Akinwunmi Adesina, the President of the African Development Bank (AfDB), has revealed plans for a $1 billion climate adaptation initiative aimed at African youths, in collaboration with the Global Center 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.
Nairametrics learns that it aims to offer initial funding to support the ideas and ventures led by young individuals.
The President of AfDB highlighted the program’s previous accomplishments, indicating that it had previously financed more than 33 businesses operated by African youths in 19 different countries.
Additionally, some of these businesses have gone on to achieve remarkable growth, recording profits exceeding 200 per cent.
What he said
During the conference, Kenyan President William Ruto committed to the youth, assuring them of his ongoing dedication to investing in their future.
He emphasized 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.
According to him,
- “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 per cent 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 taking 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.”
He called on African leaders to invest in their young people so that they are ready to tackle the challenges of the future.
