June 23, 2022
1 min read

AFGD chief announces set up of youth investment banks

The African Development Bank (AfDB) is setting up youth entrepreneurship investment banks that will help grow youth-based wealth for Africa’s young population, the bank’s President Akinwumi Adesina announced…reports Asian Lite News

The banks, to be rolled out by the end of this month, will act as new financial institutions that create ecosystems of support around businesses of young people, by financing their businesses in a lifecycle model from technical assistance, to debt and equity financing, Adesina said on Tuesday, while speaking at the 2022 Commonwealth Business Forum in Rwanda’s capital city Kigali.

“For Africa and all Commonwealth countries, the real issue is we have to create youth-based wealth. To be able to support young people, we have to prioritise them in our financing. We are creating Youth Entrepreneurship Investment Banks that will support the business of young people,” he added.

“I don’t believe that the future of African youth lies in Europe… We must create quality, decent jobs for young people. The common future must be the future of the youth so we have to make sure we build the Commonwealth for the youth,” he said.

He stressed the need for youth access to quality education and skills training for jobs of the future. Adesina also advised young people to embrace agriculture, Xinhua news agency reported.

ALSO READ:Africa’s Covid-19 cases surpass 11.74 mn: Africa CDC

The Commonwealth Business Forum drew about 1,500 delegates from Commonwealth member states’ governments.

The three-day forum is to address the Commonwealth Heads of Government Meeting (CHOGM) theme — ‘Delivering a Common Future: Connecting, Innovating, Transforming’, with a focus on “A Global Reset,” dealing with the impact of the pandemic and the Commonwealth’s role in rebuilding and reinvigorating the global economy.

The forum is one of a series of events taking place on the second day of the 26th CHOGM which runs from June 20 to 25.

Previous Story

Europe shifts back to coal

Next Story

Shinde claims support of 40 MLAs

Latest from AFRICA NEWS

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Africa CDC calls for self-reliance

Data from the African Union’s specialised healthcare agency show that the continent, over the past 24 months, has witnessed an “unprecedented surge in public health emergencies,” rising from 152 disease outbreaks in

Mali embraces solar power for rural areas  

The border village of Karan and its 3,000 people used to go days without electricity. Now, enough power is available around the clock to run small video gaming centers and boost commercial

British exports shine in African infrastructure 

Established 18 years ago, Dints is a London-based project integrator that specialises in connecting buyers, suppliers, logistics providers, and funding partners  A significant partnership between UK Export Finance (UKEF) and British firm
Go toTop

Don't Miss

China’s unsustainable debt to Africa

Africa goes Lanka way. Between 2000 and 2020 alone, China

Africa Covid cases near 10 Million

The number of confirmed Covid-19 cases in Africa has reached