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Italy has contributed EUR 5.5 million to African Development Bank Group’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, to foster job opportunities and economic growth in the region.
The Trust Fund has also empowered more than 12,000 young entrepreneurs who have gone on to transform their business plans and contribute to economic growth.
Italian officials announced the new financing during the Fund’s mid-year Oversight Committee Meeting held virtually on 26 June.
They reaffirmed the country’s commitment to fostering youth entrepreneurship and innovation in Africa.
Deputy Central Director for Development Cooperation at the Ministry of Foreign Affairs and International Cooperation of the Italian Republic, Marco Riccardo Rusconi, said his government was proud to contribute to the fund.
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This is according to a statement issued in Lusaka on Tuesday.
“The Italian government is proud to contribute to the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund and to support African youth in their entrepreneurial pursuits.
“We believe that fostering innovation and creating sustainable job opportunities – in particular for youth and women – are crucial for inclusive and resilient economic growth in Africa,” Rusconi said.
By the start of 2023, the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund facilitated the creation of more than 68,500 direct jobs for youth in Africa and improved access to financing for over 6,600 micro, small and medium enterprises across the continent.
The Trust Fund has also empowered more than 12,000 young entrepreneurs who have gone on to transform their business plans and contribute to economic growth.
Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development said: “We thank the government of Italy for its unwavering partnership and generous contribution.
“This support reflects a shared mission to nurture and provide necessary business skills to African youth, while promoting entrepreneurship and innovation.”
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