Key highlightsÂ
- The World Bank has some programs which support digital startups in developing countries like Nigeria
- These programs and initiatives support startups in the form of financing, knowledge sharing, and technical support
- These programs are Digital Economy for Africa, Digital Development Partnership, Government-to-Person Payment, and Cybersecurity Multi-donor Trust.
The World Bank provides knowledge and financing to help close the global digital divide and make sure countries can take full advantage of the ongoing Digital Development revolution.Â
The bank does this because it understands the potential of technology and innovation to spur economic growth and eradicate poverty in developing nations, which is why supports digital startup entrepreneurs.
The World Bank’s investment in startups support entrepreneurship, expand employment opportunities, and improves the business climate in Low- or Middle-Income Country (LMICs) which Nigeria falls under.Â
Here are four World Bank programs that support digital startups in developing countries:Â
This is an initiative that supports the African Union’s 2020–2030 Digital Transformation Strategy by offering funds, technical support, policy guidance, and knowledge sharing to connect every person, company, and government in Africa to the internet by that year. The African Union’s digital transformation strategy for Africa is supported by the WBG Digital Economy for Africa (DE4A) flagship initiative (AU).Â
In order to support the Africa Union Digital Transformation Strategy for Africa, the Digital Economy Initiative for Africa (DE4A) aims to ensure that every individual, business, and government in Africa will be digitally enabled by 2020.Â
According to the initiative, Africa has the chance to utilize the digital economy as a catalyst for innovation and growth, but if it fails to close the digital divide, its economies run the risk of isolation and stagnation.Â
The DE4A initiative recognizes that the digital economy can help accelerate the achievement of the UN Sustainable Development Goals (SDGs) and the goal of the World Bank Group.Â
Provides grants which support global efforts to use digital technologies and data to hasten green, inclusive, and resilient social and economic development. These efforts are made in collaboration with governments, the private sector, NGOs, academia, and development partners.Â
Public and private sector partners are brought together through the Digital Development Partnership to advance digital solutions and hasten safe and inclusive digital transformation in developing nations.
It helps low- and middle-income nations articulate and put into practice their digital development strategies and operational work plans in the key areas of data and indicators, enabling environments for the digital economy, universal access to the internet, digital government, and mainstreaming digital services, solutions, and platforms.Â
DDP was founded in 2016 to assist in the implementation of the 2016 World Development Report on Digital Dividends. As a result of the growing demand to assist client countries with their cybersecurity agendas, the World Bank launched the Cybersecurity Associated Fund in July 2021 as part of the broader DDP umbrella program.Â
This is an initiative where efforts are being made to advance the broader aim of improving G2P payments through digitization in ways that can hasten important development outcomes like financial inclusion and women’s economic empowerment.Â
Early in 2020, the Bill and Melinda Gates Foundation and the G2Px Initiative officially commenced their collaboration.
The goal of this effort is to advance government-to-person (G2P) payments through digitization. Other goals include changing the G2P digitization paradigm from one that prioritizes efficiency improvements for particular programs to one that concurrently accelerates important development outcomes including financial inclusion, women’s economic empowerment, and cost savings for the government.
The World Bank Group hopes to construct a framework, create best practices, and offer upstream technical assistance through this effort in order to significantly enhance G2P payments.Â
Given governments’ urgency to provide cash assistance quickly and with transparency and accountability, the G2Px agenda of digitizing payments and promoting choice and interoperability is more important now than ever as governments worldwide seek ways to respond to the economic and social consequences of the COVID-19 pandemic. Â
Helps nations become more resilient to cyber threats and gives them the skills and information they need to take advantage of opportunities and manage these threats This is crucial for LMICs, who are currently making significant investments in digital infrastructure to quickly advance their development goals.Â
This Multi-Donor Trust Fund was created as a related trust fund under the larger Digital Development Partnership (DDP) umbrella with the goal of better defining, comprehending, articulating, structuring, and systematically implementing the cybersecurity development agenda.
With the support of critical investments in infrastructure and technology, the new work program will provide comprehensive cybersecurity capacity development, including global knowledge development, country assessments, technical assistance, capacity building, and training.
Donor contributions from Estonia, Germany, Japan, and The Netherlands have made it feasible for the Trust Fund to come into action.Â
