New Investments
AfDB Approves $100 Million Loan to Boost Youth and Women-Led Enterprises in Nigeria Through YEIB Initiative
The African Development Bank (AfDB) has approved a $100 million loan to support youth and women-led micro, small, and medium enterprises (MSMEs) in Nigeria through the Youth Entrepreneurship Investment Bank (YEIB) initiative.
This innovative program aims to boost economic growth and job creation.
It serves as a collaborative platform for financial and non-financial partners, including Nigeria’s Ministry of Finance, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).
In addition to the AfDB’s contribution, DBN and NSIA will provide $25 million and $5 million, respectively.
The initiative is divided into two key components.
The first involves setting up the YEIB Investment Management Company, which will oversee three special-purpose vehicles: the Equity Investment Fund (EIF), the Ecosystem Development Fund (EDF), and the Credit Guarantee Facility (CGF).
These vehicles will provide financial aid, grants, and risk management support for youth and women-led businesses.
The second component focuses on equipping young entrepreneurs with the services needed to turn their ideas into viable businesses, addressing challenges such as youth unemployment and gender inequality.
The project is expected to create more than 161,000 direct jobs, 40% of which will be allocated to women, and 1.4 million indirect jobs, 35% of which will benefit women.
Additionally, over 38,000 youth-led enterprises will receive both financial and non-financial support, with 40% of the beneficiaries being women.
Dr. Abdul Kamara, AfDB’s Director General for Nigeria, highlighted the initiative’s potential to bridge gender gaps and promote entrepreneurship.
This is the third YEIB initiative approved by AfDB, following similar programs in Liberia and Ethiopia.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Mtor Secures $2.8 Million Pre-Seed Funding to Revolutionize Egypt’s Automotive Aftermarket Industry
Egyptian online auto parts marketplace Mtor has secured $2.8 million in pre-seed funding, led by venture capital firm Algebra Ventures, with participation from notable investors, including Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and several prominent local and global angel investors.
SA e-health startup Quro Medical raises $1.3m from the Mineworkers Investment Company
Quro Medical, a pioneering leader in innovative healthcare solutions, has secured a $1.3 million investment from the Mineworkers Investment Company (MIC)
Vantage Capital Pumps $47.5 Million into Expansion of Kenyan Business Park Two Rivers
Two Rivers International & Innovation Centre (TRIFIC SEZ), a unique services-oriented business park within Nairobi’s diplomatic zone, has secured a $47.5 million investment from Vantage Capital, Africa’s largest mezzanine fund manager.