Liberia, AfDB Launch Youth Entrepreneurship Investment Bank

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ADNews-Monrovia, Liberia: President Joseph Nyuma Boakai, Sr.,   alongside the president of African Development Bank (AfDB), Dr. Akinwumi A. Adesina,  and others, launched the Liberia Youth Entrepreneurship Investment Bank (YEIB), honoring Dr. Adesina for his pivotal efforts towards the country’s development.

The launching ceremony, held at the EJS Ministerial Complex in Monrovia on Tuesday,  July 22, 2024, brought together members of the Liberian government, development partners, traditional leaders, and youth representatives.

The YEIB is jointly financed by the African Development Fund (US$15.9Million), Korea Africa Economic Cooperation (US$0.7Million), with the Government of Liberia providing US$1.2Million of in-kind support

YEIB is a bold and strategic response to Liberia’s youth employment crisis. With over 71% of Liberia’s population under the age of 35 and youth underutilization rates estimated at 76%, the Bank aims to unlock pathways for youth to move from informal employment and unemployment into entrepreneurship and productive enterprise.

Addressing the gathering, President Boakai hailed Dr. Adesina as a “great friend of Liberia and an outstanding African leader,” emphasizing his profound impact on the continent’s development.

“Dr. Adesina, your presence here today is significant to us. The fact that all three branches of our government are represented speaks volumes about the value we place on your visit and the respect we have for your leadership and contributions,” President Boakai declared.

He praised Dr. Adesina’s decade-long leadership of the African Development Bank, under which the Bank’s capital soared from a little over $2 billion in the previous fifty years to more than $4 billion in just ten years.

“That is not just progress, that is transformation,” Boakai said, drawing applause from the audience.

Highlighting the AfDB’s current portfolio in Liberia, the President noted its scale and significance: $408 million across 18 projects in critical sectors such as transport, energy, agriculture, finance, and multisectoral initiatives.

“These investments are not just numbers on paper. They are roads that connect our communities, energy that lights up homes and businesses, and agriculture projects that strengthen food security and create income for our farmers,” Boakai said.

He also credited the Bank’s support for public financial management reforms, which have helped improve fiscal discipline and strengthen service delivery in Liberia.

The YEIB is a bold initiative aimed at catalyzing economic opportunities and fostering job creation for Liberia’s young population. Jointly financed by the African Development Fund (US$15.9 million), Korea Africa Economic Cooperation (US$0.7 million), and in-kind support from the Government of Liberia valued at US$1.2 million, the YEIB represents a strategic response to the nation’s youth employment crisis.

With over 71% of Liberia’s population under the age of 35 and youth underutilization rates estimated at 76%, the Bank is designed to create pathways for young people to transition from informal and often precarious employment into entrepreneurship and productive enterprise.

In his special remarks, Dr. Adesina described the launch as a historic milestone for Liberia.

“Today is a day of hope, a day to invest in Liberia’s future and to unleash the entrepreneurial energy of the youth,” he said. “The Youth Entrepreneurship Investment Bank is not just an initiative; it is a game-changer for Liberia’s next generation.”

Dr. Adesina revealed that Liberia is the first African nation to operationalize a Youth Entrepreneurship Investment Bank under the AfDB’s continent-wide initiative.

He disclosed that the Bank aims to prioritize investments in key growth sectors such as agribusiness, digital services, mining, and tourism. Its ambitious targets include reaching 30,000 youth-led businesses, supporting 6,000 new and existing enterprises, creating approximately 120,000 jobs, generating over US$80 million in tax revenue, and unlocking up to US$500 million in additional private and public financing for youth entrepreneurship in Liberia.

To further strengthen the country’s entrepreneurship ecosystem, Dr. Adesina also announced plans to roll out Business Innovation and Development Centers (BIDCs) nationwide. These centers will serve as hubs for youth entrepreneurs and small businesses, providing technical assistance, advisory services, and access to public-sector programs.