On 8th July in Preah Sihanouk province, Cambodia, Action Education launched a partnership with the Young Entrepreneurs Association of Cambodia to support small and medium-sized businesses with seed funding under The Consortium for Sustainable Alternative and Voice for Equitable Development (CO-SAVED).
The Young Entrepreneurs Association of Cambodia’s Chapter in Sihanoukville, Preah Sihanouk province, has been established to build and support a network of young entrepreneurs, especially female entrepreneurs through the establishment of business forums, networking, strengthening existing entrepreneurial networks, business learning and sharing. The Chapter is also working to increase business opportunities and productivity, create jobs, develop the economy and build the capacity of the next generation for the Cambodian economy.
CO-SAVED is a four-year project funded by the European Union and implemented by Action Education and partners to improve the socio-economic development of coastal communities that are heavily dependent on fisheries as their main source of income. During the first year of the project (2021), education was the priority component as schools reopened after prolonged closures due to Covid-19. Students and educators from 254 schools across four coastal areas were supported in the project’s first 12 months.
Now, the CO-SAVED project is launching another component – sustainable livelihoods. Under the project, $2 million is available in seed funding to support the development of sustainable small and medium-sized enterprises. The announcement about the funds was made during a launching ceremony in Preah Sihanouk province. The event also saw the Young Entrepreneurs Association of Cambodia (YEAC) launch its chapter in the area.
The Young Entrepreneurs Association of Cambodia, a key implementation partner of CO-SAVED, are a significant contributor to the private sector in building economic capacity through the provision of face-to-face training, and business skills training to small and medium-sized enterprises. They also play a significant role in sharing information regarding investment opportunities in coastal areas. The Young Entrepreneurs Association of Cambodia will provide training to small and medium-sized enterprises and micro-businesses to be followed up with opportunities for participants to pitch for seed funding between $10,000 and $60,000.