African nations urged to attract private sector in financing tertiary education
Experts attending an African Development Bank high-level dialogue in Kenya have urged African nations to intensify efforts to attract private-sector financing to enhance tertiary education and equip the continent’s youth with competitive skills. During a panel discussion at the bank’s 2024 annual meetings in Nairobi, the experts stressed the importance of political commitment to guarantee […]
African Development Bank (AfDB)
Experts attending an African Development Bank high-level dialogue in Kenya have urged African nations to intensify efforts to attract private-sector financing to enhance tertiary education and equip the continent’s youth with competitive skills.
During a panel discussion at the bank’s 2024 annual meetings in Nairobi, the experts stressed the importance of political commitment to guarantee returns on private sector investments in education.
Former Tanzanian President Jakaya Kikwete, Board Chair of the Global Partnership for Education, also called for a renewed commitment to increase national education expenditure to harness Africa’s demographic potential as the world’s largest future labour force.
“To build a stronger tertiary education pipeline, we need to build strong foundations with early learning, primary and secondary education to provide a talent pool of trained young people for lifelong learning that will make them thrive,” Kikwete said.
The bank organised the event entitled “Policy Dialogue on Innovative Financing for Tertiary Education in Africa: Revitalizing the Role of the Private Sector”, in collaboration with the Kenyan government, the African Union Commission and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.
It explored strategies and best practices to stimulate private-sector financing for tertiary education.
During the session, the African Development Bank signed a Joint Declaration of Intent with GIZ to scale up joint commitments to skills development to enhance youth employability in Africa.
The collaboration through the Build4Skills initiative will place youth trainees for workplace training within bank-supported infrastructure projects in agriculture, water or transport sectors for 6 to 12 months.
Birgit Pickel, Director-General Africa, German Federal Ministry for Economic Cooperation and Development (BMZ) said, “This is the first Declaration of Intent between the two organisations in the field of education, and we highly welcome this collaboration.
“It’s a sign of our intent to scale up our joint commitment to vocational training and skills development in African countries. In light of the current challenges, this is more urgent than ever.”
Dr Beth Dunford, the bank’s vice president for Agriculture, Human and Social Development, stated that the institution has committed $964 million to tertiary education and skills development over the past decade.
“The focus has been on strengthening infrastructure for Technical and Vocational Education and Training (TVET) and catalyzing private sector investments in skills development and job creation,” Dunford stressed.
She highlighted the bank’s $80 million support for Nigeria’s Ekiti State Special Economic Zone project and a $23 million investment in Rwanda’s Centre of Excellence for Aviation Skills as some of the projects that would help boost economies and create jobs.