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African Development Bank Group

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Empowering Africa: The Boost Africa Initiative by the African Development Bank

Realizing Africa's immense potential amidst challenges like a talent exodus and skills gap is no small task. To address this, the African Development Bank joined forces with the European Commission and the European Investment Bank in 2019 to launch the Boost Africa program.
Boost Africa aims to invigorate youth entrepreneurship and innovation across the continent, with a specific focus on nurturing startups and young entrepreneurs. The ultimate goal is to empower African youth to establish competitive businesses that can thrive regionally and globally, attract domestic and foreign investments, and substantially contribute to job creation and economic growth.
This program is an integral part of the African Development Bank's Jobs for Youth in Africa Strategy 2016-2025. According to Martha Phiri, the Director of the Bank's Human Capital, Youth, and Skills Development Department, fostering innovative and competitive modern businesses is crucial for Africa's economic growth and global competitiveness.
Boost Africa has received a €20 million grant through a co-financing facility with the European Union. It consists of two major components:
1. Investment Programme: This provides seed funding, incubators, accelerators, and other resources to support innovative and scalable startups. Both the European Investment Bank and the African Development Bank will contribute €50 million in investment, with additional funding from public and private investors, aiming to attract over €1 billion in investments.
2. Technical Assistance Pool: This enhances capacity building and supports first-time local fund managers, offering business and technical training for investee companies and entrepreneurs. It also includes the E-Lab, an innovation and entrepreneurship lab that catalyzes innovation, shares best practices, and supports ecosystem interventions at the country level.
Boost Africa's focus sectors include ICT, agribusiness, financial services, health, education, and renewable energy, with an emphasis on intermediaries benefiting youth and women. The initiative is expected to have a substantial development impact, supporting 1,500 startups, creating 25,000 direct and 70,000 indirect jobs, and leveraging €1 billion in investments.
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https://www.afdb.org/en/news-and-events/boost-africa-initiative-how-african-development-bank-empowering-young-entrepreneurs-and-driving-growth-64075
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24 more agrees trigger contact with the recipient

  • Saustine Lusanzu

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    33 w

    Great initiative

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    • Gorffly mokua

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      44 w

      Incredible.πŸ’šπŸ‘

      6
      • CHRIS NGATIA

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        44 w

        Great..!!!

        8
        • Elizabeth Gathigia

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          β€’

          44 w

          A great initiative πŸ‘

          11
          • Johannes Luiga

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            β€’

            44 w

            very good!

            6
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