AfDB Approves $100 Million for Establishment of Youth Entrepreneurship Investment Bank
The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria.
OPEN TELEVISION NAIJA (OTN) News reports that the announcement of the establishment of the new youth-focused Entrepreneurship bank was made on Friday by the AfDB President, Akinwunmi Adesina, in Abuja while delivering a keynote address at the 90th birthday lecture of former Head of State, Yakubu Gowon.
Making the announcement, Adesina said,“I am delighted to announce here today that just three days ago, the African Development Bank’s board of directors approved $100m for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria."
The AfDB President revealed that the initiative highlights AfDB’s commitment to supporting Nigerian youths, who he maintained, are critical to the development of the country.
The AfDB boss further said the new bank will support the youths’ businesses in Nigeria with technical assistance, business incubation, quasi-equity, and debt.
Additionally, the bank will deploy guarantee instruments to de-risk the lending to the businesses by financial institutions in Nigeria.
“It will be a new day and a new dawn for Nigeria,” he added.
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