Switzerland gives 3.2 million Swiss francs to African Development Bank’s ‘Boost Africa’ E-Lab and urban development fund

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Midea Showrooms And Stores In Nigeria

If you’ve been wondering where Midea showroom and stores are in Nigeria below is a list of Showrooms and...

Ankara Styles For Slim Ladies: Top 5 Looks You Must Try! (Pictures)

Today’s fashion of Nigeria shows off plenty of Ankara styles for slim ladies, that will help them to create a...
- Advertisement -
- Advertisement -

‘Boost Africa’ was originated in conjunction with the African Development Bank and the European Investment Bank to improve entrepreneurship and innovation over Africa.

The State Secretariat for Economic Affairs of the Government of the Swiss Confederation (SECO) and the African Development Bank on Thursday signed two agreements to fund African initiatives on the sidelines of the Bank’s 2019 Annual Meetings.

SECO contributed 3 million Swiss francs to the Entrepreneurship Lab (E-Lab) for innovative young entrepreneurs and 200,000 Swiss francs to the Urban & Municipal Development Fund for Africa (UMDF), which helps African cities plan and manage urban growth and climate-resilient development by improving governance and basic services.

“These days it’s important that partners work together … to put talents together in a complementary fashion … These are two areas which are forward-leaning and positive for the African continent,” said Raymund Furrer, Bank Governor for Switzerland, who signed on behalf of SECO at the Sipopo Conference Center in Malabo, Equatorial Guinea.

Read:  AfDB Signs $4.8 Million For AfCFTA

Bajabulile Swazi Tshabalala, the Bank’s Vice President for Finance and Chief Finance Officer, signed on behalf of the Bank. “Our partnership goes beyond the consistent and strong support of the two main windows of the Bank Group … Let me then take this opportunity to thank Switzerland for these two very valuable contributions, but also, for being a long-standing partner of the Bank Group,” she said.

Switzerland joined the African Development Fund almost 50 years ago in 1972 and has been a full member of the African Development Bank for close to 40 years, since 1982.

Read:  Japan And African Development Bank Announce $3.5 Billion In Support Of Africa’s Private Sector Development

The E-Lab, a component of the Bank’s ‘Boost Africa’ strategy, provides innovative young entrepreneurs with financing, technical assistance and broader ecosystem support through incubators, accelerators, fund managers and others.

Five countries have been identified to pilot the E-Lab: 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 enhance entrepreneurship and innovation across Africa. The initiative, which has also received backing from the European Commission and other donors, is part of the Bank’s Jobs for Youth in Africa Strategy (2016-2025) to create 25 million jobs and impact 50 million youth by catalysing private sector investments that create employment for youth.

Read:  European Investment Bank Expands Trade & Investment Insurance Benefits To West Africa

Successful entrepreneurship is key to Africa’s economic growth and job creation. According to the Bank’s Economic Outlook Report, between 11 and 13 million more young people will join Africa’s labour force every year between 2015 and 2030, and only 3 million will find secure employment.

More than 20% of Africa’s working age population are starting new businesses, the highest rate in the world. Businesses with fewer than 20 employees and less than 5 years’ experience provide the most jobs in Africa’s formal sector.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

TV Sales Volume of TCL Electronics Remains No.2 in US Market

SHENZHEN, CHINA - EQS Newswire - 14 November 2019 - As a global leading manufacturer of Smart TV brand, TCL Electronics (the...

ECOVACS ROBOTICS’ AI Research Paper Presented at IROS 2019

MACAU, CHINA - Media OutReach - 14 November 2019 - ECOVACS ROBOTICS presented a paper on its 3D Simultaneous Localization and Mapping (SLAM) in service robotics technology...

Challenges Facing Financial Inclusion In Nigeria

Financial inclusion is a term used to describe a population’s reasonable access to affordable financial services. Financial services in this context include a range of...

The State of Financial Services in Sub-Saharan Africa: How Youth in Six African Nations Spend, Save, And Invest – Report

Since the reformation of financial sectors throughout Africa in the 1990s, there has been a focus on economic development in sub-Saharan Africa through the...

More Articles Like This