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Home » General » African Development Bank Group approves €139 million loan to
boost youth employment in Côte d’Ivoire
AFRICAN DEVELOPMENT BANK GROUP APPROVES €139 MILLION LOAN TO BOOST YOUTH
EMPLOYMENT IN CÔTE D’IVOIRE
Posted By: December 18, 2024
The African Development Bank Group (www.AfDB.org) has approved loans totaling
€139.68 million to support youth employment and entrepreneurship in Côte
d'Ivoire, targeting key sectors with high job creation potential.
The loan comprised of €126.32 million from the Bank Group’s commercial African
Development Bank window and €13.36 million from its concessional lending arm,
the African Development Fund, will help bolster the socio-professional
integration of young Ivorians by developing their skills and supporting micro,
small and medium-sized enterprises.
A key component of the project is establishing the Youth Entrepreneurship
Investment Bank (YEIB) in Côte d'Ivoire to boost financial access for young
entrepreneurs, provide technical assistance services, offer equity and
quasi-equity financing, and create loan guarantees to encourage local bank
lending to young entrepreneurs.
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The initiative targets training more than 8,700 young people, with 50 percent
being women, in five strategic sectors – renewable energy, digital economy,
agribusiness, blue economy, and the textile and clothing industry. It is
expected to generate 43,216 direct jobs and 153,094 indirect jobs by 2030, 50
percent of which will be filled by women. It will also finance training at least
214 teacher-trainers and provide multi-faceted assistance to a dozen
entrepreneurship support organizations.
Joseph Ribeiro, the Bank’s Deputy Director General for West Africa, underscored
the project’s significance. “The African Development Bank Group funding will
help Côte d'Ivoire to address the challenges of youth employment by equipping
young people with skills needed for the productive private sector,” he stated.
The initiative will partner with trade confederations, private sector companies,
incubators, service providers, and agri-industrial clusters to align training
with market needs.
In the agribusiness sector, in particular, the project will draw on lessons and
good practices from similar initiatives launched by the Bank to scale up its
Enable Youth (https://apo-opa.co/3BC1iwW) program. As part of the project, the
national training center for harbor master's officers in Abidjan will be
renovated and equipped with advanced technical facilities, including a port
manoeuvres simulator, to bring it up to international standards as a regional
center.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media contact:
Alexis Adélé
Communication and External Relations Department
media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance
institution. It comprises three distinct entities: the African Development Bank
(AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On
the ground in 41 African countries with an external office in Japan, the Bank
contributes to the economic development and the social progress of its 54
regional member states. For more information: www.AfDB.org
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