The African Development Bank (AfDB) with support from the Governments of Denmark and Norway has opened applications for its Youth Entrepreneurship and Innovation Multi-donor Trust Fund (YEI Trust Fund).
Worth over $4 million, the AfDB YEI trust fund is a special project from the regional bank tailored to support youth enterprise and tech development on the African continent.
The project was launched in November 2017 as part of ADB’s “Jobs for Youth in Africa” Initiative. The AfDB YEI trust fund initiative aims to create millions of jobs and equip 50 million young Africans of working age with the skills required to join the ranks of the formal sector, by 2025.
Particularly, the goal of the funding initiative is to enhance the employment and entrepreneurship ecosystem for young Africans. To ensure this, YEI Trust Fund is providing tech hubs and incubator programs access to finance as well as study and reform programs that foster the development of innovative start-ups created and led by young African men and women.
To this end, YEI Trust Fund invites tech hubs, business incubators and accelerators, and others providing business development services to youth-led startups in Nigeria to apply for its Business Development Services (BSD).
The services provided by the BSD programme Under the YEI Trust Fund include: Support for underfinanced youth owned startups in Nigeria
Business models that have potentials for job creation
Feasibility (financial/economic) studies
Market research and analysis
Investment/business plan development
Legal advisory services
Product development, quality standards, and certification
Market and financial (credit) access