Mohammed Shosanya
African Development Bank President, Akinwumi Adesina has announced a new $1 billion fund to accelerate climate financing for Africa’s youth businesses.
The additional financing will boost YouthAdapt, a joint initiative between the Bank and the Global Centre on Adaptation.
The bank invites young entrepreneurs and micro, small, and medium enterprises in Africa to submit innovative solutions and business ideas that have the potential to drive climate change adaptation and resilience across the continent.
Adesina announced the $1 billion fund during a High-Level Intergenerational Dialogue: Africa Driving Climate Adaptation Solutions and Jobs, held at the Wangari Maathai Institute of Peace and Environment on the outskirts of Nairobi.
The institute, funded by the African Development Bank, was officially opened in 2022.
He said African youths didn’t want “little things being doled out to them”. “We have no option but to invest in our youths,” Adesina said.
Over the past two years, YouthAdapt has provided more than $1.5 million to 33 young entrepreneurs across 19 African countries. Some have gone on to raise their profits by 200%.
He added:“Africa’s youth are the present. It is their views and perspectives that are going to change the continent,” Adesina said. “Failing to invest in the youth will hurt Africa, failure is not an option.”
