Grace Ashiru
Microsoft is stepping up its cooperation with the bank to support the African Development Bank’s Youth Entrepreneurship Investment Banks (YEIB) Initiative.
Through its African Transformation Office (ATO), Microsoft will work with the bank to create ecosystems for young entrepreneurs, jobs, and a much more significant impact in Africa through digital inclusion.
According to Wael Elkabbany, general manager of Microsoft Africa Regional Cluster, many things can be done to encourage youth entrepreneurship, which will make this important group of people more economically included and, in the end, build a more prosperous society.
According to Solomon Quaynor, vice president of the African Development Bank for the private sector, infrastructure, and industrialization, “Strengthening our partnership with Microsoft on the Youth Entrepreneurship Investment Banks (YEIB) is a critical step in our plan to take advantage of Africa’s young population and help create millions of jobs for young Africans by 2025.”The project gives young people who want to start their businesses the attention they need, which is important if we want to reach our high employment goals.
Through a public-private partnership model, the alliance wants to help build national institutions that will give more technical and financial help to young entrepreneurs and improve their skills.
The African Development Bank made the Youth Entrepreneurship Investment Bank a unique way to help create African entrepreneurship ecosystems. It does this by bringing together and securing the work that is being done.
Through this project, the bank will bring together the financial and non-financial parties and partners who need to work together to help young entrepreneurs. They will do this by mentoring, coaching, sharing knowledge and experience, and other means.
The Youth Entrepreneurship Investment Bank would strengthen service providers to entrepreneurs by establishing a funding program, a credit guarantee program, and technical assistance programs in conjunction with private sectors and partners.
Microsoft will use its partner ecosystem, which spans 54 countries on the continent, to take action on important technological advancements in four essential areas. These areas are:
Skilling
The partnership will give young people career paths and learning content to help them find economic opportunities and learn skills that will help them get jobs. This involves using current e-learning systems like Coding for Employment. The initiative also intends to strengthen the capabilities of Enterprise Services Organizations while benefiting adolescents through trainer training.
Connectivity
Using successful connectivity solutions like Microsoft Airband, the partnership will create effective infrastructure models to help close the digital divide. At the same time, it will support more creative solutions currently on the market, either through direct or indirect investment.
Small and Medium Enterprise (SME) digitization
The cooperation also aims to improve small and medium-sized enterprises’ (SMEs’) digital literacy and their business skills by providing access to curated learning content, certifications, business solutions, business skills, and specialized digital skills.
This will be done with the help of LinkedIn and programs like MS Learn and the Cloud Academy that teach skills. Microsoft partnerships will also make it easier for small and medium-sized businesses to use digital technology to get loans.
Endpoint devices
Microsoft and its partners will enable SMEs to use bundled endpoint solutions. Small and medium-sized businesses can also buy Microsoft technology at lower prices. The partnership is also an essential part of Microsoft ATO’s mission to empower 10 million small and medium-sized enterprises (SMEs) by giving them access to skill-building programs and investments and to give 30 million Africans the digital skills they need on a large scale.
