ESWATINI’s commitment to advancing financial inclusion, supporting small businesses and creating jobs for Africa’s youth has been reaffirmed.
Minister of Finance Neal Rijkenberg announced E86.5 million (US$5 million) in catalytic funding to support small and medium enterprises (SMEs), youth and women.
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He was delivering remarks on behalf of His Majesty King Mswati III at the launch of the Africa Strategic Investment Alliance (ASIA) Global Partners Platform in New York on Monday.
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The event gathered leaders from government, the African Union, the private sector, philanthropy and international organisations to strengthen partnerships that drive economic growth and opportunity across the continent.
The king called on African traditional leaders, African Union (AU) Heads of State and global partners to join in the effort to close Africa’s development gaps.
He said the launch was an important milestone where he appreciated the AeTrade Group and the African Union Commission for organising the event and Mastercard for providing facilities.
He noted that a lot of work had been done since the unveiling of ASIA in September 2023.
The king described Africa as the youngest continent by age yet the oldest as the birthplace of all humanity. By 2030, he projected the number of young people in the African labour force to increase to 375 million.
Addressing the gathering as the inaugural Chairperson of the Presidential Advisory Council for the AeTrade Group, he said in the past seven years they laid the foundation for a diaspora-led continental organisation with a mission to eradicate extreme poverty in Africa during the next decade.
“This is aligned to Agenda 2063, our blueprint for creating the #AfricaWeWant, one that creates opportunities for all Africans. We have a huge ambition which is not aligned with our reality as a continent and we must close this gap between our vision and the reality on the ground.
That is why the theme is apt: Uniting People, Capital and Prosperity: Public-Private and Philanthropy Partnerships for Africa’s Financial Inclusion agenda for Strategic Investment Alliance (ASIA) in order to address critical development challenges through pragmatic and tested solutions,” he said.
According to the International Monetary Fund (IMF), by 2035 there will be more than 20 million young Africans entering the workforce each year — more than the rest of the world combined.
The minister noted a significant gap between the number of young people seeking jobs and the limited opportunities available to them. Moreover, he highlighted a mismatch between the skills young people possess and the needs of employers.
He stressed the need to operationalise the Africa Strategic Investment Alliance (ASIA) through sharing experiences, technical and financial support, to catalyse resources and create between 80–125 million jobs in the next 15 years.
He added that they mobilised African citizens and held three successful Africa job creation events since 2023.
The minister also underlined the importance of harnessing Africa’s participation in the digital economy, noting that while many Africans are involved, the continent remains underrepresented.
“I wish to commend the AeTrade Group, the African Union Commission and Ethiopian government for co-organising these events and welcome the outcome statement in the Adwa Declaration which paves the way for the discussions that will be held today.
Unfortunately, we have a digital divide due to lack of connectivity, digital literacy, enabling policies and affordable finance. Africa’s share is less than 1%.
Let us work hard to leap-frog in the next 15 years by advancing digital and financial inclusion whilst targeting the creation of 80–125 million jobs, especially for Africa’s youthful population,” he said.
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