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The African Development Bank (AfDB) has warned that 100 million youths who would be new entrants into the labour market will be unemployed by 2030 if the current trend reversed.

In its African Economic Outlook report, the bank predicted that most of the jobs will be generated by the informal sector where “productivity and wages are low and work is insecure, making the eradication of extreme poverty by 2030 a difficult task”.

SECO contributed three million Swiss francs (CHF) to the Entrepreneurship Lab (E-Lab) for innovative young entrepreneurs and 200,000CHF to the Urban & Municipal Development Fund for Africa (UMDF), which helps African cities plan and manage urban growth and climate-resilient development.

These are two areas which are forward-leaning and positive for the African continent,” said Raymund Furrer, bank governor for Switzerland, who signed on behalf of SECO at the Sipopo Conference Centre in Malabo, Equatorial Guinea.

Let me then take this opportunity to thank Switzerland for these two very valuable contributions, but also, for being a long-standing partner of the Bank Group,” Tshabalala said.