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Youth

African Development Bank Welcomes EUR 5.5 Million Contribution from Italy for Youth Entrepreneurship

Strategic Insights

— 2 min read

The African Development Bank has received a significant contribution of EUR 5.5 million from Italy for its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. This financing pledge was announced by Italian officials during the Fund's mid-year Oversight Committee Meeting held virtually on 26 June. The Italian Government's commitment to fostering youth entrepreneurship and innovation in Africa was reaffirmed, with Deputy Central Director Marco Riccardo Rusconi stating, "The Italian Government is proud to contribute to the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund and to support African youth in their entrepreneurial pursuits." Italy's support aims to bolster initiatives promoting entrepreneurship and formalizing enterprises, particularly focusing on youth-led start-ups and micro, small and medium-sized enterprises.

Key Takeaways:

  • The African Development Bank has received a EUR 5.5 million contribution from Italy for its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund.
  • Italy's support will focus on promoting entrepreneurship and formalizing enterprises, particularly targeting youth-led start-ups and micro, small and medium-sized enterprises.
  • The Trust Fund aims to create sustainable job opportunities and drive innovation by facilitating the growth of youth-led businesses.
  • By the start of 2023, the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund had facilitated the creation of more than 68,500 direct jobs for youth in Africa and improved access to financing for over 6,600 micro, small and medium enterprises.
  • The Trust Fund has empowered more than 12,000 young entrepreneurs who have transformed their business plans and contributed to economic growth.
  • The African Development Bank's Youth Entrepreneurship and Innovation Multi-Donor Trust Fund was founded in 2017 to promote innovation and entrepreneurship and create durable and sustainable jobs for youth.
  • The Trust Fund supports the Bank's Jobs for Youth in Africa Strategy, which aims to create 25 million jobs and equip 50 million youth with employable and entrepreneurial skills by 2025.

Statistics:

  • EUR 5.5 million: Italy's contribution to the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund.
  • 26 June: Date of the Fund's mid-year Oversight Committee Meeting where Italy's contribution was announced.
  • 68,500: Number of direct jobs created for youth in Africa by the start of 2023.
  • 6,600: Number of micro, small and medium enterprises across the continent that improved access to financing.
  • 12,000: Number of young entrepreneurs empowered by the Trust Fund.
  • 25 million: Number of jobs to be created by the Bank's Jobs for Youth in Africa Strategy by 2025.
  • 50 million: Number of youth to be equipped with employable and entrepreneurial skills by 2025.

Sources:

  • African Development Bank (www.AfDB.org)
  • Distributed by APO Group on behalf of African Development Bank Group (AfDB)
  • Media Contact: Alphonso Van Marsh, Principal Digital Content and Events Officer, African Development Bank, email: media@afdb.org

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