Access Bank Group and Aig-Imoukhuede Foundation have announced a $300 million pledge to support transformative economic initiatives across Africa.
The announcement was made at the Africa CEO Forum 2024 in Kigali, Rwanda, where the theme of this year’s event is ‘At the table or on the menu?’.
The duo, in a joint press release on Thursday, said the $300 million pledge will be spearheaded over the next 20 years.
“The fund will see the creation of an African-led Super NGO in partnership with academics, experts, and philanthropists across the globe who are committed to closing the gap between Africa and the rest of the world,” the statement reads.
“The NGO will work with African governments to provide the funding, governance, and talent required to successfully execute game-changing government reform programmes, especially in the delivery of digital public infrastructure.”
Access Bank has committed $200 million, and the Aig-Imoukhuede Foundation has committed $100 million, according to the press release.
$300 million, the statement said, will fund African government initiatives with proven potential to transform national economic performance.
Speaking about the commitment, Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Co-Founder of the Aig-Imoukhuede Foundation, said, “We can’t wait to be saved; Africans need to solve Africa’s problems. This $300 million commitment reflects this reality.”
The development comes at a time when Ajay Banga, President of the World Bank, has warned wealthy countries that it would be shortsighted to “ignore” Africa. This landmark Africa-led initiative could not have been better timed.
“We African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. It’s today’s leaders who will determine whether or not we grab this opportunity,” Aigboje Aig-Imoukhuede continued.
