• Friday, May 24, 2024
businessday logo

BusinessDay

Access Bank Group, Aig-Imoukhuede Foundation pledge $300m to boost Africa’s economy

Access Holdings vests over N420million shares to directors

Access Bank Group and Aig-Imoukhuede Foundation have pledged $300 million to fund African government initiatives with a proven potential to transform national economic performance over the next 20 years.

Access Bank Group committed $200 million while Aig-Imoukhuede Foundation committed $100 million at the Africa CEO Forum 2024 which was held in Kigali, Rwanda, according to a statement on Thursday.

“We can’t wait to be saved, Africans need to solve Africa’s problems. This $300 million commitment reflects this reality,” Aigboje Aig-Imoukhuede, chairman of Access Holdings and co-founder of Aig-Imoukhuede Foundation, said while speaking about the commitment.

The fund will see the creation of an African-led 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 is committed to working 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.

This 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 fourth Industrial Revolution transform the rest of the world while leaving Africa falling further behind,” Aig-Imoukhuede said.

“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,” he stated.