;
Been operational for at least 2 years;
Have a need for raising capital;
Have the vision and willingness to scale up the business;
Be willing to make business premises, strategic documents and books available to ITC Consultants and Project Team.
Make available all relevant personnel to participate in theoretical and hands-on training sessions and to meet the experts as required to implement the recommendations;
Accomplish the action plan and complete assigned tasks within agreed upon timelines, for instance for business plan preparation.
Note: Priority in the selection will be given to agribusinesses, MSMEs or cooperatives that show highest commitment and opportunity to raise funding (equity, debt or grants).
Expressions of Interest should be submitted not later than 30 November 2020.
Please send any inquiries and supporting documents to firstname.lastname@example.org