MONROVIA: A high-power delegation of the African Development Bank (AfDB) is currently visiting Liberia with the primary goal of engaging stakeholders with aim of establishing the Youth Entrepreneurship and Investment Bank (YEIB), a press release from the office of Liberia’s Vice President, Jewel Howard-Taylor, has revealed.
Led by Mr. Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure, and Industrialization, the delegation paid a visit to the Capitol Building office of Vice President Howard-Taylor on Monday, April 3, 2023.
According to the release, the meeting between the bank’s delegation and VP Taylor was centered on the bank’s plan to launch the Youth Entrepreneurship and Investment Bank in Liberia.
When established, YEIB will be the main source of funding to Liberia’s Youth Entrepreneurship initiatives.
YEIB will also provide the pathway for youth entrepreneurs to benefit from financial and non-financial assistance programs as a means of addressing the increased rate of youth unemployment in the country, the release stated.
The release also quoted AfDB delegation as saying financial services for the benefit of youth entrepreneurs will mainly focus on the provision of loans with zero interest and longer duration for refund.
Accordingly, the non-financial services will come in the form of capacity building, mentorship, and financial skills to help entrepreneurs and as well boost youth entrepreneurship.
The YEIB youth entrepreneurship program, according to the Vice President’s office, will target three thematic areas which include Technical Assistance Fund, Credit Guarantee Fund, and Angel Investment Fund.
The Angel Investment Fund, the released said will support youth entrepreneurs who have ongoing businesses to expand at commercial levels and to meet market demands.
Accordingly, the Credit Guarantee Fund will make available substitutes for collateral which will help youth entrepreneurs to access funds for business, and the Technical Assistance Fund will support business development services and capacity building for entrepreneurs to develop and sustain their businesses.
The YEIB will be funded by the AfDB and MasterCard Foundation on a gender-balanced basis in support of the Pro-Poor Agenda for Prosperity and Development (PAPD), the release added.
When launched and operationalized, Liberia will be the third country for such investment after Nigeria and Ethiopia.
Vice President Howard-Taylor welcomed the initiative and pledged the Government of Liberia’s firm backing to ensure that the youths of Liberia are capacitated through skills- empowerment.
The AfDB is also expected to hold further discussions with the Central Bank of Liberia (CBL), the Ministry of Commerce, the Liberia Chamber of Commerce, and Youth Entrepreneurs from across the country.
Others on the listing for discussion with the delegation include Ministry of Finance Development Planning, the Ministry of Agriculture and Private Sector stakeholders among others, the release indicated.
