In order to boost African tech entrepreneurs, agriculture and clothing sector, African Development Bank (AfDB) has invested almost $2-million in two initiatives. AfDB announced that the investment will be made through the development bank’s Fund for African Private Sector Assistance (FAPA).
The two programmes are part of AfDB’s Jobs for Youth in Africa Strategy — which invests in high-growth sectors with the potential to promote youth and women’s empowerment — in order to create 25 million jobs over the next decade.
The fund will go into Fashionomics Africa Digital Marketplace initiative an e-commerce platform for fashion and textiles entrepreneurs and the Entrepreneurship and Innovation Lab programmes (eLab) programme.
According to a communique by AfDB, the FAPA — which is funded by Japanese and Australian governments along with the AfDB — will invest $923 570 and $988 202 in the Fashionomics Africa Digital Marketplace and the eLab programmes, respectively.
Also, AfDB’s director of women, gender and civil society, Vanessa Moungar said FAPA’s support will help accelerate the Fashionomics Africa Digital Marketplace and eLab programmes which, she according to her will contribute to the creation of jobs for women and youth.
The AfDB stated that the two initiatives aligned with FAPA’s vision to create an investment-friendly climate for small businesses in the continent. The bank added that programmes will also provide platforms for strengthening and promoting entrepreneurship that target women and youth-led enterprises.
FAPA’s latest support for the Fashionomics Africa Digital Marketplace initiative will enable the further development of the platform which is designed to increase and facilitate access to markets and finance.
Additionally, the programme also aims to provide access to relevant information, mentorship and networking opportunities as well as develop the skills, competencies and qualifications of African designers and fashion entrepreneurs.
The AfDB’s manager for public health, security and nutrition Babatunde Olumide Omilola said the eLab programme will provide young entrepreneurs with financing, technical assistance and broader ecosystem support.
