The Commission is proposing a new consensus for international development cooperation with Africa. Focus should be directed towards private sector-led growth, which creates jobs. The Commission also decided to take action. It will launch five ambitious initiatives aimed at creating job opportunities for Africa's youth:
1. The creation of an African Guarantee Fund in partnership with the African Development Bank aimed mobilizing loans for three billion USD and reducing the cost of access to finance for small and medium-sized enterprises, SME's. Africa's SME's provide 80 percent of output and jobs in Africa;
2. Ensuring access to energy at the local level by launching a new initiative in partnership with the EU and the African Development Bank. More than three-quarters of Africans lack access to electricity – a major constraint to economic development, doing business and standards of living;
3. Improving the business climate and Africa's competitive edge by making sure that the World Economic Forum's Global Competitiveness Report covers all African countries. More than that, the Commission will work with a range of Africa-based entities to ensure that the findings of this benchmarking process is followed-up by the development of detailed policy responses and concrete reforms;
4. Unleashing the power of African entrepreneurship, both in start-up and existing enterprises, by providing advisory services and access to finance in order to allow young people to translate their good ideas into practical plans. The initiative will be implemented in partnership with the ILO and Youth Employment Network (a partnership between the UN, ILO and World Bank). It is expected that this initiative alone will create 40,000 new jobs and 20,000 new businesses;
5. Supporting higher education and research. Specifically, the initiative will increase the quantity and quality of artisans through apprenticeships, especially in the rural areas. Also, it will link tertiary research and business practices especially to expanding agricultural output.