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

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.