Enterprise development investment promotion programme in sierra leone
The programme is being implemented by the United Nations Industrial Development Organisation (Unido), through the Arab Regional Centre for Entrepreneurship & Investment Training (Arceit) with the support of the Bahrain Development Bank and Arab Gulf Fund.
The Agfund (Arab Gulf Programme for United Nations Development Organizations) under its head, HRH Prince Talal bin Abdul Aziz, in May this year, announced a developmental initiative, designed to contribute in fighting poverty in West Africa. The initiative will start by establishing a Bank for the Poor in Sierra Leone.The collaboration will include the Government of Sierra Leone and Ecobank, a key lending bank with branches in 22 African states.The aim is that once entrepreneurs have been equipped with the necessary skills they can access funds and guidance from the bank of the poor.
The programme is aimed at helping potential entrepreneurs and investors translate their ideas into commercial ventures in the manufacturing and service sectors with emphasis laid on small and medium enterprises(SME’S) and to help existing entrepreneurs redefine business processes ,develop core competencies to facilitate growth.
The programme’s first inception was in Bahrain and therefore called the ‘Bahrain model’ for enterprise development. Based on its successes and achievements, the ‘Bahrain Model’ has been replicated and institutionalised in various countries throughout the world.
The Bahrain Model is a full package approach aimed at assisting potential entrepreneurs to implement their ideas in to successful sustainable businesses.
The model consists of four steps: collective capacity building, business counselling and technology tie-up leading to joint venture collaborations, financial linkages and finally Incubation which takes two forms either in-wall or out-wall (virtual).
This initiative is a three year funded programme.
The programme will include classes on how to grow your business, marketing and finance. This intensive 4-week course covers the essential skills needed to start and expand a business. The aim is that participants will graduate with a vision for success and an in-depth action-oriented business plan.
The curriculum will help participants develop the skills of a successful entrepreneur, including raising funds; preparing financial statements, sales projections and cash flow; conducting market research and analysis; improving operations and managing growth; and other financial and operational basics.
UNIDO will conduct the first of a four week entrepreneurship training programme for participants from Sierra Leone’s risk taking men and women and medium, small and micro enterprises, beginning on 03 November 2008 in Freetown. The programme will be conducted intermittently by 22 trainers who attended the training of trainers’ workshop (TOT) at the Kimbima Hotel in February 2008.
