Africa-Press – Angola. The President of the African Development Bank (ADB), Akinwumi Adesina, announced in Nairobi, Kenya, the launch of a climate adaptation initiative worth one billion North Americans, 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 Adapt”, will be launched in partnership with the Global Center for Adaptation, covering several African countries.
AfDB 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 the Kenyan President, Willaim Ruto, who attended the conference, the AfDB official said that “Youth Adapt” provides initial funding for ideas and businesses led by young people.
On the occasion, the president of the ADB 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% 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 and Adaptation Center say they are determined to leverage the initiative.
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