#ACS23:AfDB SUPPORTING AFRICAN YOUTH
The African Development Bank is rolling out youth entrepreneurship investment banks, new financial institutions that will support and grow businesses of youth across Africa.
AfDB Group President Dr. Akinwumi Adesina says the youth are not just the future of Africa but are also the present of the continent. Already a Youth Entrepreneurship Investment Bank is being established in Liberia. Approximately $16 million has been allocated to finance the strategic initiative, which targets youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors. The Youth Entrepreneurship Investment Bank is anticipated to support over 30,000 youth-led businesses during the next 17 years. The YEIB will be the initial catalyst for developing a financial ecosystem for youth entrepreneurship in Liberia, which is currently non-existent.
Adesina further says the bank in partnership Global Center on Adaptation has prioritized Africa’s young people in the $1 billion climate finance programme that will accelerate youth-led climate actions. He made the remarks at the Intergenerational Dialogue happening during the Africa Climate Summit in Nairobi, Kenya. According to the African Development Bank, responding to the climate crisis requires three action levels namely:
- Developed economies meet commitment to provide $1B annually in climate finance
- Global financial architecture changed to meet Africa’s needs
- Climate adaptation accelerated at national level