Highlighting the significance of the Bank's Innovation and Entrepreneurship Lab initiative, a promising young entrepreneur emphasized the need for the Bank to empower young Africans to "create and innovate."
The African Development Bank (www.AfDB.org) should enhance its support for women entrepreneurs, as well as young innovators and business founders, to alleviate poverty and address the unemployment crisis in Africa, as stated by young African business leaders.
These representatives of the African youth business community shared their insights during a panel discussion titled “Our world, our experience,” held shortly after the commencement of the Bank’s 60th anniversary celebrations.
Jean-François Yao, Regional Policy Advisor for Institutional Partnership at the International Committee of the Red Cross (ICRC), commended the Bank’s updated strategy, which now incorporates humanitarian emergencies into its development agenda.
“The African Development Bank is already doing great things in the humanitarian domain and for a raft of organisations that help to reduce human suffering, and we congratulate them for that,” said Yao. He went on to reiterate that the Bank’s first action with the ICRC, conducted after the signing of a letter of intent in 2019, had made it possible to launch a pilot project empowering women in the Sahel. This project has provided support for vulnerable women and widows affected by the crisis in the Sahel, particularly in Chad, Mali and Niger, and has transformed the lives of numerous people.
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| Panel members: Ms. Marie-Angèle Touré, journalist CEO of MAT, Media-Advice-Training (moderator of the panel), Stéphane Aka-Anghui (Executive Director of the CGECI), Lamine Barro (CEO of Etudesk), Christelle Essim Egue (founder of Pam Holding) and Jean-François Yao (Regional Policy Advisor in charge of Institutional Partnership at the International Committee of the Red Cross). |
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| Panel members with Dr. Akinwumi Adesina (center), President and Chairman of the Boards of Directors of the African Development Bank Group; Foster Ofosu (3rd from left), Chairman of the Bank's Staff Council and Dr. Victor Oladokun, (1st from left), Senior Advisor to the Bank President on Communication and Shareholder Relations. |
“A Malian woman who sold doughnuts received 200,000 CFA francs,” said Yao. “This enabled her to develop her business, then to make fruit juice, and today she works in second-hand clothing. She was able to buy a plot of land and begin building her own house. She has also been able to send at least three of her six children to a private school.”
He conveyed his approval of the outcomes stemming from this innovative partnership, which was reinforced in 2023 through a memorandum of understanding. This agreement has facilitated the initiation of a humanitarian project in South Sudan aimed at assisting one million internally displaced individuals. While the activities of the Bank and the ICRC operate independently, both organizations have identified a common foundation from which they can establish a development-humanitarian nexus. They are also preparing to sign a framework agreement soon to further enhance this collaboration.
According to representatives from the private sector, the actions of the Bank require greater clarity and visibility. Furthermore, it is essential for the Bank to expand and diversify its operations to foster the private sector, which serves as the primary source of employment.
Christelle Essim Egue, Lamin Barro, and Stéphane Aka-Anghui, all active in the Ivorian private sector, shared their insights on collaborating with the Bank Group and their aspirations for the institution over the next ten years.
“Previously, I produced 500 packets of doughnuts a day; today, I produce 60 packets per minute,” said a visibly proud Christelle Essim Egue, an Ivorian entrepreneur and founder of Pam Holding, a firm specialising in the production of doughnuts and natural pepper. “With the Bank's support, we were able to create other products.”
Through the Bank's Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to empower women entrepreneurs across the continent, Christelle has secured financing of 40 million CFA francs from AFAWA through ECOBANK, a pan-African bank. Her business is thriving, and she is now planning to launch a new factory while also diversifying her operations to include palm oil production. To establish her palm oil facility, she will need to raise 500 million CFA francs and may seek assistance from the Bank.
On another front, Lamin Barro, an innovator and CEO of Etudesk, a start-up focused on online training, has previously collaborated with the African Development Bank. His company was engaged by the Bank to assist 200 young innovators in Egypt. In Côte d'Ivoire, Etudesk supports over 800 individuals across public institutions, local and pan-African businesses, as well as subsidiaries of multinational corporations in the realm of technological innovation.
Highlighting the importance of the Bank's Innovation and Entrepreneurship Lab initiative, this emerging entrepreneur emphasized the need for the Bank to aid young Africans in their efforts to "create and innovate." He expressed his aspiration for every university in Côte d'Ivoire, and across Africa, to have an incubator or innovation center. He believes in promoting "education entrepreneurship," which involves starting a business while still in university. Furthermore, he stressed that Africa must assert its presence in technological advancements such as artificial intelligence and blockchain. In his view, the Bank should enhance its engagement on social media to connect with young people and collaboratively develop projects.
Stéphane Aka-Anghui, Executive Director of the General Confederation of Businesses in Côte d'Ivoire (CGECI), highlighted that the private sector in Côte d'Ivoire is responsible for creating 500,000 jobs annually. He advocates for a strategic partnership with the Bank, centered on a mutual goal: to industrialize Africa, generate employment, and foster innovation and start-ups among the youth.
“The Ivorian government aims to create eight million jobs by 2030,” he remarked. “Achieving this goal necessitates the establishment of a significant number of businesses. If we can launch one million enterprises, they could potentially create ten million jobs.”
The CGECI, representing over 4,000 companies in Côte d'Ivoire, contributes more than 80 percent of the nation’s tax revenue. It has already received support from the Bank to enhance business structures and leverage the opportunities presented by the African Continental Free Trade Area (AfCFTA). The CGECI is eager to pursue additional initiatives with the Bank's support, including the national champions program and the CGECI Academy, which aims to assist start-ups.
After an inspiring address by Dr. Akinwumi Adesina, President and Chairman of the Boards of Directors of the African Development Bank Group, during the launch of the institution's 60th anniversary celebrations, Aka-Anghui urged him to visit Côte d'Ivoire and deliver a similarly motivating message to the nation’s business leaders, encouraging them to become true champions for Africa.