At the Annual General Meeting (AGM) of the African Development Bank (AfDB) in Nairobi, experts convened to discuss the pressing need for increased private sector involvement in financing tertiary education across Africa. Collaborating with the Kenyan government, the African Union Commission, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the dialogue emphasized the importance of innovative financing solutions.
Key points highlighted during the discussions include:
- The crucial role of political commitment in attracting private investments to the education sector, with emphasis on bolstering national education expenditure.
- The African Development Bank’s substantial investments of $964 million over the past decade in tertiary education and skills development, particularly in STEM fields.
- The urgent need for increased investment in tertiary education at both national and continental levels, as highlighted by Prof. Mohamed Belhocine, the African Union Commissioner for Education, Science, Technology, and Innovation.
- Dr. James Mwangi, Group CEO of Equity Holdings, emphasized the impact of collaboration between private sector entities and tertiary institutions in driving human resource development across the continent.
In a significant move towards enhancing youth employability, the AfDB signed a Joint Declaration of Intent with GIZ to scale up commitments to skills development through the Build4Skills initiative. This collaboration aims to bridge the gap between education and employment opportunities.
With over 10,000 participants registered for the AfDB’s hybrid 2024 Annual Meetings, including 5,000 delegates attending physically, the dialogue underscores a collective commitment to advancing education and fostering sustainable development across Africa.
Photo source: Google
By: Montel Kamau
Serrari Financial Analyst
30th May, 2024
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