For Immediate Release
Three winners were selected from more than 20 business plan submissions; industry sectors represented among the winners include agribusiness, information and communications technology and transportation. Each awardee will receive a matching grant between US$25,000 and US$50,000, with accompanying technical assistance.
Launched earlier this year, LDM is one of the few public-private initiatives to harness the knowledge and resources of the U.S.-based North African diaspora to address economic opportunity and advance the ability of small- and medium-sized enterprises (SMEs) in the region to obtain capital. Nine finalists for LDM vied for the top awards, with business plans addressing high priority, high-impact sectors in Libya. Finalists presented plans in sectors such as agribusiness, information and communications technology and business consulting.
Alina Romanowski, USAID’s Deputy Assistant Administrator for the Middle East Bureau, commented, “The diaspora community not only has a personal commitment to Libya and the region, but also has the networks and an on-the-ground familiarity with the country and Libyan people, making them uniquely positioned to provide insight into development challenges and the possibilities for economic growth opportunities.”
Each winning project will be monitored for a period of up to 11 months, and grant payments will correspond to key milestones identified in the winner's proposal. Entrepreneurs will also have the opportunity to connect with winners of the larger African Diaspora Marketplace initiative, sharing best practices and learning from their experiences.
“We are proud to be a part of the Libya Diaspora Marketplace program and support entrepreneurs as they bring innovative ideas to life that facilitate economic growth and development in North Africa,” said Barbara Span, Vice President of Public Affairs, Western Union.
To view a full list of winners and additional information about the Libya Diaspora Marketplace, please visit www.diasporamarketplace.org
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2013, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 515,000 agent locations in 200 countries and territories and approximately 115,000 ATMs. In 2012, The Western Union Company completed 231 million consumer-to-consumer transactions worldwide, moving $79 billion of principal between consumers, and 432 million business payments. For more information, visitwww.westernunion.com.
Last updated: February 21, 2014