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Youth

African Development Bank Group Introduces Youth-Focused Investment Approach

Strategic Insights

— 1 min read

The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to prioritize investments in Africa's young people. The Youth, Jobs and Skills Marker System aims to mainstream youth employment, skills development, and entrepreneurship across the Bank's investments. This approach is aligned with the Bank's latest Ten-Year Strategy, which places Africa's young people at the forefront of economic development. The system ensures that Bank-funded projects incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.

Key Takeaways:

  • The African Development Bank has launched the Youth, Jobs and Skills Marker System to prioritize investments in Africa's young people and maximize the impact of every dollar invested.
  • The system has three focus areas: Youth, Skills, and Jobs, aiming to support youth-led micro, small, and medium-sized enterprises, expand access to practical training, and ensure Bank-funded projects create sustainable job opportunities.
  • The system is modeled on the success of the Bank's Gender Marker System and will feature an online platform to enable real-time data access for project supervision and reporting.
  • The International Labour Organization provided technical support for the system's development, with financial support from the Bank's Youth Entrepreneurship and Innovation Multi Donor Trust Fund.
  • The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.
  • The Bank will prioritize youth entrepreneurship, mobilize private sector partnership, and strengthen industry-oriented skills training over the coming decade.
  • The initiative is expected to significantly contribute to the United Nations Sustainable Development Goal #8, which includes decent work for all.

Statistics:

  • Around 10 to 12 million young Africans enter the labor market each year, with only three million formal jobs available annually.
  • The African Development Bank will prioritize investing in Africa's young people, aligning with the Bank's strategic goal of turning demographics into a dividend.
  • The Bank's Youth Entrepreneurship and Innovation Multi Donor Trust Fund provided financial support for the system's development.
  • The Youth, Jobs and Skills Marker System is aligned with the Bank's latest Ten-Year Strategy, which emphasizes Africa's young people as a key driver of economic growth.

Sources:

  • African Development Bank Group:

* https://www.afdb.org/

  • International Labour Organization:

* https://www.ilo.org/

  • United Nations International Labour Organization:

* News announcement (no date)

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