Monrovia: Liberia has become the first country to launch an African Development Bank Group initiative aimed at tackling youth unemployment across Africa. The program, which is the Youth Entrepreneurship Investment Bank (YEIB), seeks to transform young Liberians from job seekers into job creators.
According to African Press Organization, the Youth Bank is a collaborative effort, jointly financed by the African Development Fund, which is the concessional lending arm of the African Development Bank Group, with a contribution of $15.9 million, and the Government of Liberia, providing $1.2 million in in-kind contributions. President Boakai highlighted the significance of the initiative, noting that it addresses the needs of a demographic where over sixty percent are under the age of thirty. The program is set to provide financing, mentorship, and necessary skills to succeed in sectors such as agriculture, technology, and the knowledge-based economy.
Dr. Adesina emphasized the importance of empowering Liberia's youth, stating that the future cannot rely on hustling alone. He mentioned that with recruitment underway and licensing expected soon, the YEIB is anticipated to begin operations in early 2026. The focus will be on sectors offering significant opportunities for youth, including agriculture, agribusiness, digital services, mining, and tourism.
The approval of similar youth entrepreneurship banks in Nigeria, Ethiopia, and Côte d'Ivoire indicates a growing commitment to enhancing private sector development through improved financing opportunities for young entrepreneurs. This is particularly crucial on a continent where three-quarters of the population is under the age of 35.
Since 1967, the Bank has invested over $1.02 billion in 72 projects within Liberia. As of February 2024, the Bank maintained an active portfolio of 18 sovereign operations valued at $314.77 million, focusing primarily on transport infrastructure, energy development, and agricultural transformation. These projects include initiatives like the Mano River Union road network, regional power interconnection, and support for smallholder farmers.
The Bank's operations in Liberia are supported by various funding sources. The African Development Fund is the primary financier, complemented by the Transition Support Facility and specialized funds such as the Nigeria Trust Fund.