In a joint effort to promote innovative social enterprises that tackle environmental issues and provide vital employment opportunities for disadvantaged women and youth, SODIC and the Al Fanar Foundation have officially unveiled the Seed Cycle initiative for the year 2023, Invest-Gate reports.
The initiative represents a commitment to selecting and nurturing social institutions with the potential to create tangible impacts within their communities.
Over a span of ten months, participating organizations underwent a rigorous evaluation and selection process, including multiple pitching stages. This was followed by a comprehensive four-month participation in Al Fanar’s Sustainable Social Enterprise Training (ASSET) program and a series of workshops aimed at honing their skills and strategies.
Based on their performance and evaluation results, two organizations have emerged as recipients of long-term funding, enabling them to further their missions and drive meaningful change in their respective communities.
Ayman Amer, General Manager of SODIC, expressed his enthusiasm for the initiative, stating, “We are pleased to launch this new cycle of Seed Cycle, especially after the great success of the previous educational initiative in cooperation with Al-Fanar Foundation. This program is one of the important initiatives to select social institutions that have real potential to create real community impact. Our ongoing partnership with Al Fanar Foundation aligns with our corporate values and commitment to empowering the most worthy social enterprises.”
Mirna Atallah, Executive Director of Al Fanar Foundation, echoed this sentiment, saying, “SODIC’s commitment to supporting unique social institutions to find real solutions to social and environmental problems reflects SODIC’s pioneering values and commitment to supporting the needs of serious social institutions and finding ways to deal with the challenges they face.”
It’s noteworthy that SODIC and Al Fanar Foundation have been collaborating on various programs and initiatives since 2009. This partnership has already provided financing grants and administrative support to ambitious social institutions in Egypt, resulting in improved living conditions for over 30,000 individuals to date.