AfDB to finance jewelry manufacturing projects for women, youths in Zimbabwe, Sierra Leone, Guinea
London, May 26, 2019 (AltAfrica)-The African Development Bank has commissioned a study into the contribution of the jewelry manufacturing industry and its potential for job creation for women and youth in Sierra Leone, Zimbabwe and the Republic of Guinea.
The project with initial estimate of $1.4-million will entail a value chain analysis study examining the sector’s contributions to value addition and job creation.
It will be financed under the Bank’s Transition Support Facility and implemented over 24 months, in coordination with the relevant ministries and agencies in all three countries.
The proposed project aims to create hundreds of jobs in each of the three pilot countries in addition to offering training in cutting, polishing and jewelry manufacturing for women and youth entrepreneurs operating in the jewelry manufacturing value chain.
“The mining industry plays a critical role in many Sub-Saharan African economies and offers great potential for sustainable job creation, private sector development and women’s empowerment. However, the resource boom has provided limited opportunities for the local population.
With this project, the African Development Bank invests in downstream activities such as jewelry manufacturing, to stimulate local economies, foster inclusive growth and integrate African SMEs into global mineral value chains,” Bank Director for Gender, Women and Civil Society, Vanessa Moungar, said.
The overarching goal of the minerals value chain analysis is to address the capacity gaps in jewelry manufacturing and assess its impact on value addition, job creation, and the economic empowerment of youth and women. There is an identified opportunity for jewelry manufacturing in the selected countries to be scaled up through the provision of skills transfer and required technology.
The initial study will directly help to address the lack of skills and create a better understanding of adding value in the industry, with the ultimate goal of reducing fragility in all three countries and building resilience.