The new Deraya entrepreneurship initiative for young entrepreneurs seeks to build a dynamic ecosystem of innovative entrepreneurs and startups in Libya.
Jointly developed by the Ministry of Local Government (MoLG), and the United Nations Development Programme (UNDP), in collaboration with the European Union (EU) and the African Development Bank (AfDB), the Deraya initiative is designed to equip entrepreneurs with the essential know-how to turn innovative ideas into successful startups.
Targeting youth and vulnerable groups, Deraya is open to innovative and aspiring entrepreneurs aged between 18 and 35. Through interactive webinars, the initiative’s participants will be given an opportunity to engage with experienced entrepreneurs, subject matter experts, and role models from Libya, Egypt, and Tunisia and learn from their success stories, wealth of knowledge, and expertise.
The initiative will also entail startup weekends in Tripoli, Benghazi, Sebha, and Derna, culminating with a pitch competition where the winning startups will receive financial support, financed by EU and AfDB, to further develop, grow, and take their business ideas to the next level.
As a critical step towards sustainability, entrepreneurs will be linked to the municipal business incubators being set up with MoLG with UNDP’s technical support.
“The Deraya initiative plays a pivotal role in the Ministry of Local Government’s strategy to develop entrepreneurship and micro-enterprises at the local level, empower municipalities economically, and provide job opportunities in line with Law 592 and Resolution 15003. We are delighted to work towards these goals in cooperation with our international partners, EU, AfDB and UNDP,” said Dr Bader Al-Deen Al-Tomi, Minister of Local Government.
