Digital Market Development: AfDB, AUC Sign $9.73 Million Agreement 

In order to drive digital market development in Africa, a grant agreement of $9.73 million has been signed by The African Union Commission (AUC), and the African Development Bank (AfDB).

According to a statement issued on the website of the AfDB on Friday, the agreement is for the implementation of Phase 1 of the Upstream Project for Digital Market Development in Africa.

The signing took place on Thursday at AUC headquarters in Addis Ababa, Ethiopia.

The agreement was signed by both Amb. Albert Muchanga, AUC Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, and Dr Abul Kamara, AfDB’s Deputy Director-General, East Africa Region.

The AfDB’s Board of Directors approved the grant of seven million Units of Account (9.73 million dollars) in September.

Muchanga, however, expressed the AUC’s gratitude to the AfDB for its support.

“The COVID-19 pandemic underscored the importance of digital technologies and the digital economy as a whole.

“In that regard, Africa should think big when it comes to digital development, digital economy and the grand opportunities on integration and economic growth,” he said.

According to  Kamara, the project would support the implementation of the AfDB’s High 5 priorities as accelerators to achieving Agenda 2063 targets.

He also said the project would support the continent’s economic transformation to get “The Africa We Want”.

He said it is important to create employment opportunities for millions of young Africans, which is essential for the stability and prosperity of the continent.

“The digital transformation of economies offers new opportunities to increase intra-Africa trade and boost economic growth.”

The project supports the AUC’s implementation of digital economy projects to enhance a continental single digital market.