AfDB has announced the funding to be injected for somewhere close to USD two million for the two sectors in Africa. The sectors which will enjoy the benefit will be the technology and the textile industry keeping women in mind. This will be facilitated by Fund for African Private Sectors(FAPA), of which Government of Japan is a major donor along with Australian Government and African Development Bank.
The two major initiative of AfDB are The Entrepreneurship and Innovation Lab Programs (eLab) and Fashionomics Africa Digital Marketplace. The areas are expected to boost multiple folds in term of growth as well as job opportunities. The infusion of capital will act as a catalyst to this development. The respective funding to be injected in the two initiative is as follows – Fashionomics Africa Digital Marketplace to get USD 923 k while the e-labs initiative is going to be pumped with USD 988 k.
The contribution is keeping pace with the vision of the bank that centers around creating the enabling environment that can support the growth of African Small Enterprises. The programs is aimed at bringing out the best when it comes to job opportunities as well as business growth for youths and women of Africa.
“Africa hosts the world’s youngest population, which will double to almost one billion by 2050. The continent needs to create jobs much faster, particularly for women and youth,” said Vanessa Moungar, Director of Women, Gender and Civil Society Department at the Bank.
“FAPA’s generous support will go a long way to accelerating the Jobs for Youth Entrepreneurship & Innovation Lab and Fashionomics Africa Digital Marketplace programs that contribute to meeting these needs,” Moungar further remarked on Thursday, 13 September 2018, during the funding announcement event, which was themed “Entrepreneurs 2.0 – When fashion meets technology”.
Babatunde Olumide Omilola, Manager for Public Health, Security, and Nutrition, AfDB, puts light at the benefits that the eLab program could provide young entrepreneurs with, citing technical assistance, broader ecosystem support, and finance as prime examples. He also emphasis on the target beneficiaries who are the young businessman and intermediaries focused on the three prioritized sectors namely, Agriculture, Information and Communication Technology and Industry.
The moment is blissful for African youth in terms of business opportunities as well as job vacancy expected to boost with the funding in relevant sectors.