Akinwumi Adesina, President of the African Development Bank, discusses the need for international financial backing to boost Africa's economy. Topics include economic growth prospects, challenges like debt and climate change, anti-corruption efforts, climate financing, clean energy initiatives, attracting investments, and creating partnerships for Africa's development.
Africa has potential for economic growth despite challenges like high debt levels and youth unemployment.
African Development Bank prioritizes climate adaptation efforts with a focus on doubling climate finance and supporting vulnerable countries.
Deep dives
The Transformation of Africa by the African Development Bank
Akinwumi Adeshina, the head of the African Development Bank, envisions Africa as a global economic powerhouse with renewable energy sources and a young population integrated into global trade networks. Despite current challenges like high debt levels and youth unemployment, Africa's economic growth rates surpass the global average, offering immense potential for development and transformation. Adeshina emphasizes the importance of partnerships and investments to support Africa's sustainable growth and address pressing social and economic issues.
Climate Change and Africa's Resilience
With Africa facing climate change impacts and environmental challenges, the African Development Bank prioritizes climate adaptation and mitigation efforts. The bank aims to double its climate finance to $25 billion by 2030, focusing on programs like the African Adaptation Acceleration Program and the Climate Action Window to support vulnerable African countries. These initiatives include providing resources for farmers, restoring degraded lands, and enhancing disaster risk insurance to protect against climate-related shocks.
Youth Empowerment and Economic Development in Africa
Recognizing the demographic dividend of Africa's young population, Akinwumi Adeshina advocates for creating opportunities and investments to harness their potential. The African Development Bank introduces youth entrepreneurship investment banks to provide financial support for young African entrepreneurs and promote job creation. By focusing on skills development, entrepreneurship, and access to financing, the bank aims to empower youth, drive economic growth, and secure Africa's future prosperity.
Stephen Sackur speaks to Akinwumi Adesina, President of the African Development Bank. He wants massive international financial backing to turn his continent into a global economic powerhouse. But amid chronic poverty, debt and climate threats, will Africa get the support it needs?
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