Africa: $2 billion mobilised to finance vocational training and promote digital technology

On Friday, May 24, 2024, the President of the African Union (AU) and Mauritania’s head of state, Mohamed Ould Cheikh Al-Ghazouani, hosted leaders from multilateral institutions and the African private sector in Nouakchott.

Following their meeting, these leaders committed to raising USD 2 billion to support vocational training and digital culture promotion, particularly targeting youth and women in Africa.

According to a statement from the African Export-Import Bank (Afreximbank), this commitment aligns with the vision of the Alliance of African Multilateral Financial Institutions (AAMFI), which was established during Al-Ghazouani’s tenure as AU President.

Professor Benedict Oramah, who leads both AAMFI and Afreximbank, emphasized the alliance’s role in advancing the AU’s Agenda 2063 by serving as a coordination platform for trade and development financing in Africa, especially amidst a challenging international financial landscape.

Agenda 2063 is Africa’s strategic framework designed to transform the continent into a global powerhouse of the future.

This blueprint aims to achieve inclusive and sustainable development within the next forty years.

According to African leaders, this agenda is a tangible expression of the Pan-African desire for unity, self-determination, freedom, progress, and collective prosperity, pursued through the ideals of pan-Africanism and African renaissance.

In line with the AU’s 2024 theme, «Educating an Africa Fit for the 21st Century», the meeting with President Ghazouani explored ways to enhance the capabilities of Africa’s rapidly growing young population.

The population of Africa is expected to double by 2050, reaching 2.5 billion people, according to projections from the French Institute for Demographic Studies (INED).

Cedric KABORE