African Development Bank’s Multi-Donor Entrepreneurship and Innovation Trust Fund provides over $ 7.3 million for youth jobs and skills
In June and July this year, a technical review committee of the African Development Bank (www.AfDB.org) approved eight project proposals for funding in a milestone in its youth jobs strategy. in Africa. The approved proposals will receive a grant of more than $ 7.3 million to operationalize their activities, creating several new businesses and approximately 20,000 jobs for young people across the continent.
Several of the approved proposals were submitted in response to a call from the Department of Human Capital, Youth and Skills Development (AHHD) through the Multi-Donor Youth Entrepreneurship and Innovation Trust Fund (https://bit.ly/3gw7LvF) at the end of last year. Bank offices, complexes and departments in all regional member countries submitted nearly 24 proposals for the committee’s consideration.
Themes submitted included entrepreneurial capacity building, climate change, gender, affordable housing, food security, migration and textiles, with the common thread of creating decent jobs for young women and men.
“The diversity of themes and interests demonstrates how our peers at the Bank understand that job creation for Africa’s growing youth population is a cross-cutting issue to be considered in operations across the continent,” said said Martha Phiri, director of human capital at the Bank. , Department of Youth and Skills. “The Multi-Donor Youth Entrepreneurship and Innovation Trust Fund is increasingly seen as a destination resource to fund our scaling up efforts to create decent jobs for young women and men,” he said. she adds.
The Africa Youth Employment Strategy calls for the integration of youth jobs and skills into all Bank operations to maximize the impact on increasing employment opportunities. It specifically mandates mainstreaming youth employment into Bank plans, projects, staff training and systems, and increasing the Bank’s influence and support in regional member countries. One of the approved projects relies on technical collaboration with the International Labor Organization to develop the Bank’s employment marker.
Approved projects include business development support for agricultural entrepreneurs selling online in Malawi and Zimbabwe, training to help Libyan Ministry of Labor staff members better meet the needs of young entrepreneurs, including women and men. people with disabilities, an online training and acceleration program for entrepreneurs in the textile, clothing and accessories industries, and an initiative to stimulate job creation in climate change adaptation and resilience in Egypt, Ghana, Mali, Nigeria, Guinea, Morocco, Kenya, Uganda, Rwanda, Seychelles, Zimbabwe, Malawi, Chad, Gabon and South Africa.
The Multi-Donor Youth Entrepreneurship and Innovation Trust Fund ensures project preparation and co-financing of Bank projects and emphasizes employability, entrepreneurship and job creation through development. businesses and value chains. The Fund has also supported countries that implement policies conducive to private sector development and youth employment. In accordance with the Bank’s commitments under the Fifteenth Replenishment of the African Development Fund – the concessional window of the African Development Bank Group – the call for project proposals reflects the strategic intention of the Department of human capital, youth and skills development to leverage and integrate youth employment. and employability in Bank operations in African Development Fund countries.
Launched in November 2017, the Fund promotes sustainable job creation for young Africans by equipping youth and women-led startups, as well as micro, small and medium-sized enterprises with the skills, financial support and enabling environments for manage bankable businesses.
Distributed by APO Group on behalf of the African Development Bank Group (AfDB).
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