The African Development Bank (AfDB), in collaboration with the European Investment Bank (EIB), has launched Boost Africa. This initiative aims to harness the continent’s potential and create opportunities on the ground.
“Stimulating private sector development is the EIB’s priority on the African continent. Boost Africa is a new way for the EIB to do this, in line with the Sustainable Development Goals that call for the creation of quality jobs and sustainable growth, while reducing the effects of poverty. That is exactly what this initiative is about,” the website states.
Boost Africa is based on the belief that entrepreneurship and innovation play a key role in accelerating social progress and improving the standard of living and quality of life in Africa by meeting the needs of its people.
This new program aims to create a platform of excellence for launching internationally competitive businesses on African soil
Other opportunities include:
- facilitate and strengthen entrepreneurship and innovation in Africa,
- create new quality jobs for young Africans,
- contribute to the development of a successful entrepreneurial ecosystem in Africa,
- address the lack of financing in the early or riskiest stages of business start-ups,
- develop and strengthen the skills and expertise of young entrepreneurs.
Stimulating the entrepreneurial strength of young Africans will allow :
- to create modern, innovative and attractive companies,
- increase the competitiveness of these companies at the global and regional level,
- attract both domestic and foreign investment and diversify the investor profile,
- contribute significantly to job creation and economic growth.
For even more development
The initiative will support the development of affordable solutions to the main challenges faced by the most disadvantaged, from access to energy and health care to financial services, education and internet access. Supporting start-ups also means encouraging the democratisation of the economy, in a context characterised by an unequal distribution of wealth and numerous obstacles to the entry of new entrepreneurs into the market.
The types of sectors targeted by “Boost Africa”?
The focus will be on sectors where innovations will contribute to improving the quality of life of Africans, especially the poorest households, by providing access to products and services at a cost that is affordable to all. These areas include, but are not limited to:
- ICT
- agri-food
- financial services and financial inclusion
- health
- education
- renewable energies
The “Boost Africa” program has several components, including:
- An investment program
- Technical assistance
- An innovation laboratory
To learn more about the program click here
Africa is one of the world’s most dynamic economies, with a rapidly growing young population. Unfortunately, young graduates go abroad to practice and often do not return to Africa, which is a growing threat to the continent’s economic, social, environmental and technological progress. With Boost Africa 1 billion in additional investment, supporting 1 500 small and medium-sized enterprises (SMEs), creating 25 000 direct jobs and at least 70 000 jobs.
Source:eib.org
