Monrovia- The President of the African Growth Financial institution (AfDB), Dr. Akinwumi Adesina, on Tuesday, July 22, formally launched the Youth Entrepreneurship Funding Financial institution (YEIB) in Monrovia ushering hope for Liberia’s struggling youth inhabitants.
By Jaheim T. Tumu, [email protected]
The initiative, backed by a $16 million dedication from the AfDB, is aimed toward altering the way forward for hundreds of younger Liberians by shifting them from job seekers to job creators.
Delivering his message to an viewers that included President Joseph Boakai, cupboard ministers, improvement companions, and Liberians, Dr. Adesina declared that “The way forward for Liberia’s youth can’t be left to hustle. It’s time to put money into the youth of Liberia. The rain of hope is falling.”
Dr. Adesina painted a sobering image of Liberia’s youth scenario. With 71% of the nation’s 5.7 million folks underneath the age of 35, Liberia is undeniably a youth nation. However the financial scenario tells a distinct story.
The AfDB estimates that youth underutilization in Liberia is at 76%, a determine pushed by excessive unemployment and widespread dependence on casual, low-paying jobs. The mismatch between schooling and job market calls for, coupled with poor digital and entrepreneurial abilities, has left hundreds of younger folks stranded with out significant revenue.
“Many have levels, however no jobs,” Adesina famous, referencing remarks made by President Boakai at a Cupboard assembly earlier this yr. “If the federal government fails to deal with these challenges, we might be in bother,” Boakai warned in March.
On the core of the YEIB initiative is a perception that younger Liberians want greater than coaching—they want entry to finance, fairness, and affected person capital to launch their enterprise concepts. At the moment, Liberia’s youths are lacking Center in Liberia’s monetary ecosystem.
Dr. Adesina defined that whereas Liberia’s monetary sector has business banks serving giant corporates and microfinance establishments for the smallest companies, there’s a hole in between—a “lacking center” that leaves hundreds of younger entrepreneurs unsupported.
“The large banks are too large. The microfinance establishments are too small. We’d like a tailor-made resolution for youth,” Adesina pressured.
What’s YEIB? A Financial institution for the Youth, by the Youth
The Youth Entrepreneurship Funding Financial institution of Liberia isn’t your odd financial institution. It’s a government-enabled, however not government-run establishment that’s being constructed to operate with personal sector management and independence.
It can function underneath a administration holding firm with three key automobiles: Early-Stage Fairness Fund – Supplies long-term capital to youth-led companies through fairness or quasi-equity. Technical Help Fund – Gives coaching, monetary literacy, enterprise preparation, and non-financial help, Credit score Assure Fund – Helps cut back lending dangers by offering ensures so younger folks aren’t turned away because of lack of collateral.
“When an adolescent walks right into a financial institution, they’re requested to deliver 40 years of tax information after they’re solely 18,” Adesina joked, drawing laughter and applause. “YEIB will change that.”
In line with the AfDB, YEIB goals to finance 6,000 youth-led companies, attain over 30,000 entrepreneurs, and create 120,000 new jobs throughout Liberia.
As well as, it’s projected to generate $18 million in extra tax revenues for the Liberian authorities—some extent that drew a large smile from Finance Minister Augustine Ngafuah, whom Adesina jokingly referred to throughout his remarks.
YEIB will give attention to strategic progress sectors reminiscent of agriculture, agribusiness, digital companies, tourism, and mining—sectors with untapped potential for youth participation.
Dr. Adesina praised Liberia for being the primary nation on the continent to launch the Youth Entrepreneurship Funding Financial institution, a daring step that others within the area are anticipated to observe.
He gave particular recognition to Rufus Darkortey, Liberia’s Government Director on the AfDB, who performed a serious position in securing board approval for the $16 million financing.
He additionally thanked the Mastercard Basis for supporting the design of the financial institution.
“This can be a proud second for Liberia,” Adesina mentioned. “And it’s only the start.
Along with YEIB, the AfDB will help Liberia with Enterprise Innovation and Growth Facilities throughout the nation. These facilities will present enterprise improvement companies and assist formalize and scale youth-led enterprises.
Adesina emphasised that the YEIB will function with sturdy company governance and a personal sector-led board. The method to recruit a CEO and govt staff is already underway, with full operations anticipated by early 2026.
Dr. Adesina ended his speech on a strong word: “We’re at a historic second that can change the way forward for Liberia’s youth. Allow us to flip distress into hope. Hope into wealth. Allow us to create youth-based wealth throughout Liberia—and let’s do it collectively.”
Addressing, President Boakai emphasised the significance of the newly launched Youth Financial institution, describing it as probably the most thrilling and forward-looking initiatives supported by the AfDB in Liberia.
Mentioned President Boakai, “Maybe probably the most thrilling initiatives we launch as we speak is the Youth Entrepreneurship Funding Financial institution. This speaks on to the center of our future as a result of over sixty p.c of our inhabitants is underneath the age of thirty.”
President Boakai famous that the YEIB would empower younger Liberians by equipping them with abilities, mentorship, financing, and alternatives to steer in key sectors reminiscent of agriculture, expertise, and the data economic system.
“This program provides hope to our younger folks by turning them from job seekers into job creators,” he mentioned. “It aligns completely with our ARREST Agenda, which locations sturdy emphasis on financial revitalization and personal sector progress.”
The Liberian Chief urged Dr. Adesina and his eventual successor to think about the Liberty Hall Mission—a daring infrastructure dream that seeks to hyperlink Liberia to Guinea, Burkina Faso, and Mali.
“Whereas this venture is essentially about regional integration and shared prosperity, we should admit, we’d additionally like to play the position of a gateway for our landlocked neighbors to entry the Atlantic,” Boakai mentioned with a hopeful smile.
He described the initiative as a possible game-changer for the area, able to reworking commerce, transport, and funding.
As Dr. Adesina prepares to exit the stage as AfDB President, President Boakai assured him that his legacy in Liberia would stay sturdy and visual.
“The applications you’ve championed will proceed to make an affect for years to come back,” Boakai mentioned. “You could have invested in actual options that contact lives on daily basis.”
