(In paragraph 1, corrects German Development Bank (KfW), not GIZ is partnering with the MoUDC)

The Ethiopian Ministry of Urban Development & Construction (MoUDC) and the German Development Bank (KfW) announced a business plan competition focusing on solving urban problems, Fortune reported.

The registration of applicants for the first round will be conducted from October 11, 2013 to November 10, 2013.

Africa Beza University College has been contracted to consult and oversee the entire process.

The competition is to encourage participants are to come up with business ideas designed to solve problems faced by the urban poor. After the competition, the winning business models will be transferred to the public and the Ministry will pay royalties to the winners for the use of their business plan, according to Israel Kassa, managing director of Africa Beza.

The KfW has availed funding of US$ 570,000 for the four round competition.

The selection of the 10 winners from 40 finalists, will be completed by December 10, 2013, according to Fortune.

Source: Fortune Ethiopia: