The African Union Commission (AUC) and the African Development Bank have signed a grant agreement to carry out Phase 1 of the Upstream Project for the Development of Digital Markets in Africa.
A signing ceremony was place on November 17 at the AUC’s main office in Addis Abeba, Ethiopia. Ambassador Albert M. Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, and Abul B. Kamara, Deputy Director General for the East Africa Region, signed the agreement on behalf of the AUC and the African Development Bank.
On behalf of the AUC, Ambassador Muchanga thanked the African Development Bank for their support. He asserted that the Covid-19 epidemic “underlined the importance of digital technology and the digital economy as a whole. In this context, Africa should consider its enormous potential for economic growth and integration through the digital economy.
The African Development Bank’s board of directors approved the disbursement of 7 million Units of Account ($9.73 million) in September of this year.
The project assists the AUC in implementing digital economy initiatives that will enhance the continental single digital market. Additionally, it promotes the implementation of the African Continental Free Trade Area and the Digital Transformation Strategy for Africa.
Dr. Kamara said that the program would help to implement the African Development Bank’s High 5 goals as catalysts for accomplishing Agenda 2063 targets and the economic transformation of the continent to create The Africa We Want.
The project’s historical setting is the COVID-19 recession, which revealed numerous flaws in the African digital economy ecosystem.
It fills in these holes.
Phase 1 spans the years 2023 – 2026.
It will concentrate on three primary elements: adoption of digital trade and e-commerce; digital enablers; and support actions.
The project will specifically support the development of the frameworks (strategic, policy, regulatory, and conceptual) and cross-cutting (gender, climate change, and resilience) elements.