AfDB deploys $2m for Africa youth jobs
The African Development Bank’s
(www.AfDB.org) Fund for African Private Sector Assistance (FAPA)
(http://bit.ly/2xAJfTU) has provided funds totaling nearly US $2 million to its
Jobs for Youth in Africa initiative.
FAPA, of which the Government of
Japan is a major donor, along with the Austrian Government and the African
Development Bank, will contribute $923,570 and $988,202 to finance the AfDB’s
Fashionomics Africa Digital Marketplace and Entrepreneurship & Innovation
Lab (eLab) programs respectively.
Both programs form key components
of AfDB’s Jobs for Youth in Africa Strategy, which invests in high-growth
sectors with potential to promote youth and women’s empowerment, as well as
create 25 million jobs over the next decade.
“Africa hosts the world’s
youngest population, which will double to almost one billion by 2050. The
continent needs to create jobs much faster, particularly for women and youth,”
said Vanessa Moungar, AfDB Director of Women, Gender and Civil Society
Department.
“FAPA’s generous support will go
a long way to accelerating the Jobs for Youth Entrepreneurship & Innovation
Lab and Fashionomics Africa Digital Marketplace programs that contribute to
meeting these needs,” Moungar further remarked on Thursday, 13 September 2018
during the funding announcement event which was themed Entrepreneurs 2.0 – When
Fashion Meets Technology.
Attended by AfDB staff,
dignitaries, public and private sector stakeholders, the event was also graced
by fashion designer PatheO’, known for making the distinctive, colorful shirts
worn by the late Nelson Mandela and Salimou Bamba, managing director of
Abidjan-based SME development firm, AGENCE CI PME.
The Fashionomics Africa Digital
Marketplace and Entrepreneurship & Innovation Lab (eLab) programs align with
FAPA’s vison to create an investment-friendly climate for micro, small and
medium-scale enterprises (MSMEs) on the continent.
They will also provide platforms
for strengthening and promoting entrepreneurship that target women and
youth-led businesses.
Launched in 2015, the
Fashionomics Africa initiative supports its High 5 (http://bit.ly/2IeAT8x)
priorities, in particular, the Jobs for Youth in Africa (http://bit.ly/2OPs9YV)
and Industrialization (http://bit.ly/2DvG0ST) agenda.
FAPA’s latest support for this
initiative will enable the development of the digital platform and application
designed to increase and facilitate access to markets and finance, provide
access to relevant information, mentorship and networking opportunities as well
as develop the skills, competencies and qualifications of African designers and
fashion entrepreneurs.
The eLab program will provide
innovative young entrepreneurs with financing, technical assistance and broader
ecosystem support.
“With eLab, we aim to support the
next generation of business owners across the continent,” said Babatunde
Olumide Omilola, AfDB Manager, Public Health, Security and Nutrition. “Target
beneficiaries are businesses started by young people and intermediaries that
support business development, focusing on the three sectors identified as
priorities by the Jobs for Youth in Africa strategy, namely agriculture,
Information and Communication Technology and industry.”
In his address, Takuji Yano, the AfDB’s
Executive Director, Japan, Saudi Arabia, Argentina, Austria and Brazil, said,
“Both projects focus on promoting entrepreneurship and ICT tools as drivers for
development. By leveraging technology, African countries can enhance
understanding of markets, expand education and employment, and deliver monetary
benefits for the informal sector and government alike. We are happy to see this
diverse, innovative and creative portfolio of FAPA’s proposals.”
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