AfDB and AFD Partner to Boost Youth Entrepreneurship in Cote d’Ivoire

On 12 October 2024, the African Development Bank (AfDB) and the Agence Francaise de Developpement (AFD) joined hands to give a boost to youth and women entrepreneurship and empowerment in Cote d’Ivoire.

The institutions will make available financing to the tune of EUR 225 million subject to final approval of the Board of AfDB. According to the announcement, AfDB will provide EUR 145 million while AFD will bring ERU 80 million.

The funds will be targeted at youth in the 15 to 35-year old bracket and will prioritize the development of SME run by youngsters and women. For AfDB, the initiative is in line with its Youth Entrepreneurs Investment Bank (#YEB), while for AFD, it form parts of the #ChooseAfrica. These programs will support the Ivorian government’s own #GUDEPME initiative.

On 11 October 2024, the Ivorian PM Robert Mambe and French minister of Francophonie and international partnerships Thani Soilihi co-chaired the signing ceremony of the bilateral agreement. According to the agreement, the AFD# Choose Africa 2 will support the operationalization of the Ivorian GUDE-PME in favor of SME to the tune of FCFA 52.45 billion (EUR 80 million).

Cote d’Ivoire has established rules to favor SME. For all public tenders, at least 30% should go to local SME. The SME sector is a significant contributor to employment and economic dynamism in Cote d’Ivoire.

According to some estimates, Africa has 420 young entrepreneurs and the number is expected to double by 2050. Each year, nearly 20 million youngsters join the job market and starting a business is an option for many.