Country for PR: United Kingdom
Contributor: PR Newswire Europe
Tuesday, February 11 2020 - 02:35
UAE Unveils USD 500 Million "Consortium for Africa:" Investment and Development for "Turbocharged" New Africa Driven by Youth
ADDIS ABABA, Ethiopia, Feb. 11, 2020 /PRNewswire-AsiaNet/ --

- "Consortium for Africa" will combine ambition and resources to support 
- USD 500m investment to focus on youth and digitisation 
- African Union hears how Consortium demonstrates UAE's relentless commitment 
to the continent 

The UAE'S Consortium for Africa, a new initiative with a committed investment 
of USD 500 million to help fulfil the vision of a "turbocharged" and connected 
new Africa, driven by its youth, has been unveiled at the African Union (AU).

The UAE Minister for International Cooperation and Director General of Expo 
2020 Dubai, Her Excellency Reem Al Hashimy, told members that the Consortium 
would be a long-term builder of human capital on the continent with two 
immediate priorities: digitisation and youth. 

She said the Consortium would align the UAE government and its private sector's 
commitment to Africa, combining ambition for progress, and resource to support 
it, into one focused entity to assist development and investment, contributing 
to an optimistic new future vision for Africa and with Africans. 

Her Excellency Reem Al Hashimy explained: "More than simply donor or a provider 
of concessionary loans, the UAE understands that real value lies in the 
long-term building of human capital. And we are committed to helping deliver 
the apparatus in which start-ups can thrive, entrepreneurs can lead, and young 
people can look forward with optimism to a future that is firmly in their 

The focus on digitisation and youth would ensure that "our young and talented 
populations are not overwhelmed by, but embrace, the opportunities of the 
future," Her Excellency added.

"We have listened closely to what you have told us, as a continent represented 
by the African Union, and as nations that make up its member states. And we 
have heard your call to the UAE: to draw on lessons learned through our own 
development, and to target the UAE's investment into Africa's digital economy," 
Her Excellency continued. 

The UAE has been an active partner on the continent throughout its 49-year 
history, investing billions during that time and by 2016 was the second largest 
investor country in Africa, with support for a wide variety of projects 
including roads, bridges and ports, schools, clinics and hospitals.

The Consortium for Africa would ensure a more consolidated, adaptive and 
impactful support in the future, said Her Excellency, who was the first UAE 
Minister to address the AU with a speech to its Executive Council at its 

Her Excellency also heralded the first participation of the African Union at a 
World Expo, showcasing the continent's rich history and many achievements 
within its own pavilion. For the first time in World Expo's 169-year history, 
every single participating nation – a record-breaking 192 – will be represented 
with an individual pavilion of its own at the World's Greatest Showcase of 
human brilliance and achievement.

Some 25 million visits are expected at the first World Expo in the Middle East, 
Africa and South Asian region (MEASA). Located in Expo 2020's Opportunity 
District, the African Union Pavilion will explore the speeches of Africa's 
great leaders, illustrating just how much the institution has achieved since 
its inception as the Organisation of African Unity in 1963. 

Millions of visitors will step in to a colorful, borderless space, where they 
will discover Africa's vast potential and optimism for the future, reflected in 
its Agenda 2063 aspirations that address agriculture, transport, science and 
technology, and health.

For six months from 20 October 2020 until 10 April 2021, the UAE will host the 
world's largest meeting of minds, welcoming creative critical thinkers to a 
powerful platform that will shape our future and reveal a raft of opportunities 
to be explored by – and in – African countries.

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SOURCE: Expo 2020 Dubai