Monrovia: Liberia has become the first country to launch an African Development Bank Group initiative aimed at tackling youth unemployment across Africa. The Youth Entrepreneurship Investment Bank (YEIB) is set to transform young Liberians from job seekers into job creators, offering a promising future for the nation’s youth.
According to African Press Organization, the program is jointly financed by the African Development Fund, which is the concessional lending arm of the African Development Bank Group, contributing $15.9 million, along with $1.2 million in in-kind contributions from the Government of Liberia. Liberia’s President Boakai emphasized the significance of the initiative, highlighting that over sixty percent of the population is under the age of thirty. He stated that the program will provide financing, mentorship, and essential skills for success in sectors such as agriculture, technology, and the knowledge-based economy.
Dr. Adesina, commenting on the importance of the initiative, stated that Liberia must not stand by as its youth falter. He urged that the future of Liberia’s youth cannot be left to hustling. With recruitment ongoing and licensing expected soon, the Liberian YEIB is anticipated to begin operations in early 2026. It will focus on sectors with significant opportunities for young people, including agriculture, agribusiness, digital services, mining, and tourism.
Youth entrepreneurship banks have also been approved for Nigeria, Ethiopia, and Cote d’Ivoire, demonstrating a growing commitment to private sector development through improved financing for entrepreneurs. This is particularly crucial on a continent where three-quarters of the population are below the age of 35.
The African Development Bank has been a significant investor in Liberia since 1967, investing more than $1.02 billion in 72 projects. As of February 2024, the Bank had an active portfolio of 18 sovereign operations valued at $314.77 million, focusing mainly 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.
The operations of the Bank in Liberia are funded through various sources, primarily the African Development Fund, supplemented by the Transition Support Facility and specialized funds like the Nigeria Trust Fund.