54 Capital partners with MiNT
54 Capital Group, the African-focused asset management company, which is headquartered in Dubai and London with a growing interest in Ethiopia, has donated six million birr to facilitate innovation and technology startups and development.
By partnering with the Ministry of Innovation and Technology (MiNT), the strategy is to build an ecosystem for local startups, build the technological capacity of the nation and help reduce the recurring issue of unemployment among youth.
“This partnership is an extremely important venture for us,” Saad Aouad, Founding Partner and Chief Investment Officer at 54 Capital said at a press conference held in the premises of MiNT on Thursday. “We understand the urgency and value of investing in Ethiopia’s young people and helping lower youth unemployment. We are committed to supporting Ethiopia on its journey to innovation and transformation.”
With an investment of more than USD 130 million in Ethiopia, one of the largest foreign investor in the country, it owns brands such as Gullele Soap, Aquasafe bottled water, Etete Milk, Chef Luca Pasta and Addis Pharmaceutical, among a growing portfolio of products produced in Ethiopia.
Getahun Mekuria, the Minister of MiNT was elated with the partnership with 54 Capital and told The Reporter that, the generosity of 54 Capital is “a great investment on young people and their potential.”
“Our shared purpose is to build the necessary tech capacity and support currently engaged tech companies as well as startups in Ethiopia,” he said adding, “We also recognize that the lack of skilled manpower has been a binding constraint to realizing and sustaining any economic development gains. Thus, by mobilizing the necessary resources and providing the youth with the necessary industry-rated skills, we aim to enable them to provide services not only locally but also internationally.