The African Development Bank (AfDB) and the French Development Agency (AFD) have strengthened their partnership to support young entrepreneurs in Africa. AfDB President Akinwumi Adesina and AFD CEO Rémy Rioux signed a “letter of intent” to formalize this collaboration during a meeting at the AfDB headquarters in Abidjan, Côte d’Ivoire.
The AfDB’s Youth Entrepreneurship Investment Bank (YEIB) initiative provides an entrepreneurial ecosystem, promoting inclusive growth through private sector-driven opportunities for young entrepreneurs. AFD’s Choose Africa 2 program complements this by supporting governments in creating policies and environments conducive to entrepreneurship.
Both institutions aim to bridge Africa’s $331 billion financing gap for SMEs, with more than half of MSMEs lacking access to necessary credit. Adesina emphasized the importance of investing in Africa’s youth, calling it a critical risk worth taking for the continent’s future.
Rioux echoed this sentiment, stressing the need to focus on African youth to reduce economic migration. He also praised the AfDB’s Affirmative Finance Action for Women in Africa (AFAWA), and noted that the partnership would create opportunities for young people in Côte d’Ivoire, Benin, and Togo through initiatives tied to Choose Africa 2 and YEIB.