The establishment of a Youth Entrepreneurship Investment Bank in Liberia will receive $16 million from the African Development Fund, the concessional lending division of the African Development Bank Group.
The News Agency of Nigeria reported that the fund was granted, according to a statement posted on the AfDB website, to help young Liberians realize their full economic potential.
The Liberia country manager for the AfDB Group, Benedict Kanu, claims that a budget of about $16 million has been set aside to support this strategic goal.
The initiative, according to Kanu, is intended to support youth-run micro, small, and medium-sized businesses in Liberia’s expanding agribusiness and related industries.
“Over 30,000 youth-led businesses are expected to receive support from the YEIB over the next 17 years,
“The YEIB will serve as the initial impetus for creating Liberia’s currently nonexistent financial environment for young entrepreneurship.
“It can establish the framework for future, potentially more lucrative investments by generating 120,000 direct and indirect jobs and releasing about $500 million in further funding.”
“The YEIB is a long-term investment with a significant impact on job creation and financial inclusion,” he declared.
Over 60% of Liberia’s population is under the age of 30, and Kanu claims that because of the country’s high unemployment rate, many young people are not given the opportunity they deserve.
“With about 45% of its youths not participating in employment, education, or training, Liberia is confronting significant issues with youth employment.”
He claimed that inadequate financial literacy, education, and entrepreneurship abilities were major contributors to this.
“Up to 90% of micro, small, and medium-sized businesses fail within the first year of operation, making them particularly hard impacted and important drivers of Liberia’s economic growth.
“By offering young entrepreneurs financial and non-financial services, assuring inclusiveness, decreasing vulnerabilities, and setting up for long-term sustainability, the bank project will assist ameliorate these difficulties.
“The creation of a YEIB in Liberia will improve institutional oversight and stewardship of the youth entrepreneurship ecosystem, thus helping to drive economic growth and development,” he added.
Liberia has a wide range of investment prospects, particularly in the agriculture industry, which employs roughly 70% of the country.
Additionally, attractive investment opportunities are provided by industries including information technology, renewable energy, and light industrial manufacturing.
A number of important parties, including the government, commercial banks, and micro, small, and medium-sized businesses, will work closely together to implement the YEIB.
