Google Pledges to Propel African Tech Startups

Feb 24 , 2024


Google aims to enable one million startups in Africa to generate 100 billion dollars in revenue by 2033 and upscale 5,000 young Africans in computer science education starting this year. It also plans to improve cybersecurity in the continent. In a bid to boost digital development in Africa, Google LLC partnered with the United Nations Economic Commission for Africa (UNECA) last week. The memorandum of understanding was signed between Claver Gatete, executive secretary of ECA and Doron Avni, vice president of government affairs & public policy of Google, at ECA headquarters. Doron pointed to artificial intelligence-based technologies as holding power for 'profound transformation', evidenced through flood prediction tools currently applied across several African countries. Representatives from Nigeria, Botswana and Zimbabwe attended the event held on the sidelines of the African Union Summit alongside tech entrepreneurs from several countries. Zimbabwe's Minister of Education Amon Murwira (Prof) emphasised the need to tap into Africa's heritages in culture and ecology to leverage the embedded transformative power of education and technology.


Radar

Regional Development Banks Tie-up for Private Sector Growth

Arab Bank for Economic Development in Africa (BADEA) and Trade Development Bank Group (TDB) signed a 100-million-dollar disbursement for a hybrid capital instrument last week on the sidelines of the African Union summit. Admassu Tadesse, president and managing director of TDB Group, and Sidi Ould Tah (PhD), president of BADEA were the signatories at the event attended by Central Bank Governor Mamo Mihretu, CEO of the Ethiopian Securities Exchange Tilahun Kassahun (PhD), and Deputy Chairperson of...


Radar

National Bank Reports Five-Year Low Inflation, Record-High Exports

The National Bank of Ethiopia (NBE), in its six-month snapshot on monetary and external sector developments, reports that inflation has dropped to 15.5pc, the lowest in five years and a 13.9pc decline from last year's 29.4pc rate. Headline inflation stood at 34.5pc during the same period in 2022. The report also shows a sharp decline in food inflation, which fell by 16.6pc, from 32.3pc in January 2024 to 15.7pc in January 2025. Non-food inflation dropped by 10.2pc, from 25.3pc last year to 1...


Radar

Horn Initiative Boosts Regional Development Agenda

A total of 20 projects worth three billion dollars are currently being implemented in Ethiopia under the Horn of Africa Initiative, which held a performance review platform last week. This initiative, established in 2019, seeks to economically integrate Horn of Africa countries through development projects. Finance Minister Ahmed Shide accentuated the initiative's goals of enhancing infrastructure connectivity, strengthening trade and economic integration, building resilience to natural and man...