September 4, (THEWILL) – The President, African Development Bank (AfDB), Akinwunmi Adesina, has revealed plans for a $1 billion climate adaptation initiative aimed at African youths.
The project is in collaboration with the Global Centre on Adaptation.
This announcement was made during the African Climate Youth Assembly, tagged the ‘Youth Adapt’ initiative which took place ahead of the Africa Climate Summit in Nairobi, Kenya.
It aims to offer initial funding to support the ideas and ventures led by young individuals
Adesina highlighted the programme’s previous accomplishments, indicating that it had previously financed more than 33 businesses operated by African youths in 19 different countries.
He said some of these businesses have gone on to achieve remarkable growth, recording profits exceeding 200 per cent.
During the conference, Kenyan President William Ruto committed to the youth, assuring them of his ongoing dedication to investing in their future.
He emphasised that the youths represent Africa’s most significant stakeholders as a continent with a youthful demographic and stressed the importance of investing in their education and fostering green skills.
President Ruto underscored that these investments would empower young people to effectively voice their concerns and play a pivotal role in driving the continent’s growth.
“We have been financing this. We put $4 million into this, supporting the ideas and businesses of young people. Basically seed financing and eventually if those businesses then work, then they can get a little bit more financing and eventually, they get a growth capital to grow their businesses.
“We’ve done I think in 33 businesses in 19 countries. And I can tell you that those businesses, they’ve increased their profit by 200 per cent; 20 percent of them are expanding their business into other parts of Africa.
“And one thing I like to say here, Mr. President, is that from the African Development Bank, and the Global Center and Adaptation, we are determined to do exactly what they say is to scale, put our monies there.
“So, I’m very pleased to announce to you today and I will say at the main plenary, that the African Development Bank and the Global Center on Adaptation will launch a $1 billion Youth Adapt initiative that would provide seed financing.
It will also provide growth capital for big businesses that will come out of that. That is a big thing for the young people of Africa.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
