International Development Grant
Accelerating Business Growth in Ethiopia
Project Number: CA-3-D002584001
Status: Terminating
Country/Region:
Maximum Contribution: $8,219,023.00
Start Date: May 30, 2016
End Date: May 31, 2021
Duration: 5.0 years
Project Description
This project aims to strengthen the financial social and environmental performance of small and medium businesses (SMEs) so they are better able to attract and manage finance including private equity financing and scale up their companies. This will enable SMEs to play a stronger role in poverty reduction through the creation of more and better jobs for Ethiopians. Project activities: (1) provide business incubation and development support services to improve women and men-owned entreprises’ access to finance including initial equity investments by North American angel investors; (2) build the capacity of local institutions and financial professionals to assist growth-oriented SMEs to access finance and; (3) build international and domestic investor awareness of Ethiopian investment opportunities. This project hopes to create better and more sustainable employment for 7 700 Ethiopians and support the growth of 500 economically environmentally and socially sustainable Ethiopian SMEs.
Expected Results
The expected intermediate outcomes for this project include: (1) improved financial social and environmental performance of selected Ethiopian women and men-owned SMEs to drive sustainable and responsible growth; (2) increased effectiveness of Ethiopian institutions and financial professionals to facilitate women and men-owned SMEs’ access to finance; and (3) increased funding flowing to Ethiopian SMEs from foreign and domestic investors lenders and donors.
Progress & Results Achieved
Results achieved as of March 2018 include: (1) provision of legal support and closed new investments with two SMEs: one in a logistics company and one in a global restaurant brand - to be announced in May 2018); (2) launch of the second cohort within the Accelerator program (the executive’s program) with a total of 17 executives enrolled representing 14 SMEs of which 9 are women-led; (3) launch of the second cohort of the chief financial officer (CFO) 100 program with a total of 33 finance professionals enrolled representing 33 SMEs from which 10 are women; (4) trained 156 SME business owners on private equity under the incubator program; (5) grew the Impact Angel Network (IAN) by 36 members of which seven persons are Canadians; (6) launch of Chigign ‘Tobiya in partnership with Tonetor Multimedia aimed at raising awareness of and building interest in entrepreneurship locally in Ethiopia. The TV series is being broadcasted on national television (FANA TV) and involves entrepreneurs looking to raise seed capital pitching their ideas to a panel including RENEW and three other local angel investors; (7) launched the ‘Women in Finance Series’ aimed at empowering and inspiring women finance professionals in Ethiopia. Held two sessions in partnership with two banks: first one in November 2017 and the second edition in March 2018. These results have contributed to strengthen the financial social and environmental performance of small and medium businesses (SMEs) in Ethiopia so they are better able to attract and manage finance including private equity financing and scale up their companies.
Key Information
Executing Agency:
RENEW International Canada Ltd.
Reporting Organization:
Global Affairs Canada
Program:
WGM Africa
Last Modified:
September 19, 2025
Development Classifications
DAC Sector:
Aid Type: Project-type interventions
Collaboration: Bilateral
Finance Type: Aid grant excluding debt reorganisation
Selection Mechanism:
Unsolicited Proposal