Nairobi - The president of the African Development Bank (AfDB), Akinwumi Adesina, has announced in Nairobi, Kenya, the launch of the climate adaptation initiative worth USD 1 billion, for young Africans.
The African Development Bank (AfDB) is a multinational development bank, of which 53 African countries are members, including Angola.
In this regard, the initiative called "Youth Adaptation Initiative" will be launched in partnership with the Global Adaptation Center, covering several African countries.
The AfDB's president, Akinwumi Adesina, made the announcement during the African Youth Climate Assembly, held before the African Climate Summit, which kicked off this Monday with the ministerial segment plenary.
In the presence of Kenyan President, Willaim Ruto, who attended the conference, the AfDB official said that "Youth Adaptation Initiavtive" plans to provide initial financing for ideas and businesses led by young people.
On the occasion, the president of the AfDB said that the program has already financed, in the past, more than 33 companies of young Africans in 19 countries, some of which have expanded even more and registered more than 200% of profits.
According to the official, investments worth four million dollars were made, supporting young people's ideas and businesses.
For companies that have benefited from bank financing, they will eventually get growth capital to expand the business.
“We did this in 33 companies from 19 countries. And I can say that these companies have increased their profits by 200% and 20% of them are expanding their business to other parts of Africa", he said.
With these results, the African Development Bank and the Global Adaptation Center are determined to leverage the initiative.
NE/VM/CF/jmc
