The Africa Development Bank (AfDB) and the Global Center on Adaptation have both pledged $996.6 million to encourage young entrepreneurs throughout the continent as part of efforts to combat climate change.
GCA is a global organization that prioritizes quickening climate change solutions.
According to the AFDB and GCA in a joint statement, the money will help youth-led firms on its X (formerly Twitter) social media website.
“AfDB Group and Global Center on Adaptation (GCA) are launching a Ksh145.5 billion initiative to finance youth-led businesses and startups,”they both said in the statement. “The capital infusion will empower young entrepreneurs across Africa. It’s an exciting step towards economic growth,”.
AfDB President, Akinwumi Adesina, while speaking at the Africa Youth Climate Assembly, said that youth investment is essential to promoting prosperity and stability on the continent.
“The biggest risk is not investing in the youth,”he said, adding that the youth need investment, not empowerment.
The AFDB president also noted that African countries should actively take climate-friendly initiatives into account “not because someone has told us so, but because we have to.”
The bank is expected to increase its current $4 million contribution to the GCA-affiliated YouthADAPT program. The initiative, which consists of an annual competition and prizes, aims to encourage entrepreneurship and youth-led climate change innovation in order to increase the development of sustainable jobs.
Young businesspeople and Micro, Small, and Medium-sized Enterprises in Africa are invited to propose creative solutions and business plans that can promote climate change adaptation and resilience for the competition.
Story was adapted from Business Insider Africa.