The African Union Commission (AUC) and the African Development Bank (AfDB) signed an agreement on Thursday, November 17, 2022. This move to subsidize the implementation of the first phase of the “Upstream” project for the development of the digital market in Africa.

Digital technologies are a priority for developing Africa's social economy. Indeed, through Agenda 2063, the African Union has drawn up a set of key programs and initiatives deemed essential to accelerate the economic growth and development of the continent. For this reason, the African Development Bank has advanced funding worth $9.73 million to support the implementation by the AUC of digital economy projects aimed at strengthening a single continental digital market.

This investment also aims to support the implementation of the African Continental Free Trade Area and the Digital Transformation Strategy for Africa.

For Albert M. Muchanga, AUC Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, “the Covid-19 pandemic has underscored the importance of digital technologies and the digital economy as a whole, and in this regard, Africa should think big when it comes to the challenge digital development, the digital economy and the great opportunities for integration and economic growth.”