USAID commits more than $38 million to Global Entrepreneurship

Over the past seven years, USAID has directly supported hundreds of entrepreneurs. (AP)

The United States Agency for International Development (USAID) has announced four new investments totaling more than $38 million that will help mobilize the power of global entrepreneurs and innovators in the fight to end extreme poverty. The announcement was made on the sidelines of the ongoing Global Entrepreneurship Summit 2016.

According to a statement released by USAID, these investments will connect innovators around the world with investors and capital to increase access to energy and expand food security in developing countries. “USAID is committed to engaging entrepreneurs, innovators, and other private sector partners in developing countries around the world to advance development outcomes,” the statement said.

Over the past seven years, USAID has directly supported hundreds of entrepreneurs and has partnered with other donors, international organizations, and local governments to develop entrepreneurial ecosystems. In 2015, USAID had over 360 active public-private partnerships that leveraged more than $5.9 billion from private sector and other partners.

“President Obama’s leadership in convening Global Entrepreneurship Summits over the past seven years has elevated the importance of entrepreneurship to building more economically prosperous, secure, and globally connected communities around the world,” said USAID Administrator Gayle E. Smith. “Today’s announcement builds on the Obama Administration's commitment to harnessing the power of entrepreneurs to advance development goals and spread American values around the globe.”

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47