By The Inspirer staff
The Africa Development Bank (AfDB)’s Jobs for Youth in Africa (JfYA) strategy has an objective to create 25 million jobs and train 32 million young people, impacting 50 million Africans over the next decade.
The initiative, the Bank says, hopes to generate $30 billion in income gains for the African economy.
To successfully implement the JfYA programme, AfDB reveals, $5 billion in resources will need to be mobilised.
As part of JfYA, within the agriculture, the Bank, working with International Institute of Tropical Agriculture (IITA), is championing the Youth Engagement in Agribusiness through the Empowering Novel Agribusiness-Led Employment for Youth in African Agriculture (ENABLE Youth) Programme.
An estimated $1 billion is projected to be used to support enterprise and job creation for youths and women in at least 25 African countries under the strtegy.
The target of the program is to create about 8 million agribusiness jobs in the next 5 years.
The strategy is designed to increase direct and indirect employment, resulting in reduced poverty, inequality, and economic and conflict driven migration, and increased social cohesion and political stability.
“We aim to create vocational and employment schemes for the youth – so that they do not undertake the perilous journey across the Mediterranean to Europe – through such schemes as the ‘Jobs for Africa’s Youth’ Initiative,” said AfDB President, Akinwumi Adesina.
To achieve these goal, the strategy aims to increase inclusive employment and entrepreneurship, strengthen human capital, and create durable labor market linkages by making use of three strategic levers: Innovation, Investment, and Integration.
Through Innovation, the Bank will create new flagship programs in agriculture, industrialization and ICT as well as an innovation lab that will test, assess, and scale promising solutions to accelerate job creation in Africa.
Through Investment, the Bank will undertake interventions to catalyze private sector investment by expanding access to capital through direct and indirect debt and equity investments and reducing risks by providing guarantees and first-loss provisions for banks’ lending to SMEs, especially those owned or managed by youth.
By integration, the Bank will equip itself and regional member countries (RMCs) to become engines for job creation. Bank projects, staff, and systems will be reoriented to address youth employment and the Bank will provide financial support to enable RMCs to pursue policies and regulatory actions favorable to youth employment and entrepreneurship.
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