Grace Ashiru
The African Union Commission (AUC) and the African Development Bank have signed a grant agreement to do Phase 1 of the Upstream Project for Digital Market Development in Africa.
On November 17, there was a signing ceremony at the headquarters of the AUC in Addis Ababa, Ethiopia.
Commissioner of Economic Development, Trade, Tourism, industry and Minerals Ambassador Albert M. Muchanga, and Abul B. Kamara, Deputy Director General for the East Africa Region, signed the agreement on behalf of the AUC and the African Development Bank.
Ambassador Muchanga thanked the African Development Bank on behalf of the AUC for its help. He argued that the Covid-19 pandemic “emphasised the importance of digital technologies and the digital economy as a whole.” In this regard, Africa should dream significantly regarding digital growth, the digital economy, and the enormous potential for integration and economic prosperity.”
The African Development Bank’s board of directors approved the disbursement of 7 million Units of Account ($9.73 million) in September of this year.
The project helps the AUC do things in the digital economy that will improve the single digital market on the continent. It also pushes for the Digital Transformation Strategy for Africa and the African Continental Free Trade Area to be implemented.
Dr Kamara said that the initiative would help put the High five goals of the African Development Bank into action. He said that these goals would help achieve the goals of Agenda 2063 and the continent’s economic transformation to make The Africa We Want.
The project’s historical setting is the recession caused by COVID-19, which exposed several flaws in the African digital economy ecosystem.
These deficiencies are remedied by it.
The first phase will last from 2023 to 2026.
It will focus on three main parts: digital enablers, adopting digital trade and e-commerce, and actions to help.
It will focus on three main parts: digital enablers, adopting digital trade and e-commerce, and actions to help.
In particular, the project will help strengthen Africa’s digital economy’s frameworks (strategic, policy, regulatory, and conceptual) and cross-cutting (gender, climate change, and resilience) dimensions.
