Akinwumi Adesina, the President of the African Development Bank (AfDB), has revealed plans to launch a $1 billion climate adaptation initiative named ‘Youth Adapt’ in partnership with the Global Center on Adaptation.
This initiative, announced at the African Climate Youth Assembly before the Africa Climate Summit in Nairobi, Kenya, aims to support young African entrepreneurs and their climate adaptation ideas and businesses through seed financing.
Adesina highlighted that the AfDB has previously provided $4 million in funding to support over 33 businesses led by African youths across 19 countries.
AfDB’s $1 billion initiative to boost youth led businesses
Many of these businesses have not only thrived but also reported a remarkable 200% increase in profits.
He emphasized that this new initiative intends to further support and scale up such initiatives.
The $1 billion Youth Adapt initiative will not only offer seed financing but also provide growth capital to young entrepreneurs whose businesses demonstrate promise and success.
Adesina emphasized the commitment of the AfDB and the Global Center on Adaptation to support Africa’s youth.
Kenyan President William Ruto, who was present at the conference, pledged his commitment to invest in the future of African youth.
He stressed the importance of nurturing green skills and education among the youth, emphasizing that they are Africa’s largest stakeholders and will play a pivotal role in driving the continent’s growth and addressing future challenges.
Ruto called upon African leaders to prioritize investments in the youth to ensure a prosperous future for the continent.