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December 31, 2017, 02:29:52 PM |
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Fabien Dureuil, CEO of Geneviève, was esteemed with a formal invitation from Inza Camara, Delegate General, on behalf of the Ivory Coast government, to meet in Abidjan. The agenda was addressed over the Oversea Private Investment Corporation days which convened December 4–5th. The Economic Promotion Service of Côte d’Ivoire hosted the event, ambitioning to further the economic relations between the African state and the United States. Hosting members included Chamber of Commerce and Industry President and Congressman, Farman Toure, National Export Council Secretary General, Serge Maritial Bombo, and Director General of the SME Agency, Salimou Bamba.
The meeting concluded with ambitions to collaborate with a focus on financial inclusion and entrepreneurship promotion by deploying an incubator and a cryptocurrency-backed investment program for small businesses in the country’s capital, Abidjan. The agreement was sealed by a signed agreement, a memorandum of understanding, by Geneviève, the CCI and NEC. The partnership seeks to diversify the Ivory Coast’s economy and make Abidjan the FinTech hub of the Sub-Saharan region.
Intricate details of the project are yet to be finalised; the Ivory Coast government body, Small-Medium Enterprise Agency, and Geneviève are in current discussion. The agreement is scheduled to be finalised at the turn of the year.
A preliminary project seeks to invest in 150 small businesses; a secondary round of investment will expand the venture to 1000 small businesses. Organisations that offer positive externalities to local communities will be favoured. The venture capital firm has been issued a mandate to launch a subsidiary in Abidjan. Geneviève will open its first office in Africa in January, 2018.
Given the less economically developed status of the African state, the project seeks to act as a factor to further the country’s economic development and self-reliance. Financial inclusion of such services, thereby, access to funding and strategic guidance are amongst the biggest obstacles. The Ivory Coast government body, the Small-Medium Enterprise (SME) Agency, seeks to overcome such challenges by way of project Phoenix, a program to further local enterprise and development. The program complies with the Ivory Coast public policy, as set by the Chamber of Commerce and Industry (CCI). The project champions CCI values in line with government investment policies.
The above-mentioned government bodies will work cohesively with Geneviève, with a primary focus in the following areas:
· Technology and infrastructure
· Incubation and investment
· Financial inclusion and planning
· Education in financial education
The company is currently seeking to recruit investment managers and Solidity blockchain developers within Africa, working locally to strengthen the project, maximising positive externalities.
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