World Bank to invest $25bn in Africa’s digital transformation in 10yrs

The World Bank Group has said it will invest $25billion in Africa’s digital transformation between now and 2030.

It also said it will mobilize at least $25bn more from the private sector within the same period.

This was contained in the World Bank annual report for 2018.

“We will invest $25 billion in Africa’s digital transformation between now and 2030, and we aim to mobilize at least $25 billion more from the private sector,” it said.

It said, it is “supporting digital integration by financing infrastructure for high-speed inter-net, such as the fiber optic backbone between the Republic of Congo and Gabon, and helping young African entrepreneurs harness technology to tackle challenges, including access to education, transport, and health services.”

The World Bank also said “in Ghana, Bank-financed tech hubs are training more than 650 people to help them break into cutting-edge jobs and new industries.”

“Addressing the drivers of fragility and climate risks with climate shocks straining communities and threatening food security, it is critical to invest in climate adaptation and resilience as well as disaster risk management.

“Under our Africa Climate Business Plan, launched in 2016, the Bank has approved 176 projects for a total of $17 billion. These are delivering results ahead of schedule, particularly in climate-smart agriculture and ocean economies, coastal resilience, integrated watershed management, and renewable energy,” the report noted.