Africa: Stimulating entrepreneurship, a key lever for economic development
Strengthening collaboration between the AfDB and the AFD
The African Development Bank (AfDB) and the French Development Agency (AFD) have announced their intention to strengthen their joint efforts to mobilize resources for entrepreneurship in Africa. This partnership aims to boost a sector considered essential to economic development, the fight against unemployment and the reduction of inequalities on the continent. Akinwumi Adesina, President of the AfDB, and Rémy Rioux, Managing Director of the AFD, signed a letter of intent to formalize this commitment during a meeting in Abidjan.
Initiatives to support youth entrepreneurship
Through the Youth Entrepreneurship Investment Bank (YEIB) initiative, the AfDB is working to create a favorable entrepreneurial ecosystem, with the objective of promoting inclusive growth supported by the private sector. This program focuses particularly on young African entrepreneurs, providing them with opportunities to grow and contribute to the continent’s economy.
For its part, AFD is rolling out its “Choose Africa 2” program, which aims to strengthen its impact by promoting dialogue around public policies and supporting governments in establishing favorable conditions for entrepreneurship. This program also meets the technical and financial needs of entrepreneurs, thereby consolidating entrepreneurial ecosystems.
Cooperation to transform the demographic dividend
The two institutions are committed to working hand in hand to address the challenge of transforming the demographic dividend of Africa’s more than 400 million young people into an economic dividend. Akinwumi Adesina welcomed this cooperation with AFD, saying it reflects a shared commitment to creating sustainable jobs and promoting entrepreneurship in Africa.
Conclusion
The enhanced collaboration between the African Development Bank and the French Development Agency marks a turning point in efforts to support entrepreneurship in Africa. These initiatives offer promising prospects for fostering inclusive growth, addressing employment challenges, and reducing inequalities through targeted support for young entrepreneurs on the continent.
