During his keynote address at Chatham House in London over the weekend, Akinwumi Adesina, President of the African Development Bank Group (AfDB), unveiled the bank's commitment of $700 million towards education and skills development. Adesina highlighted the bank's support for 4,000 tertiary education and training institutions, benefiting 1.7 million African youth with access to Science, Technology, Engineering, and Mathematics (STEM) education.

Adesina emphasized Africa's burgeoning youth population, necessitating substantial investments in digital infrastructure to unlock the potential of the digital economy. He underscored the bank's focus on investing in human capital to foster Africa's growth, tapping into scientific talents within the diaspora and supporting universities of science and technology.

With Africa experiencing a significant increase in start-ups, reaching 5,200 between 2020 and 2021, Adesina projected the continent's internet economy to reach $180 billion by 2025 and $712 billion by 2050. To support this growth, he stressed the need for large-scale investments in digital infrastructure, including fibre optics and mobile networks expansion.

Adesina announced the establishment of Youth Entrepreneurship Investment Banks across Africa to promote entrepreneurship and youth-based wealth, aiming to reduce migration. Liberia and Ethiopia are among the first countries approved for these banks, with others in the pipeline.

Highlighting Africa's economic resilience, Adesina outlined strategies for structural change, agricultural productivity enhancement, infrastructure development, and industrialization. The AfDB's initiatives, such as the Technologies for African Agricultural Transformation (TAAT) and Special Agro-Industrial Processing Zones, aim to unlock Africa's agribusiness potential worth $1 trillion by 2030.

Moreover, Adesina addressed climate change challenges, with Africa facing annual losses estimated to rise to $50 billion by 2030. The AfDB is actively supporting climate change mitigation and adaptation efforts through increased climate finance and initiatives like the African Adaptation Acceleration Programme.

Adesina also highlighted the rising debt levels in Africa, emphasizing the need for comprehensive debt treatment and resolution to address the challenges posed by declining concessional financing and increasing reliance on private creditors.

In conclusion, Adesina affirmed the African Development Bank's commitment to supporting Africa's economic prosperity, resilience to climate change, and sustainable development.