African Development Bank (AfDB) seeks to establish youth entrepreneurship investment banks across the continent to facilitate young people’s innovations in creating African wealth.

The development was announced by Akinwumi Adesina, President of AfDB, on May 25, during the celebration of Africa Day, on the sidelines of the bank’s annual meeting, in Sharm El Sheikh, Egypt.

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The 60th anniversary since the establishment of the African Union serves member countries to reflect on how the continent can surmount its challenges towards achieving prosperity.

Adesina urged African leaders to put resources at risk behind young people, saying it is completely pointless to ask for a land title as collateral from a 21-year-old youth seeking financing.

"When young people go to the bank, they only see risks in them but not innovation, creativity and capacity to create wealth. That’s why we have a situation today where our financial institutions have failed young people,” he said.

According to him, the fintech industry is one good example to bet on young people because it has quite a number of companies that are worth more than a billion dollars owned by young people.

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"It’s time to have youth-based wealth in Africa. For that to happen, we need financial institutions around them. If we think and know that young people are our best assets, then invest in them.”

In this regard, he announced that the multilateral development bank is taking the initiative to establish a youth entrepreneurship investment bank across the continent to support businesses of young people.

The New Times understands that the project is under preliminary phases and additional details of implementation are yet to be revealed, however, it would be more than timely for a continent whose 70 percent population is aged under 30.

Adesina stressed that what young people need to take part in the continent’s development is not empowerment but financing.

Along Africa Day’s celebration, Albert Muchanga, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, noted that continental unity is one key achievement over the course of 60 years, not denying some setbacks as well.

However, he said all is not lost, adding that there are high hopes for the new generation to drive the continent’s future. "The youth are the innovators, and they are able to take advantage of emerging technologies.