Experts Call for Increased Private Sector Financing for Tertiary Education in Africa

During a panel discussion at the Bank’s 2024 Annual Meetings in Nairobi, experts emphasized the importance of political commitment to ensure returns on private sector investments in education.

Experts participating in a high-level dialogue organized by the African Development Bank in Kenya have urged African nations to step up efforts to attract private-sector financing to bolster tertiary education and equip the continent's youth with competitive skills.

During a panel discussion at the Bank's 2024 Annual Meetings in Nairobi, experts emphasized the importance of political commitment to ensure returns on private sector investments in education.

Former Tanzanian President Jakaya Kikwete, Board Chair of the Global Partnership for Education, emphasized the need for increased national education expenditure to tap into Africa's demographic potential as the world's largest future labor force.

The event, titled "Policy Dialogue on Innovative Financing for Tertiary Education in Africa: Revitalizing the Role of the Private Sector," was organized by the Bank in collaboration with the Kenyan government, the African Union Commission, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. It aimed to explore strategies and best practices to stimulate private-sector financing for tertiary education.

During the session, the African Development Bank and GIZ signed a Joint Declaration of Intent to scale up joint commitments to skills development, particularly through the Build4Skills initiative. This initiative will place youth trainees for workplace training within Bank-supported infrastructure projects, aligning with the Bank's Action Plan on Skills for Employability and Productivity in Africa 2021-2025.

Dr. Beth Dunford, the Bank's Vice President for Agriculture, Human, and Social Development, highlighted the institution's commitment to tertiary education and skills development, citing a total investment of $964 million over the past decade.

Prof. Mohamed Belhocine, African Union Commissioner for Education, Science, Technology, and Innovation, stressed the need for increased investment in tertiary education at national, continental, and global levels.

Dr. James Mwangi, Group CEO of Equity Holdings, highlighted the impact of collaboration with tertiary institutions on human resource development across the continent, citing initiatives like Equity Group's scholarships in partnership with the Kenyan government.

The African Development Bank's hybrid 2024 Annual Meetings saw over 10,000 participants, with around 5,000 delegates attending physically. The meetings featured discussions on various topics, with several heads of state expected to participate in a presidential dialogue.