Capitalising Africa startups: AfDB launches shs3.7tn fund
The Africa Development Bank (AfDB) & the Global Center on Adaptation, have committed 1bn dollars or over 3.7 trillion shillings to support youth startups in Africa, as part of the fight against climate change. African Development Bank President Akinwumi Adesina announced the fund also noted, that additional financing will boost YouthAdapt, a joint initiative between the Bank and the Global Centre on Adaptation. It invites young entrepreneurs and micro, small, and medium enterprises in Africa to submit innovative solutions and business ideas that have the potential to drive climate change adaptation and resilience across the continent. Adesina made the $1 billion announcement during a High-Level Intergenerational Dialogue: Africa Driving Climate Adaptation Solutions and Jobs, held at the Wangari Maathai Institute of Peace and Environment on the outskirts of Nairobi. The institute, funded by the African Development Bank, was officially opened in 2022.