AfDB wants $5bn mobilised for AFAWA, tackling youth unemployment in Africa

By NAN |   11 May 2021   |   6:36 pm  

AfDB


The African Development Bank (AfDB) has called for the support of African public development banks towards the Affirmative Finance Action for Women in Africa (AFAWA) as well as tackling youth unemployment on the continent.

President of the AfDB, Dr Akinwumi Adesina made the call, on Tuesday, at the virtual Finance in Common Spring meeting.

The meeting was convened in collaboration with the Association of African Development Finance Institutions (AADFI) and the International Development Finance Club (IDFC).

Adesina said AFAWA was an initiative to mobilise five billion US dollars in new financing in support of women businesses in Africa.

“As of today, we are working with 24 financial institutions in 15 countries and expect to expand that rapidly by 2022.”

The AfDB president also called on the banks to tackle the challenge of youth unemployment on the continent, stressing that the two strategic actions would ensure financial stability of the continent and accelerate a post-COVID-19 economic recovery that was inclusive, green and climate resilient.

He also urged the public development banks to support the creativity and businesses of young people, saying that the AfDB would soon be launching Youth Entrepreneurship Investment Banks.

“These Banks would be well-capitalised new financial institutions that will create a new financial ecosystem that will support and grow the businesses of the youth of Africa at scale, he said.”

Adesina assured of the AfDB’s continued leadership role to ensure the success of all public development banks, because the success of all was the success of Africa.

In this article:

You may also like

17 Dec
Ethiopian President Sahle-Work Zewde met with African Development Bank (www.AfDB.org) President Dr Akinwumi A. Adesina while on a working visit to Côte d’Ivoire. Meeting Thursday at the Bank’s headquarters in Abidjan, they discussed Ethiopia’s current and post-Covid-19 development priorities. Describing the African Development Bank as Ethiopia’s development partner of choice, President Zewde commended the Bank…
17 Dec
Download logoThe Board of Directors of the African Development Bank Group (www.AfDB.com) has approved a $1.5 million grant to assess policy gaps in the digital trade and e-commerce ecosystems in 10 countries in Africa. The funds, sourced from the African Development Fund, the Bank’s concessional window, will go to the Smart Africa Alliance, an alliance…
19 Dec
As the dry season planting beckons, farmers seem to be in dilemma over the scarcity of fertilizer.