NAIROBI, The African Development Bank (AfDB) aims to create 25 million jobs and positively impact a total of 50 million youth through the implementation of the Jobs for Youth in Africa (JfYA) Strategy covering the 10 years from 2016 to 2025.
The strategy focuses on integration, innovation and investment as the key strategic areas, says AfDB President Akinwumi Adesina. Through integration, the Bank will equip itself with projects, staff and systems and regional member countries by means of financial support and policy dialogues to become engines for job creation.
We are integrating youth employment and entrepreneurship components into new Bank projects, and are working very closely with regional member countries to develop policies that promote decent jobs for youth, said Adesina when addressig the Jobs for Youth in Africa West African Ministerial Conference in Abidjan, CAte d'Ivoire, on Sunday.
Through investment, the Bank will undertake interventions, such as 'Boost Africa', to catalyse private sector investment by expanding access to capital, through direct and indirect debt and equity investments. This is also complemented by guarantees and first-loss provisions to reduce risks for banks' lending to SMEs, especially those owned or managed by youth.
Through the implementation of the Innovation pillar of the JfYA Strategy, the AfDB will create roll-out flagship programmes in agriculture, industrialization and information communication technology (ICT) as well as an innovation lab which will test, assess, and scale promising solutions to accelerate job creation in Africa.
Investing in skills through technical and vocational education will be essential to enabling young people to find jobs and business opportunities.
Source: NAM NEWS NETWORK