The African Development Bank has collaborated with the US Commercial Service to boost technological innovation on the continent.
This partnership took place at the Africa Tech Festival in South Africa, where mutual benefit was emphasized.
The implication of this is that US firms will now provide African governments with technologies to enhance internet access, digital skills, and a supportive regulatory environment.
In return, governments will open their markets to these firms.
Nairametrics learns that AfDB aims to cultivate partnerships for leveraging technology in Africa’s growth, having invested $2 billion in digital infrastructure development.
This investment has lowered internet access costs, improved digital literacy, and created a favourable business and policy environment across the continent.
What they said
Ashley Ndir, senior U.S. Commercial Liaison to the African Development Bank, emphasized,
- “We are at a turning point in Africa’s technological advancement. By bridging insights from the U.S. private sector with Africa’s vibrant markets, we aim to drive innovation and economic growth. This partnership is a testament to that mission.”
I’m a similar vein, the Head of ICT Operations Nicholas Williams from the African Development Bank said,
- “Africa has made significant investments in pivotal infrastructure and policy enhancements to create an innovative digital economy.
- “As Africa’s premier development finance institution, the African Development Bank will help push Africa’s digital boundaries even further by forging strategic relations, building on historical investments, and, more importantly, tapping into the energy of our young population, who are digital natives.
- “We value the insights that the U.S. private sector may bring.”
Why does it matter?
Notably, a 2018 report from the World Economic Forum highlighted that 22 out of 25 countries on the continent lacked public policies to promote innovation.
Yet research indicates that digital technologies play a pivotal role in addressing socio-economic issues in Africa.
To address this, the African Development Bank is therefore collaborating with chosen technology firms in the US to harness essential technologies for enhancing innovation.
Nairametrics learns that partnering with US tech firms could provide a significant boost to African economies, especially as the continent faces challenges in meeting crucial milestones for ‘Agenda 2030.’
AfDB efforts so far
To date, AfDB has invested $2 billion in digital infrastructure, encompassing regional and national broadband development, fostering favourable policy environments for private sector investments, scaling digital skills, and supporting innovative enterprises.
These efforts have effectively lowered internet access costs, improved digital literacy, and created an environment conducive to business and policy.
Partnering with the U.S. Commercial Service known for fostering international trade, will spearhead digital transformation in Africa, envisioning a future where technology propels growth and prosperity.
Through this partnership, both the U.S. Commercial Service and the African Development Bank reaffirm their dedication to enhancing digital capabilities in Africa and ensuring the continent’s full realization of its digital potential.
