HomeFinanceInvestmentCameroon Secures $63M Loan to Improve Entrepreneurship and Industrial Skills for Youths

Cameroon Secures $63M Loan to Improve Entrepreneurship and Industrial Skills for Youths

The African Development Bank (AfDB) will provide a $63 million loan fund a project in Cameroon of improving entrepreneurship and industrial skills to match standards.

According to a statement by AfDB, the project aims at encouraging entrepreneurship and youth employment in the country’s construction, transport, energy, agro-industry, ICT, and green economy sectors.

The project will entail strengthening 12 training centers and nine public and private entrepreneurship support facilities across five regions in the central African nation.

Players from the private sector and multinational corporations will partner with the Cameroonian government in the implementation of this project- according to the AfDB.

Furthermore, AfDB noted that the project will address the challenge of lack of skilled human resource which “threatens the country’s industrialization process and the development of its economic growth”.

“The project aims to get the private sector in Cameroon – in tandem with the government – involved in key structural measures: building technical and vocational training infrastructure and strengthening the capacity of stakeholders and the education system,” the statement read in part.

Upon completion, the program is set to benefit 7,350 young people through apprenticeships courses that seek to impart matching the needs in the job market.

Additionally, 1,225 young entrepreneurs from five regions will benefit from an incubation program under the project.

Taming Terror Threats in Cameroon

Besides, the project also seeks to cause a shakeup in Cameroon’s socio-economic development as it is set to generate 28,000 additional jobs by 2050.

In a country where some regions struggle with perennial terror threats, experts see creation of employment opportunities as a pragmatic solution.

Through improving access to employment opportunities and capacity for self employment, the framers of the project hope to reduce the potential appeal of terrorist movements and consequently build peace in the nation.

Also read: Nigeria, South Africa and Kenya Dominate Meta’s Rising Stars

Latest articles