African Development Bank approves EUR 139 million loan to support youth employment in Côte d'Ivoire

The African Development Bank (AfDB) has recently approved a significant loan of €139 million aimed at enhancing youth employment in Côte d'Ivoire. This initiative is part of the broader strategy to address the pressing issue of youth unemployment across Africa, which has been exacerbated by economic challenges and the impacts of the COVID-19 pandemic.

Loan Details and Objectives

The loan will support the implementation of the Youth Employment and Skills Development Project, which focuses on:

• Improving technical and vocational education and training (TVET) systems.
• Enhancing employability through targeted skill development programs.
• Creating job opportunities in various sectors including agriculture, ICT, and entrepreneurship.

According to AfDB President Akinwumi Adesina, this funding is crucial for equipping young Ivorians with the skills necessary to thrive in a competitive job market. The project aims to train over 100,000 young people by 2025.

Context of Youth Unemployment in Côte d'Ivoire

Côte d'Ivoire faces a significant challenge with youth unemployment, where approximately 60% of the population is under 25 years old. Despite economic growth, job creation has not kept pace with the influx of young people into the labor market. The AfDB's initiative seeks to address this mismatch between education and employment opportunities.

The Jobs for Youth in Africa Strategy (2016-2025) aims to create 25 million jobs and equip 50 million youths with employable skills across the continent. This project aligns with these objectives by focusing on practical solutions that enhance job readiness and entrepreneurship among youth.

Partnerships and Collaborations

The success of this project hinges on collaboration between various stakeholders, including:

• The Ivorian government, which will implement policies supporting youth employment.
• Private sector partners who will provide internships and job placements for trainees.
• International organizations that will offer technical assistance and funding support.

Such partnerships are essential for creating a sustainable ecosystem that fosters youth employment opportunities beyond the project's lifespan.

The AfDB's €139 million loan represents a significant step towards addressing youth unemployment in Côte d'Ivoire. By enhancing vocational training and creating job opportunities, this initiative not only aims to improve the lives of young Ivorians but also contributes to the overall economic development of the country. As Africa's youth population continues to grow, initiatives like these are critical for harnessing their potential and driving sustainable economic growth across the continent.