Launched by enpact as a part of its Empowering Entrepreneurship Initiative, the COVID-19 Relief Programme kicked off its first phase in November 2020. We’re thrilled to see the 180 participating businesses taking tangible steps towards a real pandemic recovery. At the current stage, they are receiving online training sessions on leadership and resilience, project management, and financial management. This 3-month phase will be followed by another 3 months of mentorship, where the participants will meet up with their mentors at extensive and diverse online workshops. The program also encompasses monthly financial backing for the participants, enabling them to focus their time and energy on getting back on track.
Reviving small and medium businesses in emerging markets during the pandemic
According to the IMF’s latest World Economic Outlook Update, emerging market economies are estimated to shrink by 3.3 percent this year, due to the COVID-19 attack. Such a harsh hit is considered the largest drop for emerging markets throughout the past 60 years. The report states that the COVID-19 recession will affect the small and medium enterprises (SMEs) particularly hard, putting their debt and jobs at risk.
Whether by phasing out operations, or laying off employees, young businesses have had to adapt a lot of drastic measures to cope with the crisis and stay afloat. For the young ventures in emerging economies, the pandemic has been a real threat to survival.
[Last Updated: February 5th, 2021]
The COVID-19 Relief Programme is currently in its second stage; 180 participating businesses from Egypt, Jordan, Ghana, Kenya, and Indonesia are now receiving training and assessment activities. The duration of this stage is three months, to be followed by the mentorship phase.