Africa is home to the youngest population in the world, with more than 60% of the continent’s inhabitants under the age of 25.
The African Development Bank Group (AfDB) and the French Development Agency (AFD) announced on Friday that they would strengthen their joint efforts to catalyze resources to boost entrepreneurship in Africa, a crucial driver of economic development, the fight against unemployment and the reduction of inequalities.
The President of the African Development Bank, Akinwumi Adesina, and the Director General of the French Development Agency, Rémy Rioux, signed a letter of intent on behalf of their respective institutions following a meeting held at the headquarters of the Bank, in Abidjan.
Through its Youth Entrepreneurship Investment Bank (YEIB) initiative, the African Development Bank provides an entrepreneurial ecosystem and services, promoting inclusive, sector-led economic growth private, and creating opportunities for young entrepreneurs on the continent. The AFD’s Choose Africa 2 program (http://apo-opa.co/3NqMq7a) aims to develop its impact by promoting dialogue on public policies, supporting governments in the creation of an ecosystem conducive to development of entrepreneurship, and by meeting the technical and financial support needs of entrepreneurs.
Through these and other initiatives, the two institutions will collaborate closely to support and defend entrepreneurship in Africa and strengthen entrepreneurial ecosystems.
Taking up the challenge of transforming the demographic dividend of more than 400 million young Africans into an economic dividend, Mr. Adesina declared himself fully satisfied with the cooperation with the AFD “which demonstrates our commitment to the creation of jobs on the African continent. »
“We will put our risk capital at the service of young people. The biggest risk is not investing in young people. The future of Africa lies on the continent,” insisted Mr. Adesina.
According to Rémy Rioux, it is imperative to focus on the economic well-being of African youth in order to avoid the pitfalls of economic migration. “Every year, twenty million young people, the equivalent of the population of Senegal, join the ranks of the active population in Africa,” he noted.
Mr. Rioux praised the work of the African Development Bank, in particular the AFAWA (Affirmative Finance Action for Women in Africa) initiative which, according to him, has made “spectacular achievements in financing women. » As part of a partnership between Choose Africa 2 and the Investment Bank for Youth Entrepreneurship, AFD is developing instruments that will benefit young people in Côte d’Ivoire, Benin and Togo, and will create opportunities for them, he said.
The director general of the AFD was accompanied by his chief of staff, Tristan-Aurel Mouline, the regional director for the Gulf of Guinea, Lionel Yondo, the director of AFD Côte d’Ivoire, Adrien Haye, and the head office manager for Ivory Coast, Noor Mountassir. For his part, Mr. Adesina was accompanied by members of management. Jérôme Bertrand-Hardy seconded by AFD to the Bank was also present.
Africa is home to the youngest population in the world, with more than 60% of the continent’s inhabitants under the age of 25. Youth demographic dynamics are fueling the rise of youth-led businesses, but significant barriers remain. The financing gap for small and medium-sized enterprises in Africa stands at $331 billion, with more than half of MSMEs lacking access to the credit they need to ensure their development and viability.
TE/APA
