Morocco’s Islamic Development Bank (IDB) is to launch an innovative project dubbed ‘Transform’ fund, dedicated to Moroccan startups and SMEs.
The fund, to be launched in April this year, aims to support projects yielded by an earlier platform launched by the lender on February 6, 2018, in Morocco
It has a target capital of $500 million and will finance promising projects at their early stage. It will also enable innovative startups and SMEs to implement their business projects, bringing their ideas to life.
“Thanks to Transform, innovative ideas become concrete development solutions that will help to remediate development issues and empower communities… Transform could finance the commercialization of technology developed through a sustained partnership between researchers and entrepreneurs,” said an IDB executive.
The platform will connect companies, startups, SMEs, to experts who will accompany them in the formulation and development of their project ideas.