AfDB invests $1billion in special Agro-industrial processing zones

The African Development Bank (AfDB) has revealed that the bank had invested $1 billion in special agro-industrial processing zones to prevent food losses.

AfDB also announced that it is designing youth entrepreneurship investment banks in Nigeria and 12 other African countries to create wealth in the continent.

This was made known by the President of AfDB Group, Dr Akinwumi Adesina, at a news conference to conclude the Bank’s 2022 Annual Meetings in Accra, Ghana.

Adesina who said the initiative is to be finalised by June is expected to help the youths have access to capital and create wealth for the younger generation for the development of the continent.

He listed some of the countries to benefit from the move to include Nigeria, Zambia, Ghana, Cote d’Ivoire, Mauritius, Mozambique, among others.

He said, “We are designing renewed financial institutions that will invest into the business of the youths and Ghana is one of the benefitting countries. We have 13 countries and we expect to finish that design by the end of June. It will create youths based wealth for the continent.”

In a related development, Adesina had earlier said that the AfDB would lend $500 million to women in 2022 as well as raise the sum of $5 billion with the support of the French President, Emmanuel Macron and G-7.

Nairametrics