New Telegraph

Access Bank Group, AIG-Imoukhuede Foundation Pledge $300m For Africa’s Economic Landscape

The Aig-Imoukhuede Foundation and Access Bank Group have pledged $300 million in charitable commitments over the next 20 years. Access Bank has committed $200 million and Aig-Imoukhuede Foundation committed $100 million.

This will fund African government initiatives with a proven potential to transform national economic performance. Speaking on the commitment, Aigboje Aig-Imoukhuede, Chairman, Access Holdings and CoFounder, 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.” Appropriately, this 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?’ At the event, CEOs from across the continent joined to discuss how Africa can demand a seat at the global table, rather than continuing to wait to be invited.

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 NGO will work with African governments to provide the funding, governance and talent required to successfully execute game changing government reform programs, especially in the delivery of digital public infrastructure.

The development comes at a time when Ajay Banga, President of the World Bank, has warned wealthy countries that it would be short-sighted 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,” Aig-Imoukhuede said.

The availability of digital public infrastructure is a proven and cost-effective way for developing nations to break free of the status quo.

It provides citizens with access to the same public goods and services available to citizens of advanced nations. The India Stack has become a shining example of what can be achieved when visionary public and private sector leaders partner for development.

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