…$1 billion Youth Adapt initiative has been undertaken by the AfDB to give Seed Financing to Foster Businesses of Young People on the Continent
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- In alliance with the Global Centre on Adaptation, the AfDB rolled out the Youth Adapt policy with a venture of $4 million into 33 businesses of young people in 19 African nations. The bank announced the intervention bolstered the profit of such commodities by 200% over the period.
The AfDB’s President Dr. Akimi Adesina, said: “We have to put our money where our mouth is. The African Development Bank, together with the Global Centre on Adaptation, has a program called Youth Adapt. We have been financing this, with an investment of $4 million, supporting the ideas and businesses of young Africans, basically seed financing.” He noted at the African Youth Climate Assembly in Nairobi.
“If those businesses work, then they will get more financing, and eventually they will get the growth capital to grow their businesses. We have 33 businesses in 19 countries, and I can tell you that those businesses have an increased profits of 200%. Twenty percent of them are expanding their businesses to other parts of Africa. From the African Development Bank and the Global Centre on Adaptation, we are determined to do exactly what we said. I am very pleased to announce to you that we will launch a $1 billion Youth Adapt initiative. It will provide seed financing and growth capital for small and medium-sized businesses. That is a big thing for the young people of Africa.”
He told the institution is enthusiastic to hastening the policy to strengthen the development of young people on the landmass.
“Another thing we are doing at the African Development Bank is that we have launched a climate adaptation window, under the African Development Fund, which is currently a big contributor to the African Development Bank.
This is to now have $429 million, which will support us to provide 20 million farmers with access to crop insurance and livestock insurance. Another 20 million farmers will have access to climate-resilient agricultural technologies to build their resilience. Essentially, to regenerate a million hectares of degraded lands and all that. So this is a very big investment that we are making.”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent