AfDB Announces $2m Fund for African Fashion and Tech Entrepreneurs

The African Development Bank (AfDB) is moving quickly with its plans to create more jobs on the continent. The development bank just announced a new $2 million funding for African entrepreneurs. The new fund target entrepreneurs in the tech ecosystem, agriculture and clothing business.

AfDB's Fund for African Private Sector Assistance (FAPA), has provided funds totaling nearly USD 2 million to its 'Jobs for Youth in Africa' initiative#Africa #youth #Jobs #women #industrialization #MSMEs #ICT https://t.co/FxyN1BrgDm

— Devdiscourse (@dev_discourse) September 25, 2018

Managed under the Fund for African Private Sector Assistance (FAPA), the entrepreneurs can access the funds through two platforms.

The primary way for entrepreneurs to access the fund is through the Fashionomics Africa Digital Marketplace platform. The Fashionomics platform is an all in one portal that provides information to entrepreneurs in the fashion and clothing industry. The platform also shares job opportunities and helps entrepreneurs connect and share ideas with each other.

#Africa has the largest young population in the world.

How can we leverage this demographic dividend to be a strategic, competitive advantage for economic transformation for the continent? 🌍Share your ideas! pic.twitter.com/Mdx7QHksMz

— African Development Bank Group (@AfDB_Group) September 18, 2018

AfDB’s Entrepreneurship and Innovation Lab programmes (eLab) is the second way entrepreneurs can access the $2 million funds which primarily caters to innovators in the agricultural and tech sectors.

According to a report, the AfDB will invest $923,570 and $988,202 in Fashionomics and eLabs respectively.

"FAPA resources promote innovative programs such as #ELab and #Fashionomics #Africa and we're happy to see this diverse and creative portfolio. Both projects focus on promoting entrepreneurship and #ICT tools as drivers for development," said ED Takuji Yano🇯🇵 at the launch. pic.twitter.com/HUNgPtEHOw

— African Development Bank Group (@AfDB_Group) September 13, 2018

This is the latest move by the bank in its quest to push for more job opportunities for African youths. In November 2017, the bank launched the “Jobs for Youth” initiative to create 25 million jobs for youths by 2025. The jobs for youth also aims to train 50 million young Africans in several skills to make them employable in the knowledge-based economy.

True to this initiative, the bank opened applications for its Youth Entrepreneurship and Innovation Multi-donor Trust Fund (YEI Trust Fund). The $4 million fund is aimed at supporting tech hubs and other entrepreneurship hubs across Africa for Youth Innovation.