The African Development Bank (AfDB) is preparing to launch the first investment bank in Africa dedicated to entrepreneurship, aimed at financing innovative youth-led projects and providing business incubators to support their growth, AfDB President Akinwumi A. Adesina announced. The move comes as part of the bank's broader development push, which also includes a $6 billion programme to strengthen pharmaceutical production and healthcare across the continent. The initiative involves transferring technology to key countries such as Egypt, which is expected to play a central role. Adesina made the remarks during a meeting with Egypt's Minister of Public Business Sector Mohamed Shimi on the sidelines of the US–Africa Business Summit in Luanda, Angola. The two sides discussed expanding cooperation across energy, healthcare, and manufacturing sectors. Shimi welcomed the entrepreneurship and pharmaceutical initiatives, confirming the ministry's readiness to contribute through its subsidiaries. He noted that the Holdipharma company is pursuing expansion into active pharmaceutical ingredient (API) production, positioning Egypt to help meet Africa's growing demand for medicines. Adesina also called on Egypt to capitalise on its expertise in solar panel manufacturing, noting that the AfDB is ready to fund such projects as part of a $20 billion initiative to build solar plants across 11 African countries. The programme, aimed at generating 10 gigawatts of capacity, seeks to provide electricity to 250 million people. Shimi said Egypt's state-owned El Nasr Glass and Crystal Company is currently studying the establishment of a solar glass manufacturing plant and is looking for an international technology partner. The meeting also tackled existing AfDB-backed projects in Egypt, such as the Benban solar park, El Gabal El Asfar and Abu Rawash wastewater treatment plants, and agricultural development programmes. Both sides reaffirmed their commitment to deepening cooperation in renewable energy, infrastructure, digital transformation, local manufacturing, private sector development, and food and water security, agreeing to coordinate further through technical working groups. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
