Sign Up African Development Bank, Agence Française de Développement Cement Partnership to Support Youth Entrepreneurship in Africa
"The African Development Group and Agence Française de Développement to jointly boost entrepreneurship in Africa. AFD Remy Rioux (left) and Akinwumi Adesina. Abidjan, October 11, 2024."
African Development Bank and Agence Française de Développement partnership
The African Development Bank Group and Agence Française de Développement (AFD) on Friday announced they would renew their joint efforts to catalyse resources to boost entrepreneurship in Africa as a crucial driver of economic development, tackling unemployment and reducing inequality.
Partnership Agreement
African Development Bank President Dr Akinwumi A. Adesina and Agence Française de Développement Chief Executive Officer Rémy Rioux signed a letter of intent on behalf of their institutions following a meeting in Abidjan, home to the Bank’s headquarters.
Youth Entrepreneurship Investment Bank (YEB)
Through its Youth Entrepreneurship Investment Bank (YEB) initiative, the African Development Bank is providing an ecosystem and entrepreneurial services, promoting inclusive, private sector-led economic growth, and creating opportunities for young entrepreneurs. The Agence Française de Développement’s Choose Africa 2 program seeks to deepen its impact by fostering public policy dialogue, supporting governments in creating a conducive ecosystem for entrepreneurship development, and addressing the technical and financial support needs of entrepreneurs.
Joint Collaboration and Impact
Together, the organisations, through these initiatives and others, will collaborate closely to support and advocate for entrepreneurship in Africa and strengthen entrepreneurial ecosystems.
Statements from Key Leaders
Dr Akinwumi A. Adesina - President of the African Development Bank
Noting the challenge of transforming the demographic dividend of Africa’s over 400 million youth into economic dividends, Adesina said he was fully satisfied with the cooperation with AFD “which testifies to our commitment to job creation for the continent of Africa.”
“We will be putting our risk capital to the benefit of youth. The greatest risk is not investing in youth. The future of Africa is in on the continent,” Adesina said.
Rémy Rioux - Chief Executive Officer of Agence Française de Développement
Rémy Rioux said it was imperative to emphasise the economic welfare of African youth to avoid the pitfalls of economic migration. “Every year 20 million youth – the population of Senegal - join the workforce in Africa,” he noted. He commended the work of the African Development Bank, especially the Affirmative Finance Action for Women in Africa (AFAWA) initiative which has made “spectacular achievements by financing women,” he said.
Under partnership between Choose Africa 2 and the African Development Bank’s youth investment banks, AFD is developing instruments that will benefit and create opportunities for youth in Cote d’Ivoire, Benin and Togo, Rioux said.
Participants in the Meeting
Rioux was accompanied by AFD’s Director of Cabinet Tristan Mouline, Lionel Yondo, Regional Director for the Gulf of Guinea, Adrien Haye, director of the Cote d’Ivoire office, and Noor Mountassir, Côte d’Ivoire country office head. From the African Development Bank, Dr Adesina was accompanied by members of the senior management team. Jerome Bertrand-Hardy, who has been seconded to the Bank from AFD, also attended.
Challenges and Opportunities for Youth in Africa
Africa is home to the youngest population in the world, with over 60% of people on the continent below 25 years. The youth population dynamic is fueling the rise of youth-led businesses, but significant hurdles remain. Africa’s finance gap for Small and Medium Enterprises stands at $331 billion, with over half of the MSMEs unable to access the credit they need for growth and sustainability.
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