The African Development Bank (AfDB) has inked a deal with Microsoft to teach and finance Africa’s youth entrepreneurs as part of the AfDB Youth Entrepreneurship Investment Banks (YEIB).
The bank seeks to support the establishment of national-level institutions through a public-private collaboration model to scale up technical and financial support for youth entrepreneurs and build their capacity.
Through its African Transformation Office (ATO), Microsoft will work with the bank to develop youth entrepreneurship ecosystems, creating jobs and scaling impact through digital inclusion.
In a statement, Microsoft Africa Regional Cluster general manager Wael Elkabbany said they believe much can be done to help foster youth entrepreneurship in the continent.
“This will drive greater economic inclusion for this key segment of the population, and ultimately build a more prosperous society,” Wael Elkabbany.
On his part, AfDB Vice president for Private Sector, Infrastructure and Industrialisation Solomon Quaynor said the partnership is an important journey towards harnessing Africa’s demographic dividend.
“Such strategic partnerships will go a long way in creating of millions of jobs for young Africans by 2025,” Solomon Quaynor.
Through the initiative, the bank will bring together all relevant financial and non-financial parties and partners to play their respective roles in supporting youth entrepreneurs.
The partnership forms an important part of Microsoft ATO’s mission to empower 10 million SMEs through access to skilling initiatives and investments as the company intends to generate the capacity needed to scale and provide digital skills to 30 million Africans.
Read also; AfCFTA Secures $11.24 Million Grant from AfDB for African Intra-Trade.
