During the Africa Tech Festival, held in South Africa, the African Development Bank partnered with the US Commercial Service to invigorate innovation on the continent. Couched in a framework of mutual benefit, firms in the US will make available to African governments technologies capable of improving internet access, enhancing digital skills and creating a regulatory environment conducive to innovation. Governments will, in turn, open their markets further to these firms.

The Bank intends to foster the requisite partnerships to leverage the technology needed to grow and develop the African continent and ensure its potential is fully realised. To date, it has invested$2 billion in digital infrastructure development, which is responsible for reducing the cost of internet access, enhancing digital literacy, and fostering a conducive business and policy environment on the continent.

Why does it matter?

A partnership with technology firms in the US could be the shot in the arm African economies need to leapfrog innovation, given that the continent lags in achieving critical milestones needed to materialize 'Agenda 2030'. Research suggests that digital technologies are needed to help solve the continent's socio-economic challenges. It is important to note that according to a report published in 2018 by the World Economic Forum, 22 of 25 countries on the continent had no public policies to encourage innovation.