- The digital transformation of the African economies is imperative to boost intra-Africa trade and economic growth. The African Union Commission (AUC) and the African Development Bank (ADB) have signed a grant agreement to boost Digital Market Development in Africa.
The digital transformation of the African economies is imperative to boost intra-Africa trade and economic growth. The African Union Commission (AUC) and the African Development Bank (ADB) have signed a grant agreement to boost Digital Market Development in Africa. The grant will be used to execute Phase 1 of the Upstream Project for Digital Market Development in Africa.
The agreement was signed by the AUC Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert M. Muchanga, and the African Development Bank’s Deputy Director General for the East Africa Region, Abdul B. Kamara, representing the institutions.
According to a statement from the African Development Bank, the scope of the project covers the implementation of digital economy projects to enhance a continental single digital market, African Continental Free Trade Area and the Digital Transformation Strategy for Africa. It will try and bridge the gaps in the African digital economy ecosystem widened by the Covid-19-induced recession.
Phase 1 which runs from 2023 to 2026 will focus on three main components namely: digital enablers; digital trade and e-commerce adoption; and support actions. The project is expected to strengthen the frameworks for the establishment of a single digital market across the African continent by 2030.It will also support the implementation of digital enablers like universal access to broadband infrastructure, sovereign African cloud, and African digital market etc.
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ADB’s Deputy Director General for the East Africa Region, Abdul B. Kamara observed that the project would support the Bank’s High 5 priorities to achieve Agenda 2063 targets and the economic transformation to get The Africa We Want.
