UAE unveils USD$500 million new investment and development initiative to help build a connected and ‘turbocharged’ new Africa driven by youth
The UAE Embassy in Copenhagen
The UAE Minister for International Cooperation and Director General of Expo 2020 Dubai, Her Excellency Reem Al Hashimy, unveiled The UAE’S Consortium for Africa, a new initiative with a committed investment of USD 500 million to help fulfil the vision of a ‘turbocharged’ and connected new Africa, driven by its youth, at the African Union (AU) in ADDIS ABABA on the 8th February 2020.
Her Excellency told (AU) members that the Consortium would be a long-term builder of human capital on the continent with two immediate priorities: digitization and youth. 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, contributing to an optimistic new future vision for Africa and with Africans.
Her Excellency Reem Al Hashimy explained that it is “More than simply 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.”
Her Excellency Reem Al Hashimy added that the focus on digitization and youth would ensure that “our young and talented populations are not overwhelmed by, but embrace, the opportunities of the future”. Her Excellencycontinued“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,”.
The UAE has been an active partner on the continent throughout its 49-year history, investing billions during that time and by 2016 was the second largest investor country in Africa, with support for a wide variety of projects including roads, bridges and ports, schools, clinics and hospitals.
The Consortium for Africa would ensure a more consolidated, adaptive and impactful support in the future, said Her Excellency, who was the first UAE Minister to address the AU with a speech to its Executive Council at its headquarters.
The first participation of the AU at a World Expo, showcasing the continent’s rich history and many achievements within its own pavilion was also heralded by Her Excellency who explained “For the first time in World Expo’s 169-year history, every single participating nation – a record-breaking 192 – will be represented with an individual pavilion of its own at the World’s Greatest Showcase of human brilliance and achievement, where about 25 million visits are expected at the first World Expo in the Middle East, Africa and South Asian region (MEASA). Located in Expo 2020’s Opportunity District, the African Union Pavilion will explore the speeches of Africa’s great leaders, illustrating just how much the institution has achieved since its inception as the Organization of African Unity in 1963.
Millions of visitors will step in to a colorful, borderless space, where they will discover Africa’s vast potential and optimism for the future, reflected in its Agenda 2063 aspirations that address agriculture, transport, science and technology, and health. And, for six months between 20 October 2020 - 10 April 2021, the UAE will host the world’s largest meeting of minds, welcoming creative critical thinkers to a powerful platform that will shape our future and reveal a raft of opportunities to be explored by – and in – African countries.
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