UAE Announces Investment to Build Africa

Abu Dhabi, MINA – The United Arab Emirates (UAE) Consortium for Africa is a new initiative with an investment commitment of US$ 500 million or equivalent to Rp 7.2 trillion.

The consortium aims to contribute to realizing a vision of accelerated development for a new, more connected and empowering Africa, led by young people.

The African Union has announced the initiative, according to an official press statement received by MINA Tuesday, February 11.

Reem bint Ibrahim Al-Hashemi, State Minister for International Cooperation and Executive Director of the Dubai 2020 Expo, assured representatives of African Union member countries that the consortium will work to develop human resources on the continent in the long run.

“Priority is given to two aspects of digital transformation and young people,” Al-Hashemi said.

She explained the consortium would coordinate the commitment of the UAE government and private sector towards Africa, while combining the spirit of progress and resources in a single entity aimed at supporting development and investment, in an effort to realize more optimistic future vision for Africa, by the Africans alone.

According to Al-Hashemi, the UAE, which is merely a donor or soft loan provider well aware that its true value lies in efforts to build human resources in the long run.

“We are committed to help creating a system where startups can thrive, project owners maximize their potential and young people can design the future with optimism, where they realize their future,” she added.

Al-Hashemi added focus on digital transformation and youth will ensure that young and our competencies can embrace the opportunities offered in the future, not as a burden.

“We listen carefully to what you say, as a continent represented by the African Union, and as a forum that unites its members. We hear you calling us, to be able to learn from our development process while attracting UAE investment in the African digital economy, ” she explained.

The UAE has been an active partner in the African continent throughout its 49-year history and invested billions of dollars during that period.

In 2016, the UAE became the second largest investor in Africa, and provided support to various projects including roads, bridges, ports, schools, clinics and hospitals.

“The Consortium for Africa will ensure more integrated, flexible, and influential support in the future,” Al-Hashemi stressed in her address, where she was the first UAE minister to speak at the headquarters of the African Union’s Executive Committee. (T/RE1)

Mi’raj News Agency (MINA)