The African Development Bank (AfDB) says massive investment youth entrepreneurship and innovation was the only hope for the long-term development of the continent.
Akinwumi Adesina, AfDB President said investment banks must become the focus of global support to make it a reality.
He was speaking at a roundtable where he presented a novel concept for youth entrepreneurship investment banks.
The AfDB scribe said his office was keen to tap into the continent’s demographic advantage.
He said through the Jobs for Youth in Africa Strategy, AfDB was targeting the creation of 25 million direct and indirect jobs, and empower 50 million youth by 2025.
He said supporting creative ideas via startups and also building the technological capacity of youths was necessary.
AfDB has currently set up a $40 million trust fund in partnership with several European countries to advance youth entrepreneurship and innovation.