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COP27: 2022 YouthADAPT Awards Ceremony

16 November, 2022

20 youth-led businesses will each receive a $2 million grant this year. Dr. Akinwumi A. Adesina, president of the African Development Bank Group, states: ""I strongly believe in investing in young people."" Africa Youth will play a significant role in the major answer for climate adaptation in Africa because they are forward-thinking, dynamic, interesting, and innovative. These youth adaptation programmes were established by the AfDB, the global centre for adaptation, and the climate investment fund. The Business Executives Coalition was established by African business leaders. It is an alliance of 550 companies. With over 140 billion dollars in revenue overall, they established a climate action programme. AfDB has a trust for young entrepreneurship and innovation, which currently has roughly 40 million dollars.

Africa has 454 million young people. By 2050, they are keen to increase by 850%. Therefore, a new financial environment that helps the enterprises of young people to tribe in this continent must be established. That is why the AfDB is creating this investment in youth entrepreneurship Banks. Technical help, company development, and acceleration services will be used to fund the risk and equity through loans. In three years, they increased their revenue to 7.8 million euros. They received a grant from the ministry of finance for 400000 euros. The detailed programme structure is available on the bank's website.