The Western Union Company and the United States Agency for International Development on Monday inaugurated the second African Diaspora Marketplace. A joint statement by the companies said the initiative would encourage sustainable economic growth and employment by supporting US based African Diaspora entrepreneurs with innovative and high-impact ideas for start-up and established businesses in Sub-Saharan Africa. The inauguration of ADM II, according to the statement, coincides with Global Entrepreneurship Week events in Washington, which kicks off a month-long series of small business workshops in six other US cities. It noted that the second phase of ADM would incorporate key learning from the first African Diaspora Marketplace, focusing grants toward high priority, high-impact sectors in Africa, including agribusiness, renewable energy and information and communication technology.To expand upon ADMs previous success, Western Union and USAID are inviting small business investment funds and technical assistance mentors to participate in the effort to engage Diaspora entrepreneurs. The Tony Elumelu Foundation is joining the ADM II partnership.President and Chief Executive Officer of Western Union, Mr. Hikmet Ersek, said, Our support for innovative Diaspora entrepreneurs is an investment in the long-term economic health of Africa. Through this collaboration, Western Union and USAID are helping to tap the economic potential of the 1.4 million Africans living in the US, bringing more direct investment to the continent.The African Diaspora Marketplace will strengthen and help satisfy demand for locally-produced products and services by leveraging Diaspora capital and resources.The USAID Administrator, Dr. Rajiv Shah, said, Small and medium enterprises still provide the majority of employment opportunities globally. Entrepreneurship and small businesses fuel economic development and empower communities by maximising the use of local products and services. Our collaboration with Western Union once again in ADM-II is one of even more promise for each business winner.The statement further quoted the founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, as saying, Through lessons learned from over two decades of building successful businesses in Africa, I firmly believe that Africas economic transformation can be driven from within by the continents own entrepreneurs. As an African foundation, we are pleased to participate in this innovative effort with Western Union and USAID as a way to bring African talent and innovation back home.
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