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The State Secretariat for Economic Affairs of the Government of the Swiss Confederation (SECO) and the African Development Bank signed Thursday two agreements to fund African initiatives in conjunction with the Bank's Annual Meetings in 2019.
SECO paid 3 million Swiss francs to the Entrepreneurship Lab (E-Lab) for innovative young entrepreneurs and 200,000 Swiss francs to the Urban and Municipal Development Fund for Africa (UMDF), which helps African cities to plan and manage urban growth and development resilient to climate change. improving governance and basic services.
"These days, it's important for partners to work together … to bring talent together in a complementary way … These are two areas that are forward-looking and positive for the African continent," said Governor Raymund Furrer. Bank for Switzerland, which has signed on behalf of SECO at the Sipopo conference center in Malabo, Equatorial Guinea.
Bajabulile Swazi Tshabalala, Vice President of Finance and Chief Financial Officer of the Bank, who signed on behalf of the Bank, said: "Our partnership goes beyond the constant and strong support of the two main windows of the Bank Group. Bank … Let me take this opportunity. to thank Switzerland for these two very valuable contributions, but also to be a long-standing partner of the Bank Group, "she said.
Switzerland joined the African Development Fund nearly 50 years ago in 1972 and has been a full member of the African Development Bank for almost 40 years since 1982.
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The e-lab, part of Boost Africa's strategy, provides young innovative entrepreneurs with financing, technical badistance and broader ecosystem support through incubators, accelerators, fund managers and others.
Five countries have been identified to pilot the electronic laboratory: Côte d'Ivoire, Kenya, Ghana, Nigeria and South Africa.
"Boost Africa" was launched in partnership with the African Development Bank and the European Investment Bank to strengthen entrepreneurship and innovation in Africa. The initiative, which has also been supported by the European Commission and other donors, is part of the Bank's strategy for youth employment in Africa (2016-2025) aimed at create 25 million jobs and reach 50 million young people by catalyzing job-creating private sector investment. For the young.
The success of entrepreneurship is key to economic growth and job creation in Africa. According to the Bank's Economic Outlook Report, between 11 and 13 million more young people will join Africa's workforce every year between 2015 and 2030, and only 3 million will find secure employment.
More than 20% of the working-age population in Africa is creating new businesses, the highest rate in the world. Companies with fewer than 20 employees and less than five years of experience provide the largest number of jobs in the formal African sector.
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