Burkina Faso : The state takes a giant step towards a flourishing future with major investment in entrepreneurship
The Burkinabe government, under the enlightened leadership of President Ibrahim Traoré, has just launched an ambitious project aimed at stimulating entrepreneurship, skills development, and technological adoption in the country.
The Support Project for Entrepreneurship, Skills Development, and Technological Adoption (ECOTEC), totaling over 105 billion FCFA, represents a major initiative to boost the private sector and foster economic growth, despite the security challenges facing the country.
Officially launched on Friday, March 15, 2024, in Ouagadougou, ECOTEC aims to facilitate access to financing for Micro, Small, and Medium Enterprises (MSMEs) across the entire national territory. Spanning six years, this ambitious project will reach 18.000 students and learners, representing a significant investment in skills development and job creation opportunities.
Funded to the tune of 98.98 billion FCFA by the World Bank and 6.84 billion FCFA by the Burkinabé government, ECOTEC is the result of a strong partnership between the two parties. According to the Minister in charge of Small and Medium Enterprises (SMEs), Serge Poda, this project is specifically designed to support SMEs by opening up new avenues for growth and promoting the adoption of innovative technologies.
By emphasizing the importance of the private sector as a driver of job creation and wealth generation, the Burkinabé government highlights its commitment to creating a conducive business environment. ECOTEC aligns with this vision by focusing on aligning vocational training with market needs, thereby enhancing the competitiveness of local businesses.
Beneficiaries of this ambitious project include a multitude of stakeholders, such as entrepreneurs, SMEs, students, teachers, trainers, and industrial associations. By supporting over 2.000 SMEs, ECOTEC will contribute to creating an investment-friendly environment and promoting sustainable initiatives. The World Bank, an essential partner in this project, has committed to supporting Burkina Faso in the success of this initiative.
The World Bank’s Resident Representative, Hamoud Abdel Wedoud Kamil, emphasized the importance of the private sector for sustained and inclusive economic growth, while highlighting ECOTEC’s goals in sustainable development and combating the adverse effects of climate change.
While the preparation process for ECOTEC began in 2021, its launch marks a crucial step in President Ibrahim Traoré’s efforts to promote entrepreneurship, strengthen skills, and stimulate technological innovation. With such an investment in the country’s economic future, Burkina Faso is on the path to sustainable growth and shared prosperity for all its citizens.
