An extra US$1 billion has been added to a targeted financing facility geared towards youth-run businesses tackling climate change.
The YouthAdapt initiative, a collaboration between the AfDB and the Global Centre on Climate Adaptation, is aimed at Africa’s young entrepreneurs and SMME owners who are developing innovative solutions for climate change adaptation.
Africa Business Communities reports that AfDB head Akinwumi Adesina, who was attending a high-level meeting in Nairobi, Kenya, on Africa’s role in driving climate adaptation solutions and jobs, said the continent’s youth did not want ‘little things being doled out to them’ and that Africa had ‘no option but to invest’ in them.
‘Failing to invest in the youth will hurt Africa; failure is not an option,’ he said.
Since 2021, the programme has invested more than $1.5 million in 33 young entrepreneurs across 19 African countries, some of whom have gone on to increase their profits by 200%.
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