Luanda: The African continent is in need of a substantial investment amounting to USD 95 million to enhance entrepreneurial initiatives among young people in 15 key countries across sub-Saharan Africa. This initiative is part of the 'Investing in Young Businesses in Africa (IYBA)' platform, which is already operational in nine countries, as highlighted by Nouss Bih, the investment director of the organization.
According to Angola Press News Agency, Bih emphasized this need during a thematic panel on entrepreneurship at the 8th African Union - European Union Business Forum, which commenced on Monday in Luanda. The forum is being held in conjunction with the 7th Summit between the two continents. The expansion project aims to leverage partnerships with European investors to invigorate youth entrepreneurship in Africa, requiring an investment of USD 95 million, with USD 70 million expected from international sources and USD 25 million from intra-African sources.
IYBA is currently developing a technical assistance framework aimed at equipping small and medium-sized enterprises (SMEs) to access potential equity financing. As part of this initiative, the organization is establishing a 'business pipeline' involving eight companies across the 15 targeted countries. This effort aims to bolster the private sector by making it more appealing and creating opportunities for young entrepreneurs.
Over its ten years of operation, IYBA, in collaboration with its partners, has successfully attracted investments totaling USD 21 million. These funds have supported 60 projects and numerous youth training activities in nine countries, including Mali, Niger, C´te d'Ivoire, Burkina Faso, and Madagascar, positively impacting local economies.
Bart Horemans, the president of the European Business Initiative (IYBE), also participated in the panel. He stressed the importance of substantial investment in digital infrastructure to nurture young business platforms. Horemans also advocated for enhanced institutional support to prevent early failures of startups and to encourage promising business initiatives.
