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AFRICAN DEVELOPMENT BANK APPROVES EUR 139 MILLION LOAN TO SUPPORT YOUTH
EMPLOYMENT IN CÔTE D'IVOIRE

AI assisted|News|18 December 2024

The African Development Bank (AfDB) has recently approved a significant loan of
€139 million aimed at enhancing youth employment in Côte d'Ivoire. This
initiative is part of the broader strategy to address the pressing issue of
youth unemployment across Africa, which has been exacerbated by economic
challenges and the impacts of the COVID-19 pandemic.


LOAN DETAILS AND OBJECTIVES

The loan will support the implementation of the Youth Employment and Skills
Development Project, which focuses on:

 * Improving technical and vocational education and training (TVET) systems.
 * Enhancing employability through targeted skill development programs.
 * Creating job opportunities in various sectors including agriculture, ICT, and
   entrepreneurship.

According to AfDB President Akinwumi Adesina, this funding is crucial for
equipping young Ivorians with the skills necessary to thrive in a competitive
job market. The project aims to train over 100,000 young people by 2025.


CONTEXT OF YOUTH UNEMPLOYMENT IN CÔTE D'IVOIRE

Côte d'Ivoire faces a significant challenge with youth unemployment, where
approximately 60% of the population is under 25 years old. Despite economic
growth, job creation has not kept pace with the influx of young people into the
labor market. The AfDB's initiative seeks to address this mismatch between
education and employment opportunities.

The Jobs for Youth in Africa Strategy (2016-2025) aims to create 25 million jobs
and equip 50 million youths with employable skills across the continent. This
project aligns with these objectives by focusing on practical solutions that
enhance job readiness and entrepreneurship among youth.


PARTNERSHIPS AND COLLABORATIONS

The success of this project hinges on collaboration between various
stakeholders, including:

 * The Ivorian government, which will implement policies supporting youth
   employment.
 * Private sector partners who will provide internships and job placements for
   trainees.
 * International organizations that will offer technical assistance and funding
   support.

Such partnerships are essential for creating a sustainable ecosystem that
fosters youth employment opportunities beyond the project's lifespan.

The AfDB's €139 million loan represents a significant step towards addressing
youth unemployment in Côte d'Ivoire. By enhancing vocational training and
creating job opportunities, this initiative not only aims to improve the lives
of young Ivorians but also contributes to the overall economic development of
the country. As Africa's youth population continues to grow, initiatives like
these are critical for harnessing their potential and driving sustainable
economic growth across the continent.



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