{"id":40683,"date":"2023-07-22T15:53:41","date_gmt":"2023-07-22T15:53:41","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia"},"modified":"2023-07-22T16:11:27","modified_gmt":"2023-07-22T16:11:27","slug":"afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia","title":{"rendered":"AfDB Approves US$16M for Youth Entrepreneurship Investment Bank in Liberia"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>In an exciting move to unleash the business potential of young Liberians, the Board of Directors of the African Development Fund (ADF) has given the green light for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in the West African country.<\/p>\n

Approximately US$16 million has been allocated to finance this strategic initiative, which targets youth-led micro,small, and medium enterprises in Liberia\u2019s burgeoning agribusiness and allied sectors.<\/p>\n

The bank anticipates supporting over 30,000 youth-led businesses over the next 17 years. The YEIB will be the initial catalyst for developing a financial ecosystem for youth entrepreneurship in Liberia, which is currently non-existent.<\/p>\n

\u201cBy creating 120,000 direct and indirect jobs and unlocking approximately US$500 million in additional lending, it could lay the groundwork for future, potentially more profitable investments. The YEIB is a long-term investment with a significant impact on job creation and financial inclusion,\u201d said African Development Bank Group Country Manager for Liberia, Benedict Kanu.<\/p>\n

Liberia\u2019s youthful population, accounting for over 60% of its citizens, is experiencing high unemployment, meaning many young people do not get the opportunities they deserve.<\/p>\n

\u201cWith about 45% of its youth not involved in employment, education, or training, Liberia is facing daunting youth employment challenges, with notable implications for social cohesion, fragility, and resilience,\u201d Kanu added.<\/p>\n

A primary cause has been the absence of adequate financial literacy, education, and entrepreneurial skills. Micro, small, and medium enterprises \u2014 vital contributors to Liberia\u2019s economic growth \u2014 are particularly hard hit, with up to 90% failing within the first year of operation.<\/p>\n

The Youth Entrepreneurship and Investment Bank project will help mitigate these issues by providing financial and non-financial services for young entrepreneurs, ensuring inclusion, reducing vulnerabilities, and preparing for long-term sustainability.<\/p>\n

The establishment of a Youth Entrepreneurship Investment Bank in Liberia will enhance institutional stewardship and oversight of the youth entrepreneurship ecosystem, thus helping to drive economic growth and development.<\/p>\n

African Development Bank Group Financial Sector Development Acting Director Ahmed Attout said the launch of the Youth Entrepreneurship Investment Bank project in Liberia was a landmark moment.<\/p>\n

\u201cFostering youth entrepreneurship is at the heart of our mission,\u201d Attout said. \u201cThe Youth Entrepreneurship Investment Bank project is a testament to this commitment; an investment in our youth is an investment in Africa\u2019s future,\u201d he said.<\/p>\n

Attout said beyond finances, the project is \u201cabout capacity building, promoting innovation, and empowering our youth to drive economic transformation\u201d.<\/p>\n

Liberia presents numerous opportunities for investment, especially in the agriculture sector, which engages about 70% of the population. Further, sectors like IT, renewable energy, and light industrial manufacturing offer promising avenues for investment.<\/p>\n

The implementation of the Youth Entrepreneurship Investment Bank project will be carried out in close collaboration with a range of key stakeholders, including the government, commercial banks, and micro, small, and medium enterprises.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. In an exciting move to unleash the business potential of young Liberians, the Board of Directors of the African Development Fund (ADF) has given the green light for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in the West African country. Approximately US$16 million has been allocated to finance this strategic […]<\/p>\n","protected":false},"author":84,"featured_media":40681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-40683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nAfDB Approves US$16M for Youth Entrepreneurship Investment Bank in Liberia - Liberia<\/title>\n<meta name=\"description\" content=\"In an exciting move to unleash the business potential of young Liberians, the Board of Directors of the African Developm ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB Approves US$16M for Youth Entrepreneurship Investment Bank in Liberia\" \/>\n<meta property=\"og:description\" content=\"In an exciting move to unleash the business potential of young Liberians, the Board of Directors of the African Developm ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T15:53:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T16:11:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2023\/07\/sm_1690029593.689059.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"AfDB Approves US$16M for Youth Entrepreneurship Investment Bank in Liberia\",\"datePublished\":\"2023-07-22T15:53:41+00:00\",\"dateModified\":\"2023-07-22T16:11:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia\"},\"wordCount\":481,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2023\/07\/sm_1690029593.689059.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/afdb-approves-us16m-for-youth-entrepreneurship-investment-bank-in-liberia\",\"name\":\"AfDB Approves US$16M for Youth Entrepreneurship Investment Bank in Liberia - 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