KOICA pledges to continue assisting startups in Ethiopia

Addis Ababa, May 1, 2024 (FBC) – Korea International Cooperation Agency (KOICA) said it will continue to assist the efforts to develop the startups in Ethiopia.

KOICA Country Director Han Deog Cho stated that the agency has been supporting Ethiopia to achieve sustainable socio-economic development.

One of key KOICA’s supports to Ethiopia is encouraging basic development and startups as it is vital to the business opportunities in industrial revolution, he said.

Therefore, Cho stated that the favorable environment created for creative works in Ethiopia, especially in recent years, is appreciable.

“KOICA has consolidated its efforts to create conducive environment for startups. The support will further be strengthened. We have now 10-million-USD projects through which we support  startups and also capacity building as well as financing mechanisms to support startups.”

Moreover, the country director applauded Ethiopia’s efforts in the field of innovation and technology, startups, and artificial intelligence, as per ENA’s report.

“We observe that there are a lot of young innovators who want to create startups in Ethiopia, which is a very positive signal for Ethiopia in terms of job creation, economic development, income generation, social development and so on.”

Cho finally said that KOICA is going to further assist startups in Ethiopia with follow up financing mechanisms and supporting the incubation systems.

In Ethiopia there were only 50 startups in Ethiopia before the reform. The number has now jumped over 900 startups.