The African Development Bank (AfDB) is setting up investment banks for young entrepreneurs, which will help build youth capital among Africa’s young people, the bank’s chairman Akinwumi Adesina announced on Tuesday.
Launched by the end of this month, these banks will act as new financial institutions that will build supportive ecosystems around young companies, funding their operations according to a life cycle model ranging from assistive technology to credit and capital finance. Said while speaking at the 2022 Commonwealth Business Forum in Kigali, the capital of Rwanda.
“The real issue for Africa and all the Commonwealth countries is that we need to create youth-oriented wealth. To support youth, we must prioritize them in our funds. We are creating investment banks for young entrepreneurs that will support youth activities,” Mr Adesina said.
Agencies / Les Inspirations Sami Nemli with ECO
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