AfDB Approves €139.68M to Boost Youth Employment and Entrepreneurship in Côte d’Ivoire

The funding comprises €126.32 million from the AfDB’s commercial window and €13.36 million from its concessional lending arm, the African Development Fund.

The African Development Bank Group (AfDB) has approved loans totaling €139.68 million to support youth employment and entrepreneurship initiatives in Côte d’Ivoire, targeting sectors with high potential for job creation and economic growth. The funding comprises €126.32 million from the AfDB’s commercial window and €13.36 million from its concessional lending arm, the African Development Fund.

A central feature of the initiative is the creation of the Youth Entrepreneurship Investment Bank (YEIB) in Côte d’Ivoire, which aims to address financial barriers faced by young entrepreneurs. The YEIB will:

Facilitate access to loans and equity financing.

Provide loan guarantees to encourage bank lending to youth-led businesses.

Deliver technical assistance and mentoring programs.

The project plans to train over 8,700 young people, with a commitment to ensuring 50% are women, in five high-growth sectors:

Renewable Energy.

Digital Economy.

Agribusiness.

Blue Economy.

Textile and Clothing Industry.

By 2030, the initiative aims to create 43,216 direct jobs and 153,094 indirect jobs, with half of these opportunities reserved for women.

Expanded Focus and Key Upgrades

Education and Training

Training at least 214 teacher-trainers to enhance the quality of youth education.

Strengthening 12 entrepreneurship support organizations to provide targeted assistance.

Upgrading the national training center for harbor master's officers in Abidjan, including advanced simulators for port operations to meet international standards.

Agribusiness Sector Development

The project will leverage the AfDB's Enable Youth program, which has been successful in fostering agribusiness entrepreneurship across Africa. Agribusiness activities will be designed to align with Côte d’Ivoire’s agricultural growth strategies, incorporating innovative practices and modern technologies to ensure sustainability.

Partnerships for Market-Driven Training

To align training programs with industry demands, the initiative will collaborate with:

• Trade confederations.
• Private sector companies.
• Incubators and entrepreneurship hubs.
• Agri-industrial clusters.

This collaborative approach ensures that youth are equipped with practical skills and knowledge, making them job-ready for the private sector.

Strategic Impacts and Broader Goals

The initiative not only addresses Côte d’Ivoire’s youth unemployment challenges but also focuses on fostering gender equality and economic resilience. Joseph Ribeiro, AfDB’s Deputy Director General for West Africa, emphasized:

“This funding will provide young Ivorians with the skills and opportunities they need to succeed in the private sector, ultimately fostering sustainable development and economic growth.”

Vision for 2030

By the end of the decade, the project aims to:

• Establish Côte d’Ivoire as a hub for youth-driven innovation and entrepreneurship.
• Reduce unemployment rates through job creation in strategic sectors.
• Enhance the competitiveness of local enterprises in the regional and global markets.

The €139.68 million investment by the AfDB underscores its commitment to empowering African youth and fostering inclusive economic development. By combining skills development, financial access, and market-aligned training, the initiative positions Côte d’Ivoire as a leader in addressing youth unemployment and entrepreneurship challenges in Africa.