African Development Bank launches US$1 billion facility for youth-led enterprises
By Freeman Ya Ngulu.
African Development Bank President, Dr Akinwumi Adesina announced the launch of a US$1 billion YouthADAPT facility to support youth-led businesses across Africa.
The financing facility was launched at the Africa Climate Summit convened earlier this week by the Bank, together with partners, the Global Centre on Adaptation, GSMA, UNICEF and the African Youth Initiative on Climate Change (AYICC).
Adesina said: “I have gone the length and breadth of Africa, but I have never seen a young person who wants to fail. The problem is that we are just not putting our resources behind them.”
“The future of Africa’s youth is not in Europe, America or Asia but in an Africa which is growing well,” he added.
The new fund will provide critical financing and training to help young African innovators and entrepreneurs bring their climate solutions to scale. As Adesina notes, Africa’s youth is filled with talent, passion, and a determination to succeed. But they cannot do it alone. #AfricaClimateWeek
(Photograph of Dr Adesina courtesy of the African Development Bank)
