This partnership, according to the press release, aims to provide technical and financial support to young entrepreneurs on the African continent.
This collaboration was sealed within the framework of the establishment by the AfDB of an investment bank for the promotion of entrepreneurship among young people (Yeib).
Thus, Microsoft will collaborate with the AfDB via Africa transformation office (Ato) in order to contribute to the development of entrepreneurship ecosystems for young people. But also for the creation of new jobs and support for digital inclusion in Africa.
Africa’s youth population, the note says, is expected to double by 2050 to 830 million people. Although 10 to 12 million young people join the continent’s labor force each year for barely 3 million jobs created each year.
“We believe much can be done to develop youth entrepreneurship by collaborating with the African Development Bank, promoting greater economic inclusion of this key segment of the population and building a more prosperous society,” said Microsoft Africa regional cluster general manager Wael Elkabbany. He added: “We have already had considerable success in partnering with initiatives such as the Coding for Employment program aimed at equipping millions of young Africans with employable skills, thereby creating jobs at scale”.
For his part, Solomon Quaynor, AfDB Vice President for the Private Sector, Infrastructure and Industrialization, declared: “the strengthening of our partnership with Microsoft which is part of the establishment of the Bank investment to promote youth entrepreneurship (Yeib) in Africa, is an important development in our journey. Because it allows us to better harness Africa’s demographic dividend and create millions of jobs for young Africans by 2025. This initiative focuses on youth entrepreneurship. »
This partnership also promotes the establishment of national institutions through a model of public-private collaboration that will increase the technical and financial support provided to young entrepreneurs and build their capacities.
Microsoft also leverages its partner ecosystem that spans 54 countries on the continent to act on key technology solutions in four critical areas. In particular, professional training, connectivity, digitization of Small and medium-sized enterprises (SMEs) and hardware.