The United Arab Emirates announced Sunday a $500 million initiative to help fulfill the vision of a new Africa driven by its youth, announced UAE Minister of State for International Cooperation and Director-General of Expo 2020 Dubai, Reem al-Hashemy
The Minister announced UAE’s Consortium for Africa at the African Union (AU) representatives’ meeting in Addis Ababa, Ethiopia.
Hashemy asserted that the Consortium would be a long-term builder of human capital in Africa with two immediate priorities, digitization, and youth.
She said the Consortium would align the UAE government and its private sector's commitment to Africa, combining ambition for progress, and resource to support it, into one focused entity to assist development and investment.
This will contribute to an optimistic new future vision for Africa and with Africans, according to the Minister.
“More than simply a donor or a provider of concessionary loans, the UAE understands that real value lies in the long-term building of human capital. And we are committed to helping deliver the apparatus in which start-ups can thrive, entrepreneurs can lead, and young people can look forward with optimism to a future that is firmly in their control.”
The Minister indicated that the focus on digitization and youth would ensure that young and talented populations will embrace opportunities for the future.
“We have listened closely to what you have told us, as a continent represented by the African Union, and as nations that make up its member states. And we have heard your call to the UAE: to draw on lessons learned through our own development, and to target the UAE's investment into Africa's digital economy,” Hashemy continued.
The UAE has been an active partner on the continent throughout its 49-year history, said Hashemy, adding that it has invested billions since then, and by 2016 it was the second-largest investor country in Africa, with support for a wide variety of projects.
“UAE’s Consortium for Africa” would ensure a more consolidated, adaptive, and impactful support in the future, said Hashemy.
Expo2020 is expected to receive about 25 million visitors, described as the first World Expo in the Middle East, Africa, and the South Asian region. It will be held for six months from 20 October 2020 until 10 April 2021.
