AfDB board approves Boost Africa Investment Program


The Board of Directors of the African Development Bank has approved a €50-million worth Boost Africa Investment Program to empower young entrepreneurs across Africa.
The Director of the Financial Sector Development Department, AfDB, Ms. Stefan Nalletamby, explained that the initiative was designed to invest in truly innovative businesses, mostly operated by youth (18-35 years) and that are positively ‘disruptive’ in a local market context.
According to the AfDB spokesperson, the programme is one of the first instruments of the Bank’s recently approved Jobs for Youth Strategy, which responds to the renaissance of such entrepreneurially driven and home-grown business models in various sectors such as for example (off-grid) energy, telecom, agribusiness, industry, and privately delivered social services, such as health and education, that have the potential to grow and contribute significantly to inclusive growth and job creation.
“The Boost Africa Initiative thus aims to spur the entrepreneurial power of the African youth to create innovative and compelling businesses with the capacity to compete regionally and globally, to attract domestic and foreign direct investments, to create new and quality jobs, and contribute to economic growth,” she said.
She added that innovative start-ups need not only financing, but also capacity-building support and adequate networks and business connections, which will be offered through the broader Boost Africa Initiative that also has a Technical Assistance and a Lab component.