On Monday, 17 May 2021, the President of the African Development Bank Group, Dr. Akinwumi A. Adesina, hosted a meeting on the establishment of youth entrepreneurship investment banks.
Statistics show that less than 1 out of 6 African youth who enter the labor market each year find jobs – leaving many to start their own businesses. And while the youth of Africa have vibrant business ideas spanning all industries, many involving technological innovations, most do not have the financial means to grow their businesses.
Adesina said the African Development Bank Group remains “committed to the youth.” He said more needs to be done to support them. “We must unleash the entrepreneurial capacity of the youth to create jobs,” he said.
Watch Dr. Adesina’s opening remarks to learn more about the SME financing gap in Africa, difficulties facing youth seeking to borrow from formal finance institutions and how youth-focused entrepreneurship banks could be a solution to this problem.
Click here(link is external) to watch the full roundtable event
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