July 20, 2023
The African Development Fund (ADF) has approved the establishment of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia to unleash the business potential of young Liberians. Approximately $16 million has been allocated to fund this strategic initiative, which aims to support youth-led micro, small, and medium enterprises in Liberia’s agribusiness and allied sectors.
The YEIB is expected to benefit over 30,000 youth-led businesses over the next 17 years, acting as a catalyst for creating a financial ecosystem for youth entrepreneurship in the country, which is currently non-existent. Benedict Kanu, the African Development Bank Group Country Manager for Liberia, emphasized that the YEIB could create 120,000 direct and indirect jobs and unlock approximately US$500 million in additional lending, making a significant impact on job creation and financial inclusion.
With over 60% of its population comprising young people, Liberia faces high unemployment rates, leading to limited opportunities for its youth. The lack of adequate financial literacy, education, and entrepreneurial skills has contributed to the challenges faced by micro, small, and medium enterprises, with up to 90% of them failing within the first year of operation.
The Youth Entrepreneurship and Investment Bank project aims to address these issues by providing financial and non-financial services to young entrepreneurs, fostering inclusion, reducing vulnerabilities, and promoting long-term sustainability.
Ahmed Attout, the African Development Bank Group Financial Sector Development Acting Director, emphasized the significance of the project, stating that fostering youth entrepreneurship is a key aspect of their mission. He highlighted that the project goes beyond finances, focusing on capacity building, promoting innovation, and empowering youth to drive economic transformation.
Liberia offers various investment opportunities, particularly in the agriculture sector, which engages around 70% of the population. Other promising avenues for investment include IT, renewable energy, and light industrial manufacturing.
The implementation of the Youth Entrepreneurship Investment Bank project will involve collaboration with key stakeholders, including the government, commercial banks, and micro, small, and medium enterprises. This initiative is seen as an investment in Africa’s future, as it seeks to empower young entrepreneurs and drive economic growth and development in Liberia.
photo source: google
Delino Gayweh
Serrari Financial Analyst
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