BUSINESS WRITER
The African Development Bank (AfDB) has provided funds totaling nearly $2 million to its Jobs for Youth in Africa initiative under a multi-donor trust fund that provides grants for technical assistance activities to public and private sector entities on the continent.
The fund, Fund for African Private Sector Assistance (FAPA), will contribute $923 570 and $988 202 to finance the bank’s Fashionomics Africa Digital Marketplace and Entrepreneurship & Innovation Lab (eLab) programmes, respectively.
The two programmes 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, director of Women, Gender and Civil Society Department at AfDB.
The Fashionomics Africa Digital Marketplace and Entrepreneurship & Innovation Lab (eLab) programmes align with FAPA’s vison to create an investment-friendly climate for micro, small and medium-scale enterprises 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 the bank’s “High 5” priorities, in particular, the Jobs in 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.
“We aim to support the next generation of business owners across the continent,” said Babatunde Olumide Omilola, Manager for Public Health, Security and Nutrition at the bank.
“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.”
