Monrovia: Liberia has become the first country to launch an African Development Bank Group initiative aimed at tackling youth unemployment among African youth. The program is designed to transform young people from job seekers into job creators, marking a significant step towards addressing the employment challenges faced by the continent’s youth.
According to African Press Organization, the Youth Entrepreneurship Investment Bank (YEIB) in Liberia is being jointly financed by the African Development Fund, the concessional lending arm of the African Development Bank Group, with a contribution of $15.9 million, and the Government of Liberia, which is providing $1.2 million in in-kind contributions. President Boakai emphasized that the initiative targets the heart of Liberia’s future, as over sixty percent of the population is under the age of thirty. It aims to provide financing, mentorship, and skills development in sectors such as agriculture, technology, and the knowledge-based economy.
Dr. Adesina highlighted the necessity of this initiative by stating that the future of Liberia’s youth cannot be left to hustling. With recruitment ongoing and licensing expected to be completed shortly, the Liberian YEIB is set to commence operations in early 2026. The bank will focus on sectors with significant opportunities for the youth, including agriculture, agribusiness, digital services, mining, and tourism.
Youth entrepreneurship banks have also been approved for Nigeria, Ethiopia, and Côte d’Ivoire, which demonstrates a growing commitment to enhancing private sector development through improved financing for entrepreneurs. This initiative is particularly relevant on a continent where three-quarters of the population are below the age of 35.
Since 1967, the African Development Bank has invested over $1.02 billion in 72 projects in Liberia, with an active portfolio of 18 sovereign operations worth $314.77 million as of February 2024. These projects primarily focus on transport infrastructure, energy development, and agricultural transformation. Key investments include the Mano River Union road network, regional power interconnection initiatives, and programs supporting smallholder farmers across the country.
The bank’s operations in Liberia are funded through various sources, with the African Development Fund providing the majority of financing, supplemented by the Transition Support Facility and specialized funds such as the Nigeria Trust Fund.