Africa: Tackling development issues to unlock economic growth

Africa's economic potential is on the radar of the African Development Bank, with a focus on unlocking growth through adequate financing and entrepreneurship. In a conversation with CNBC Africa, Ahmed Rashad Attout, Director of Financial Sector Development at the African Development Bank, emphasized the importance of financial support in creating an enabling environment for development. Attout highlighted the need for quality financing to fuel infrastructure investments and support sectors like SMEs, youth, and women. The conversation also delved into the role of entrepreneurship in addressing youth unemployment and promoting economic stability in Africa. Despite facing challenges such as access to finance and skills development, African entrepreneurs have shown resilience in creating sustainable businesses that cater to local needs. The African Development Bank is championing initiatives like the Youth Entrepreneurship Investment Banks to bridge the gap in financing and technical support for young entrepreneurs across the continent. Collaboration with development partners and policymakers is key to leveraging resources and fostering inclusive growth in Africa. With a focus on building strong ecosystems and providing tailored support, the bank aims to drive economic prosperity and empower youth in the region.