The African Development Bank’s (AFDB’s) Fund for African Private Sector Assistance (FAPA) has provided funds totaling nearly US $2 million to its Jobs for Youth in Africa initiative.
Under the 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 Bank’s ‘Fashionomics Africa Digital Marketplace’ and ‘Entrepreneurship & Innovation Lab (eLab)’ programmes, respectively.
According to a news report distributed by African Press Organisation (APO) Group on behalf of the bank indicated that both programmes form key components of the Bank’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.
Commenting on the job creation programmes during the funding announcement event, which was themed “Entrepreneurs 2.0 – When fashion meets technology”, Director of Women, Gender and Civil Society Department at the Bank, Vanessa Moungar, pointed out that “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.”
She projected that “FAPA’s generous support will go a long way to accelerating the Jobs for Youth Entrepreneurship & Innovation Lab and Fashionomics Africa Digital Marketplace programmes that contribute to meeting these needs.”
The two programmes align with FAPA’s vison to create an investment-friendly climate for micro, small and medium-scale enterprises (MSMEs) on the continent and they will also provide platforms for strengthening and promoting entrepreneurship that target women and youth-led businesses.
Launched in 2015, the Bank’s Fashionomics Africa initiative supports it’s ‘High 5’ priorities, in particular, the Jobs for Youth in Africa and Industrialisation 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 programme will provide innovative young entrepreneurs with financing, technical assistance and broader ecosystem support.
The Manager for Public Health, Security and Nutrition at the Bank, Babatunde Omilola, said: “With eLab, we aim to support the next generation of business owners across the continent.
“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”, he added.
Addressing the bank’s staff and guests, the Bank’s Executive Director for Japan, Saudi Arabia, Argentina, Austria and Brazil, Mr. Takuji Yano, 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”, Yano enthused.
Attended by the bank 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.
