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Youth

Liberia Launches Africa's First Youth Entrepreneurship Investment Bank to Combat Youth Unemployment

Strategic Insights

— 2 min read

Liberia took a historic step towards inclusive economic growth by launching the Africa's first Youth Entrepreneurship Investment Bank (YEIB), a $16 million initiative backed by the African Development Bank. The high-profile launch, attended by President Joseph Nyuma Boakai and AfDB President Dr. Akinwumi Adesina, marked a significant milestone in the country's efforts to empower its youth and combat unemployment. The YEIB, a first of its kind on the continent, aims to finance, mentor, and incubate youth-led businesses in Liberia, targeting key sectors such as agriculture, roads, rule of law, education, sanitation, and tourism.

Key Takeaways:

  • The Youth Entrepreneurship Investment Bank (YEIB) is a $16 million initiative backed by the African Development Bank to combat youth unemployment in Liberia.
  • The bank is a pillar of President Joseph Nyuma Boakai's ARREST Agenda, focusing on Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism as strategic sectors for national revival.
  • The bank will finance, mentor, and incubate youth-led businesses in Liberia, aiming to create opportunities for the country's youth who make up over 60 percent of the population.
  • The initiative is a transformative tool to unlock Liberia's economic potential, as emphasized by President Boakai and AfDB President Dr. Akinwumi Adesina.
  • The bank's launch comes at a time when Liberia is in need of economic growth, with the country facing high levels of unemployment and underemployment among its youth.
  • AfDB President Dr. Akinwumi Adesina highlighted the need for value-added products to drive economic growth, emphasizing the role of young people in driving transformation.
  • The African Development Bank has invested over $1.02 billion in Liberia since 1967, with 18 active projects valued at $408 million.
  • Dr. Adesina's tenure at the Bank saw a significant growth in its capital base, from $93 billion to $318 billion in just ten years.
  • The AfDB president emphasized the need for bold goals and measurable outcomes, sharing his own experience as Nigeria's agriculture minister.
  • He encouraged Liberia to introduce performance contracts for ministers and establish a presidential award system for inter-agency collaboration.

Statistics:

  • 60% of Liberia's population is under the age of 35, with many being unemployed or underemployed.
  • The African Development Bank has invested over $1.02 billion in Liberia since 1967, with 18 active projects valued at $408 million.
  • Under Dr. Adesina's leadership, the Bank's capital base grew from $93 billion to $318 billion in just ten years.
  • The AfDB has impacted 565 million Africans through its High 5s strategy, delivered 128 million people access to healthcare, improved transportation for 121 million, ensured food security for 104 million, connected 28 million to electricity, and mobilized $225 billion in private capital through the African Investment Forum.

Sources:

  • Liberia Launches Africa's First Youth Entrepreneurship Investment Bank to Combat Youth Unemployment, AllAfrica
  • Keynote Address by Dr. Akinwumi Adesina, President, African Development Bank at the Launch of the Youth Entrepreneurship Investment Bank (YEIB), African Development Bank

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