Entrepreneurship is a key component of strategies aimed at addressing youth unemployment in Africa. However, entrepreneurs still face challenges in accessing financing. Several programs are ongoing to address that issue.
U.S. Tech corporation Microsoft recently strengthened its partnership with the African Development Bank (AfDB). According to the press release received by We are Tech on Monday, September 26, the objective of this new partnership is to boost young Africans’ entrepreneurship spirit. It comes after the implementation of the African Development Bank's Youth Entrepreneurship Investment Bank (YEIB) Initiative.
“The strengthening of our partnership with Microsoft on the Youth Entrepreneurship Investment Banks (YEIB) is an important development in our journey towards harnessing Africa’s demographic dividend and facilitating the creation of millions of jobs for young Africans by 2025,” said Solomon Quaynor (photo, left), the African Development Bank’s Vice President for Private Sector, Infrastructure, and Industrialization.
Africa has the youngest population in the world. According to the AfDB, the continent’s population, which is growing fast, is expected to double to over 830 million by 2050. Of the estimated 420 million young Africans aged 15-35, one-third are unemployed and discouraged, another third are in precarious employment, and only one in six has paid employment.
This collaboration, through the Microsoft Africa Transformation Office (ATO), will contribute to the development of youth entrepreneurship ecosystems, but also the creation of new jobs. It will also support digital inclusion in Africa.
“We believe much can be done to help foster youth entrepreneurship by collaborating with the African Development Bank, driving greater economic inclusion for this key segment of the population, and ultimately building a more prosperous society,” said Microsoft Africa Regional Cluster's General Manager, Wael Elkabbany (photo, right).
The partnership will also facilitate the establishment of national institutions through a public-private collaboration model that will increase technical and financial support and capacity building benefiting young entrepreneurs.
Samira Njoya
