ABIDJAN, Ivory Coast (BG) – Ivory Coast is embarking on a bold journey to address youth unemployment and boost entrepreneurship through a €139.68 million initiative spearheaded by the African Development Bank Group.
The ambitious program will equip young Ivorians with market-ready skills, establish a Youth Entrepreneurship Investment Bank (YEIB), and create over 196,000 jobs across key economic sectors by 2030.
Targeting High-Impact Sectors
The program focuses on training more than 8,700 young people, with half being women, in five strategic industries: renewable energy, the digital economy, agribusiness, the blue economy, and the textile and clothing industry.
These sectors were chosen for their potential to drive job creation, foster economic growth, and advance sustainable development in Ivory Coast.
By integrating young people into these industries, the project aims to generate 43,216 direct jobs and 153,094 indirect jobs by 2030, ensuring equal opportunities for women.
It also plans to train 214 teacher-trainers and support a dozen entrepreneurship organizations, ensuring a well-rounded approach to youth empowerment.
A Cornerstone for Youth-Led Entrepreneurship
A key highlight of the program is the establishment of the Youth Entrepreneurship Investment Bank (YEIB), which will serve as a hub for financial and technical assistance.
The YEIB will offer equity and quasi-equity financing, create loan guarantees to incentivize local bank lending, and provide technical services tailored to young entrepreneurs.
“The African Development Bank Group funding will help Ivory Coast to address the challenges of youth employment by equipping young people with skills needed for the productive private sector,” said Joseph Ribeiro, the Bank’s Deputy Director General for West Africa.
The initiative will also partner with trade confederations, private sector companies, and incubators to ensure the training aligns with market demands.
For instance, the national training center for harbor master’s officers in Abidjan will undergo significant upgrades, including a port manoeuvres simulator, transforming it into a regional center of excellence.
Scaling Up Proven Models
Building on the success of similar initiatives, the program will draw lessons from the Bank’s Enable Youth program, a flagship initiative promoting entrepreneurship and innovation in agribusiness.
This ensures that young Ivorians receive tailored training and access to opportunities proven to yield results.
Ivory Coast is addressing unemployment and empowering its youth to shape a sustainable, inclusive economy through this investment.
With the AfDB’s support, the West African country sets an example for others across the continent to pursue economic empowerment and equitable development.
