New fund to support regional logistics sector entrepreneurs

Innovators and entrepreneurs in the logistics and transport sector across the East African Community have a chance to acquire part of $16 million grant-based fund under the second phase of the logistics Innovation for Trade (LIFT) Challenge Fund. The TradeMark East Africa initiative will provide grants ranging from $150,000 to $1 million to winning proposals from innovators across the world, whose project ideas will be implemented in East Africa. The organisation has already called for entries from qualifying sector player. The LIFT initiative is managed by Nathan Associates through a fund management team based in Nairobi, and is funded by the UK Department for International Development (DFID). It seeks to trigger and introduce innovative approaches to tackling freight and transport costs in the East African Community (EAC). TradeMark East Africa chief executive Officer Frank Matsaert urged innovators to apply for funding, saying the challenge had enabled stakeholders to test new ideas that should reduce the cost and transport time in the EAC. “It is our hope that the entrepreneurs and innovators of the East African Community in partnership with their counterparts internationally will drive forward development through the adoption or introduction of ‘best practice’ technologies in the transport and logistics sector, enabling local businesses to compete favourably in the increasingly global economy,” said Matsaert. Businesses in the transport and logistics sector, or those that provide services to actors within it, are now being invited to submit their innovative concepts to LIFT for possible funding. The LIFT Challenge Fund is open to businesses and individuals throughout the world that are either currently operating or intend to be based in East Africa. The launch of the second phase follows a successful inaugural round that saw nine projects awarded. East Africa has the highest freight and transport costs in the world at over 50 per cent per kilometre, higher than the US and Europe. Transport costs for landlocked countries in the region can be as high as 75 per cent of the value of exports. Transit times have the most significant effect on exports and also result in firms having to carry higher levels of stocks making them less efficient. business@newtimes.co.rw

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New fund to support regional logistics sector entrepreneurs