President of African Development Bank, Dr. Akinwumi Adesina, has proposed a youth entrepreneurship investment bank that would coordinate financial and non-financial players towards supporting youth entrepreneurs.
Adesina, in a discussion on scaling up financing for the continent’s youth, made the suggestion on Monday at a virtual roundtable organised by AfDB, where he presented a novel concept for youth entrepreneurship investment banks.
According to him, “Africa’s underinvested youth are in need of urgent attention, and youth entrepreneurship investment banks must become the focus of global support.
“We must support the youth to go beyond looking for jobs. We must unleash the entrepreneurial drive and capacities of the youth to create jobs.”
The AfDB president noted the imperative to “grow, finance and support large scale successes of youth-led businesses in Africa.”
In his remarks, Chief Executive Officer, Miyonga Fresh Greens, Otieno, urged the world to believe in the youth and give them their backing, while Spanish Foreign Minister, Arancha Laya, expressed her strong commitment towards the initiative.
The Chair of the AfDB’s Presidential Youth Committee, Ashish Thakkar, however, advised that the youth investment banks would need to be scalable and self-sustaining.
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