African Development Bank launches $618M investment in digital and creative enterprises
African Development Bank launches $618M investment in digital and creative enterprises
- AfDB estimates that the size of global digital wealth will skyrocket from $217 billion in 2022 to over $1 trillion by 2031.
- The Investments in Digital and Creative Enterprises programme launched in Abuja ushering in a new era for the continent.
- Nigeria accounts for almost 30% of Africa’s funded ventures, with at least 180 startups.
The African Development Bank (AfDB) has launched The Investment in Digital and Creative Enterprises (I-DICE) program in Abuja. This marks one of the latest initiatives to boost Africa’s digital transformation which the AfDB estimates will generate $712 billion by 2050 in Africa and $1 trillion in global value by 2030.
This program comes at a defining moment as Africa expands its exports of digital and creative services beyond the continent spurring the rise of new unicorn startups.
The I-DICE is an initiative that partners with the Federal Government of Nigeria. It aims to promote entrepreneurship and innovation in digital technology. The program seeks to find African tech innovators within the country and support them, eventually enabling continuous economic growth. The program’s primary purpose is to tap into Africa’s vast human capital. It accomplishes this by creating jobs for the unemployed youth of Africa.
Read Kenyan Tech Startups bag $574M in funding in 2022.
Other partners that are part of the program include Agence Francaise de Development (AFD) and Islamic Development Bank with the Bank of Industry designated as the executing agency.
Akinwumi Adesina, president of AfDB, said that the potential of Africa’s digital economy is quite astounding. He claimed that Africa’s digital economy will rise from $115 billion to $712 billion by 2050. This will effectively place it among the world’s top economies. He further elaborated that the estimated size of global digital wealth would skyrocket from $217 billion in 2022 to over $1 trillion by 2031.
With the current traction of African tech innovators, four countries will be in the limelight; Nigeria, South Africa, Kenya and Egypt. These four countries have made headlines in Africa’s economy for five years, each leading their respective regions.
The investment in the Digital and Creative Enterprises programme launched in Nigeria is due to the recent advancements the country has made in Africa’s digital economy, especially its fintech industry. Adesina stated that Nigeria is already experiencing the benefits of digital technologies tools and platforms. The country houses five of the eleven African unicorn startups, all profiting from Afrca’s digital transformation. They include Jumia, Interswitch, Opay, Flutterwave and Andela.
Addressing Economic growth by focusing on local talent
The Investment in Digital and Creative Enterprises programme aims to address the issue of unemployment, a major hindrance to the continent’s economic growth. The rate of corruption has effectively blinded most organizations and governments from seeing the talents of African tech innovators.
Also, Read EABC Heads want more funding for Africa’s innovators.
Dr Adesina stated that expanding Africa’s digital infrastructure by 10% would lead to a 2.5% annual growth in Africa’s GDP. “Furthermore, expanding Africa’s digital transformation through internet Access from its current 33% to 75% will help create 44 million online jobs with 3 million jobs in online services by 2025,” he added.
Investments made for I-DICE
The I-DICE program has raised $618 million constituting $217 million from AfDB, $100 million from Agence Francaise de Development and $70 million from the Islamic Development Bank. In addition, the Nigerian government sought to help out its tech innovators by adding $45 million. According to Adesina, the program will also generate additional capital of between $131 million and $262 million. Thus, supporting all African tech innovators who are enthusiastic and eager to join.
The program will soon roll out a youth entrepreneurship investment bank. This new financial institution will potentially build robust financial ecosystems around the businesses for each young innovator participating in the program.
Nigeria’s Vice President, Yemi Osinbajo, formally inaugurated the program and stated that the country would significantly benefit from the program. Nigeria accounts for almost 30% of Africa’s funded ventures, with at least 180 startups. He further claimed that by promoting Investments in Digital and Creative Enterprises programs, African tech innovators from Nigeria and all over Africa would have the opportunity to create a name for themselves in Africa’s digital economy.
Also, Read Ecobank named most Innovative Bank in Africa.
“The I-DICE is important as it brings together the Nigerian public sector and development partners to design a programme that supports innovation across critical pillars of policy, infrastructure, access to finance and talent,” Osinbajo said.
AfDB launches $618M investment in digital and creative enterprises (theexchange.africa)
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Haaretz.
Morocco Joins List of Countries Condemning Israeli Finance Minister's Remarks on Palestinian People
In response to Israel's Finance Minister Bezalel Smotrich's denial of the existence of Palestinians and his call to destroy Hawara, Morocco has now joined the list of countries condemning the far-right politician
Morocco’s foreign minister condemned Israeli Finance Minister Bezalel Smotrich’s recent comments on Palestinians on Thursday, stating that his country “always rejects any irresponsible behavior and any behavior that could be inciting or have a negative effect.”
Nasser Bourita joined the growing chorus of criticism of the far-right politician’s denial of the existence of the Palestinian people and call to destroy the West Bank village of Hawara, telling reporters during a joint press conference with the foreign minister of Burkina Faso that “Morocco always rejects unilateral actions that can only distance us from” a two-state solution, according to local media.
Morocco and Israel agreed to normalize ties in 2020, in exchange for U.S. recognition of Moroccan rule over the disputed Western Sahara region.
Earlier this month, Smotrich, who heads the nationalist Religious Zionism party, declared that the West Bank village of Hawara, the site of recent violence between settlers and Palestinians, should be “wiped out” — a comment which Netanyahu called “inappropriate” in an extended Twitter thread earlier this month.
His statement, which he later described as a “slip of the tongue,” came after two Israeli brothers were killed there by a gunman affiliated with the Nablus-based Lion’s Den militant group.
That evening, hundreds of settlers descended on the northern West Bank town. Their rampage left one man dead, dozens injured and homes and cars torched in one of the worst cases of settler violence in years.
More recently, Smotrich on Sunday drew condemnations from the UAE, Egypt and other countries when he declared, during a speech in Paris, that "there’s no such thing as Palestinians because there’s no such thing as a Palestinian people.”
The UAE's Foreign Affairs Ministry issued a statement on Monday rejecting "inflammatory rhetoric and all practices that contradict moral and human values and principles," calling for an "end to illegal practices that threaten the two-state solution."
Jordan also condemned Smotrich’s remarks, as well as his use of a podium featuring a map portraying the country as part of the Jewish state’s territory — an action which Amman described as “reckless incitement [and] a violation of international norms and the peace agreement” between the two nations.
Promising to “take all the necessary political and legal measures to deal with extreme behavior and statements,” the Jordanian Foreign Ministry on Monday summoned Israel’s Ambassador, who the Jordanian Parliament subsequently voted to expel.
- ‘There’s no such thing as Palestinians’: The ignorant bigotry of pro-Israel propagandists
- UAE delegation to meet Israel's president following Smotrich's 'inflammatory' comments
- Palestinian 'village of Hawara needs to be wiped out,' Israel's finance minister says
“Israel is committed to the 1994 peace agreement with Jordan,” the Israeli Foreign Ministry tweeted on Tuesday, in an effort to defuse the diplomatic crisis.
“There has been no change in the position of the State of Israel, which recognizes the territorial integrity of the Hashemite Kingdom of Jordan.”
France’s foreign ministry denounced his comments as “irresponsible” while the U.S. State Department Deputy Spokesperson Vedant Patel condemned Smotrich's comments "which were delivered at a podium adorned with an inaccurate and provocative map," describing them as "deeply concerning” and “dangerous.”
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Haaretz.
?After Iran, Saudi Arabia to Re-establish Ties With Syria, Sources Say
Contacts between the two Arab countries gathered momentum following a landmark agreement to re-establish ties between Saudi Arabia and Iran earlier this month
Syria and Saudi Arabia have agreed to reopen their embassies after cutting diplomatic ties more than a decade ago, three sources with knowledge of the matter said, a step that would mark a leap forward in Damascus's return to the Arab fold.
Contacts between Riyadh and Damascus had gathered momentum following a landmark agreement to re-establish ties between Saudi Arabia and Iran, a key ally of President Bashar al-Assad, a regional source aligned with Damascus said.
The re-establishment of ties between Riyadh and Damascus would mark the most significant development yet in moves by Arab states to normalize ties with Assad, who was shunned by many Western and Arab states after Syria's civil war began in 2011.
The two governments were "preparing to reopen embassies after Eid al-Fitr", a Muslim holiday in the second half of April, a second regional source aligned with Damascus told Reuters.
The decision was the result of talks in Saudi Arabia with a senior Syrian intelligence official, according to one of the regional sources and a diplomat in the Gulf.
The Saudi government's communication office, the kingdom's foreign ministry and the Syrian government did not respond to requests for comment.
The sources spoke on condition of anonymity due to the sensitivity of the subject.
The apparently sudden breakthrough could indicate how the deal between Tehran and Riyadh may play into other crises in the region, where their rivalry has fueled conflicts including the war in Syria.
The United States and several of its regional allies, including Sunni-led Saudi Arabia and Qatar, had backed some of the Syrian rebels. Assad was able to defeat the insurgency across most of Syria thanks largely to Shi'ite Iran and Russia.
The United States, an ally of Saudi Arabia, has opposed moves by regional countries to normalize ties with Assad, citing his government's brutality during the conflict and the need to see progress towards a political solution.
The United Arab Emirates, another strategic U.S. partner, has led the way in normalizing contacts with Assad, recently receiving him in Abu Dhabi with his wife.
But Saudi Arabia has been moving far more cautiously.
The Gulf diplomat said the high-ranking Syrian intelligence official "stayed for days" in Riyadh and an agreement was struck to reopen embassies "very soon".
One of the regional sources identified the official as Hussam Louqa, who heads Syria's intelligence committee, and said talks included security on Syria's border with Jordan and the smuggling of captagon, an amphetamine for which there is a thriving market in the Arab Gulf, from Syria.
Syria was suspended from the Arab League in 2011 in response to Assad's brutal crackdown on protests.
Saudi's foreign minister Prince Faisal bin Farhan Al Saud earlier this month said engagement with Assad could lead to Syria's return to the Arab League, but it was currently too early to discuss such a step.
The diplomat said the Syrian-Saudi talks could pave the way for a vote to lift Syria's suspension during the next Arab summit, expected to be held in Saudi Arabia in April.
The United Arab Emirates reopened its embassy in Damascus in 2018, arguing Arab countries needed more of a presence in resolving the Syrian conflict.
While Assad has basked in renewed contacts with Arab states that once shunned him, U.S. sanctions remain a major complicating factor for countries seeking to expand commercial ties.
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Israel-US Relations: Nothing Lasts Forever
By Eldad Shavit & Chuck Freilich
President Biden’s recent telephone conversation with Prime Minister Netanyahu, in which the President conveyed the US concern regarding the judicial overhaul underway in Israel, is yet another sign of American dissatisfaction with Jerusalem’s current policies. The Israeli government must not fail to consider American interests and remember that preserving the special relations with the US is a critical component of Israel’s national security
In a telephone conversation on March 19, 2023, President Biden relayed his concern to Prime Minister Netanyahu regarding events on the Palestinian front and Israel’s judicial overhaul. The conversation follows a series of developments in the United States that should lead the Israeli government to realize that its actions and rhetoric could lead to a deterioration in bilateral relations. Even if Israel has the right to protect what it considers vital to its national security, the importance of the United States to Israel’s national security requires that Jerusalem prioritize relations with Washington, and especially preservation of good relations between the leaders of both countries. The administration will likely not hesitate to respond with criticism if it believes that Israel is acting in violation of fundamental US values and shared interests. The US response could range from public condemnation to a practical erosion of the political, economic, and security support that the United States provides Israel.
After a disconnect of around two months, US President Joe Biden placed a call to Israeli Prime Minister Benjamin Netanyahu. According to the White House’s statement on the conversation, the President addressed the two main issues that are now of concern to the administration:
The Palestinian arena: Similar to previous announcements, President Biden reiterated his demand that Israel and the Palestinian Authority work together to increase security cooperation and avoid any steps that could undermine the prospects of a future two-state solution. The President welcomed the meeting in Sharm el-Sheikh between senior political and military figures from Israel, the Palestinian Authority, Egypt, Jordan, and the United States, which was designed, from the administration’s perspective, to reduce tensions between the sides. The President’s comments join many statements from senior US officials in the past few months reflecting the administration’s growing concern over developments on the Palestinian front and the potential for deterioration on the ground. A situation such as this would obligate the administration to invest diplomatic resources at a time when it believes its attention should be focused elsewhere – particularly the competition with China and the war in Ukraine. The administration is exerting intense pressure on Israel and the Palestinians, based on concern that the upcoming period, including the month of Ramadan, could lead to a conflagration. Therefore, as was made clear in the statement issued at the end of the Sharm meeting, it is demanding that both sides take concrete measures to avert this.
The judicial legislation: President Biden stated that “democratic values have always been, and must remain, a hallmark of the U.S.-Israel relationship…and that fundamental changes should be pursued with the broadest possible base of popular support.” The President offered his support for ongoing efforts to find a compromise, based on the core principles of democratic societies that allow fundamental changes to be made only with the broadest possible basis of public support. This is the most significant comment yet from the President on the issue, reflecting genuine concern that the legislative measures pursued by the Israeli government could damage the very values that have always been the principal basis of relations between the United States and Israel. As a rule, US presidents have refrained from interfering in Israel’s domestic affairs. Therefore, President Biden’s decision to bring the issue up in a telephone conversation with Prime Minister Netanyahu testifies to the unusual depth of concern among the top echelon of the US leadership regarding the ramifications of the legislation.
The President’s conversation with Prime Minister Netanyahu leaves little doubt that despite the solid foundation on which Israel-US relations are built and President Biden’s profound friendship and support for Israel, the administration is no longer concealing its displeasure and concern over the processes spearheaded by the government. One clear indication of this is that the President continues to withhold an invitation to the Prime Minister to the White House, which was also evident in their recent conversation. A second indication was a special meeting at the State Department with Israel’s ambassador to Washington, who was called in for a public dressing down.
A number of additional worrying developments on the US front indicate that there is genuine concern that the solid foundation at the base of the relations between the two countries, and what has allowed them to safeguard that friendship even in times of disagreement, is being undermined:
- A new Gallup poll found that for the first time, more of the respondents who identify as supporters of the Democratic Party (49 percent) identify with the Palestinians than with Israel. The findings indicate an increase of 11 percent in support for the Palestinians over last year alone. The increase in support for the Palestinians is also evident among voters who define themselves as independents, even though most of them still express support for Israel. On the other hand, there is no change in the high level of support for Israel among Republican voters. Taking all the data in consideration, Israel is still ahead – but the gap is closing. These figures lend support to previous surveys, which showed a trend that has become more pronounced in recent years – even if most Democrats still view Israel in a generally positive light – that support is being eroded and, more significantly, there is a growing distance between Israel and younger supporters of the Democratic Party. Most American Jewish voters support the Democratic Party, mainly the liberal if not the progressive wing.
- Democratic Senator Chris Murphy, the highly influential chairman of the Foreign Relations Subcommittee on the Middle East, South and Central Asia, and Counterterrorism, who is known for his pro-Israel views, came out strongly in an interview against Israeli policy and said that the Biden administration should intensify pressure on the Israeli government: “Whether it’s conditionality of aid to Israel, whether it’s conditionality of visits to the United States, we’ve got to send a message that this assault on the two-state solution in particular, is very bad for the U.S.-Israel relationship in the long run.” Murphy also assailed the government’s proposed changes to the judicial system and said that they are “fraying the bonds that have connected Israelis together.” Anti-Israeli trends have been evident before, mainly among lawmakers from the progressive wing of the Democratic Party, which often challenges the Democratic establishment from the left. Recently, however, it seems that there has been an increase in support among even centrist Democratic politicians for the idea of conditioning US military aid to Israel on the Palestinian issue.
Most of the evidence suggests that even if the administration is at pains to emphasize its support for Israel and its commitment to Israel’s security, the tension between the two countries has already had an impact on that relationship. In the immediate term, the Palestinian issue is the primary threat. Israeli measures, which violate commitments given at the recent meetings in Amman and Sharm el-Sheikh, additional unilateral measures, and the legislation passed this week that repealed the law on the disengagement from northern Samaria (which itself was the result of assurances that were made to the US), could significantly aggravate US displeasure. The administration’s intimations, that a legislative overhaul of the Israeli judicial system, in the absence of a broad consensus, could change Israel’s character as the only democracy in the Middle East and thereby undermine its role as an American asset and strategic partner, must be taken seriously.
Israel’s national security has long been based, inter alia, on its special relations with the United States. The understanding in Washington that the two countries share values of freedom, democracy, and civil rights has contributed to this, and even when there have been differences of opinion, the two countries understood each other and respected each other’s interests. US administrations, Democratic and Republican alike, have always taken practical steps to safeguard the “security and welfare” of Israel, sometimes in the face of domestic criticism. Support for Israel from within the US political establishment was based on the recognition that the American people are very supportive of these relations and the obligation to safeguard the security of the Jewish state.
The Israeli government must take into account that the American belief (within the administration and in Congress) that “the shared values” have been damaged and that Israel is acting against the immediate interests of the United States, could erode the intimacy of the bilateral relations. This is particularly true at this sensitive time, when the security challenges – led by Iran, which resolutely continues to advance its nuclear program – call for tighter coordination between the two countries. The Iranian issue was mentioned only in passing in the statement issued by the White House about the Biden-Netanyahu phone call.
Even if Israel has to protect what it considers as significant to its national security, it must, during the upcoming period, prioritize and attach utmost importance to its relations with the United States – especially its ability to maintain good relations between the two leaders. It appears that the administration will not hesitate to express objections and criticism if it believes that Israel is acting in contravention of shared fundamental values and common interests – and especially if it reneges on its promises on the Palestinian front. The US response could range from public condemnation to the practical erosion of the political, economic, and security support that the United States gives Israel. Israeli conduct and the nature of the bilateral relations will have important, long-term ramifications, given the demographic, economic, and social processes underway in the United States. Even if some of them have nothing to do directly with Israel, they could contribute to the erosion of the long-term US commitment to Israel. Ignoring these warnings could be disastrous for Israeli interests, since sooner or later, they will impinge on the special relations between the two countries.
About:
Eldad Shavit
Eldad Shavit joined INSS in early 2017 as a Senior Researcher following a long career in the IDF Intelligence Corps and the Prime Minister's Office in Tel Aviv. Col. (res.) Shavit's final post in the Intelligence Crops was an assistant for assessment to the head of the research division, and in the Prime Minister's Office, he served (2011-2015) as head of the research division. In these positions he was responsible for formulating the intelligence assessment regarding regional and international issues. In 1994-1995 he served as head of the intelligence unit in the office of the military secretary to the Prime Minister and the Defense Minister.
Chuck Freilich
Professor Chuck Freilich, a senior researcher at INSS, served for over 20 years in Israel’s national security establishment, as a senior analyst and finally as a deputy national security adviser. After leaving government, he was a long-time senior fellow at Harvard's Belfer Center and taught political science at Harvard College. He continues to teach political science at Tel Aviv University, Columbia and NYU and is the senior editor of the Israel Journal for Foreign Affairs. Freilich specializes in Israel’s national security strategy and policymaking processes, US Middle East policy and US-Israeli relations.
Israel-US Relations: Nothing Lasts Forever | INSS
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