The African Development Bank’s Fund for African Private Sector Assistance (FAPA), has provided funds totaling nearly US $2 million to its Jobs for Youth in Africa initiative.
FAPA, of which the Government of Japan is a major donor, along with the Austrian Government and the African Development Bank, will contribute $923,570 and $988,202 to finance the Bank’s Fashionomics Africa Digital Marketplace and Entrepreneurship & Innovation Lab (eLab) programs, respectively. Both programs form key components of the Bank’s Jobs for Youth in Africa Strategy, which invests in high-growth sectors with the potential to promote youth and women’s empowerment, as well as create 25 million jobs over the next decade.
“Africa hosts the world’s youngest population, which will double to almost one billion by 2050. The continent needs to create jobs much faster, particularly for women and youth,” said Vanessa Moungar, Director of Women, Gender and Civil Society Department at the Bank.
The Fashionomics Africa Digital Marketplace and Entrepreneurship & Innovation Lab (eLab) programs align with FAPA’s vision to create an investment-friendly climate for micro, small and medium-scale enterprises (MSMEs) on the continent. They will also provide platforms for strengthening and promoting entrepreneurship that target women and youth-led businesses.
Original source: AfDB
Published on 25 September 2018