RESOLVE and its partners in ReGrow West Africa commit to support post-crisis, sustainable economic development in the Ebola affected countries of West Africa. Through this commitment, ReGrow will launch the ReGrow Marketplace to profile investment projects and small and medium-sized enterprises (SME) and help engage them with international investors, donors, and other partners. In addition, ReGrow will capitalize the Resilience trust with a further $3.5 million building on a $1 million funding commitment from Chevron to provide direct investment in SMEs and certain high-impact greenfield investment projects. ReGrow West Africa is a public-private partnership that that was launched in January and is a legacy initiative of the Ebola Private Sector Mobilization Group (EPSMG). The implementing partners within ReGrow include RESOLVE, GIZ, Cordaid, Chevron, the Sierra Leone Investment and Export Promotion Agency (SLIEPA), and the TAIA Peace Foundation.
ReGrows local partners will work in each of the three Ebola affected countries to help define each countrys pipeline of private sector projects and key SMEs that have been most adversely impacted by the business and economic effects of Ebola, and have the potential to benefit from ReGrow support. Once identified, ReGrow will help enable and support the recovery and development of these projects and SMEs. Specifically, ReGrow will help to restore local supply chains by working to save local entrepreneurs and SMEs from insolvency with provision of resilient business development services, project and company profiling on the ReGrow MarketPlace website, partner match-making, and for some local SMEs, direct financial infusions from the ReGrow Resilience Trust. Finally, ReGrow will revive stalled investment projects through advocacy work and encouraging international firms with an existing operational footprint in the three affected countriesparticularly those that are part of EPSMGto continue to plan and organize long-term investments in the countries.
By October 2017, ReGrow aims to support 90 SMEs with direct cash investment from ReGrow Trust and provide them with technical training and support under Cordaids Resilient Business Development Services model. In addition, ReGrow will help revive at least 15 investment projects of existing large scale enterprises that are now stalled. Finally, ReGrow will help execute at least 12 greenfield ventures.
October 2015:
- Conduct planning meeting in Freetown, Sierra Leone to formalize governing board, host agency, and establish local service provides
- Initiate fundraising and partnership challenge
November 2015:
- Launch ReGrow Sierra Leone
- Initiate SME Resilience Business Development Services program via Cordaid in Sierra Leone
- Begin project profile work with SLIEPA
January 2016:
- Conduct planning meeting in Monrovia, Liberia to formalize partnerships
February 2016:
- Launch ReGrow MarketPlace
- Profile 15 SMEs, 2 green field projects, and 3 stalled projects of existing enterprises in Sierra Leone
March 2016:
- Launch ReGrow Liberia
- Hold planning meetings in Conakry, Guinea
- Launch ReGrow Trust
May 2016:
- Launch ReGrow Guinea
- Profile at least 15 SMEs, 2 greenfield project and 3 stalled projects of existing enterprises in Liberia
June 2016 Onward:
- Continue work of SME support and project profiling, project investment readiness, and project marketing
August 2016:
- Profile at least 15 SMEs, 2 greenfield projects and 3 stalled projects of existing enterprises in Guinea
- Profile at least additional 15 SMEs, 2 greenfield projects and 3 stalled projects for both Sierra Leone and Liberia
- ReGrow Resilience Trust is fully capitalized with $4.5M with governance and management structure established for each country
November 2016:
- Profile at least additional 15 SMEs, 2 greenfield projects and 1stalled projects for both Sierra Leone and Liberia
March 2017:
- Complete work in Sierra Leone
- Demonstrate facilitation of financing/re-engagement for at least 30 SMEs, 4 greenfield ventures and 5 stalled projects of existing enterprises in Sierra Leone
- Profile at least additional 15 SMEs, 2 greenfield projects and 2 stalled projects for Guinea
June 2017:
- Complete work in Liberia
- Demonstrate facilitation of financing/re-engagement for at least 30 SMEs, 4 greenfield ventures and 5 stalled projects of existing enterprises in Liberia
October 2017:
- Complete work in Guinea
- Demonstrate facilitation of financing/re-engagement for at least 30 SMEs, 4 greenfield ventures and 5 stalled projects of existing enterprises in Guinea