Akinwunmi Adesina, the President of the African Development Bank (AfDB), recently shared exciting news during the African Climate Youth Assembly. He unveiled plans for a significant $1 billion climate adaptation initiative geared towards African youths.
This initiative is a collaborative effort with the Global Center on Adaptation and was named the ‘Youth Adapt’ initiative. The announcement was made in anticipation of the Africa Climate Summit in Nairobi, Kenya.
President Adesina proudly highlighted the program’s past achievements, mentioning that it had previously provided funding to more than 33 businesses run by young Africans across 19 different countries. Notably, some of these businesses have experienced remarkable growth, with profits soaring by over 200 percent.
During the conference, Kenyan President William Ruto expressed his unwavering commitment to the youth, assuring them of his continuous dedication to invest in their future. He emphasized the vital role that young people play in Africa’s development, given the continent’s youthful demographic.
President Ruto stressed the importance of investing in their education and nurturing green skills, enabling them to voice their concerns effectively and contribute significantly to Africa’s growth.
President Ruto shared, “We have been providing financial support, contributing $4 million to support the ideas and businesses of young people. Essentially, this is seed financing, and if these businesses prove successful, they can access additional financing to expand their operations.”
In a major announcement, President Adesina revealed, “The African Development Bank and the Global Center on Adaptation are committed to taking this initiative to a larger scale. We are thrilled to announce the launch of the $1 billion Youth Adapt initiative, which will provide both seed financing and growth capital for promising businesses that emerge from this initiative. This is a significant opportunity for the youth of Africa.”
He called upon African leaders to invest in their young people, recognizing the importance of preparing them to tackle the challenges of the future effectively.