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UAE Introduced New Investment & Development Drive For Africa

The UAE Minister for International Cooperation, Her Excellency Reem Al Hashimy said, "the Consortium would align the UAE government and its private sector’s commitment to Africa, combining aspiration for progress and resources to support it, into one focused entity to assist development and investment, contributing to a promising new future vision for Africa and Africans.

The UAE’S Consortium for Africa, a new vision with a committed investment of $500 million to help fulfill the perception of a ‘turbocharged’ and connected new Africa, driven by its youth, has been launched at the African Union (AU).

The focus on digitialization and youth would make sure that “our young and talented populations are not overwhelmed by, but grab, the opportunities of the future,” Her Excellency added.

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.

For six months, from 20 October 2020 until 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.

The Consortium for Africa would make sure more integrated, 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.

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Posted on :3/11/2020