The African Development Bank Group (AfDB) has approved a €139.68 million loan to support youth employment and entrepreneurship in Côte d’Ivoire.
The African Development Bank Group (AfDB) has approved a €139.68 million loan to support youth employment and entrepreneurship in Côte d’Ivoire. The initiative focuses on providing education to youth and promoting job creation in key sectors with significant growth potential.
The financing consists of €126.32 million from AfDB’s commercial window and €13.36 million from its concessional arm, the African Development Fund. The project aims to improve socio-professional integration by equipping young Ivorians with skills and supporting micro, small, and medium-sized enterprises.
Key Project Highlights:
- Youth Training: Over 8,700 young people, half of whom are women, will receive training in renewable energy, digital economy, agricultural entrepreneurship, blue economy, textiles, and clothing industries.
- Job Creation: The initiative is expected to create 43,216 direct and 153,094 indirect jobs by 2030, with 50% of the jobs allocated to women.
- Youth Entrepreneurship Investment Bank: A new institution will be established to provide young entrepreneurs with financial access, technical support, equity financing, and credit guarantees.
- Infrastructure and Support: The project will also train 214 teacher-trainers and strengthen entrepreneurship support organizations. A national training center for port captain officers in Abidjan will be upgraded with advanced technical facilities, including a port maneuver simulator.
Aligning Education with Market Needs:
The initiative will work with trade unions, private companies, incubators, and agricultural industry clusters to ensure that the education aligns with market demands. Additionally, it will leverage successful models from AfDB’s Enable Youth program to improve results in the agricultural entrepreneurship sector.
Joseph Ribeiro, AfDB’s Deputy Director-General for West Africa, highlighted the importance of the project: “This fund will help Côte d’Ivoire overcome its youth employment challenges by providing youth with the skills needed for a productive private sector.”
This initiative underscores AfDB’s commitment to promoting economic growth in Africa and empowering youth.
