Nigeria is among the countries that will benefit from the 3.2 million Swiss francs that was recently donated to the African Development Bank (AfDB) by the State Secretariat for Economic Affairs of the Government of the Swiss Confederation (SECO).
According to a statement released by AfDB, Nigeria, Cote d’Ivoire, Ghana, and other South African countries were selected to participate in the pilot phase of the initiative.
Bank Governor for Switzerland, Raymund Furrer, signed the agreements on behalf of SECO at the Sipopo Conference Centre in Malabo, Equatorial Guinea while the bank’s Vice President for Finance and Chief Finance Officer, Bajabulile Tshabalala, signed on behalf of the bank.
How the fund will be deployed: Three million Swiss francs was donated to the Entrepreneurship Lab (E-Lab) for innovative young entrepreneurs, while 200,000 Swiss francs was donated to the Urban and Municipal Development Fund for Africa, which aims to help African cities plan and manage urban growth and climate-resilient development by improving governance and basic services.
Understanding the E-Lab: The E-Lab, according to the statement, is a component of the AfDB’s ‘Boost Africa’ strategy, that aims to provide innovative young entrepreneurs with financing, technical assistance, and broader ecosystem support through incubators, accelerators, fund managers and others.