UfM scheme supports innovative projects
The seed capital, development and orientation fund (FARO), a Union for the Mediterranean funding scheme to encourage partnerships between innovative entrepreneurs in the Mediterranean countries, selected 15 projects at the end of 2010, eight of which have already been launched and seven of which are being examined. It also aims to fund 25 new projects this year and is seeking projects to fund.
The FARO, created in the framework of the Union for the Mediterranean (UfM), aims to support 40 social entrepreneurs in the initiation of innovative projects that combine French entrepreneurs and partners in the Southern Mediterranean (Algeria, Palestinian Authority , Egypt, Israel, Jordan, Lebanon, Libya, Morocco, Syria, Tunisia and Turkey). Each project receives a grant of up to €20,000, which funds up to 50% of the total costs of the project.
Eligible projects must be innovative, contribute to the economic, social and / or environmental development of a southern Mediterranean country and involve stakeholders from three different countries (including at least one of the southern Mediterranean).