An initiative launched by the African Development Bank and the European Investment Bank, ‘Boost Africa’, has received 3 million Swiss Francs to its Entrepreneurship Lab to enhance entrepreneurship and innovation across Africa.
The boost came from State Secretariat for Economic Affairs of the Government of the Swiss Confederation, SECO and the African Development Bank on the sidelines of the Bank’s 2019 Annual Meetings.
SECO contributed 3 million Swiss Francs to the Entrepreneurship Lab for innovative young entrepreneurs and 200,000 Swiss Francs to the Urban & Municipal Development Fund for Africa to help African cities plan and manage urban growth.
The initiative, which has also received backing from the European Commission and other donors, is part of the Bank’s Jobs for Youth in Africa Strategy (2016-2025) to create 25 million jobs and impact 50 million youth by catalyzing private sector investments that create employment for youth.
Switzerland joined the African Development Fund almost 50 years ago in 1972 and has been a full member of the African Development Bank for close to 40 years, since 1982.
The E-Lab, a component of the Bank’s ‘Boost Africa’ strategy, provides innovative young entrepreneurs with financing, technical assistance, and broader ecosystem support through incubators, accelerators, fund managers and others.
Five countries have been identified to pilot the E-Lab: Côte d’Ivoire, Kenya, Ghana, Nigeria, and South Africa.