AfDB urges private sector investment in African higher education

The African Development Bank (AfDB) and education experts have called for increased private sector involvement in financing tertiary education across Africa, emphasising the importance of enhancing skills among the continent’s youth.

The appeal was made during the ongoing Annual General Meeting (AGM) of the AfDB and a high-level dialogue held in Nairobi, Kenya on Wednesday. The dialogue, titled “Policy Dialogue on Innovative Financing for Tertiary Education in Africa: Revitalizing the Role of the Private Sector,” was organized in collaboration with the Kenyan government, the African Union Commission, and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

Experts at the AGM highlighted the necessity for African countries to secure private-sector financing to bolster tertiary education, equipping youth with competitive skills crucial for economic growth.

Jakaya Kikwete, Board Chair of the Global Partnership for Education and former President of Tanzania, emphasized the need for increased national education expenditure to harness Africa’s demographic potential as the future largest global workforce.

“To build a stronger tertiary education pipeline, we need to establish strong foundations in early learning, primary, and secondary education to cultivate a talented pool of young people for lifelong learning,” Kikwete stated.

Birgit Pickel, Director-General of Africa at the German Federal Ministry for Economic Cooperation and Development (BMZ), expressed strong support for collaboration with AfDB in vocational training and skills development across African nations.

The AfDB Vice President for Agriculture, Human, and Social Development, Dr. Beth Dunford, highlighted the bank’s commitment of $964 million over the past decade towards tertiary education and skills development.

She emphasised investments in Technical and Vocational Education and Training (TVET) infrastructure and private sector partnerships aimed at job creation.

James Mwangi, Group CEO of Equity Holdings, discussed Equity Group’s partnership with tertiary institutions, citing their contribution of scholarships to 23,000 students in collaboration with the Kenyan government.

During the event, AfDB signed a Joint Declaration of Intent with GIZ to intensify efforts in skills development under the Build4Skills initiative. This initiative aims to place youth trainees in workplace training within AfDB-supported infrastructure projects, focusing on agriculture, water, or transport sectors.

The AGM, attended by over 5,000 delegates physically and with more than 10,000 participants registered, emphasized the importance of public-private partnerships in advancing education and youth employment in Africa.

The African Development Bank Group (AfDB) continues to play a crucial role in Africa’s development through its commitment to education, skills development, and infrastructure investment.