Africa: Experts discuss further innovation of economies

By James Tasamba

KIGALI, Rwanda (AA) - Experts and policy makers from across Africa on Tuesday called on development finance institutions in the continent to put more focus on financing of digital infrastructure such as innovation hubs.

Speaking at Africa50 Investment Forum in the Rwandan capital city of Kigali, the experts said it would change the narrative of Africa as a continent which only consumes technology to one which creates technology.

Alain Ebobisse, the chief executive of Africa50, said development financial institutions should focus more on the type of infrastructure that will enable innovation hubs.

“Africa will not be able to close the infrastructural gap by following traditional infrastructure technologies. We need to find disruptive technologies to leapfrog so we can close the gap,” said Ebobisse.

He added that beyond financing for entrepreneurs thinking about innovation, development finance institutions can work on other pillars of innovation ecosystems focusing a bit more on digital infrastructure.

Noting that public-private partnerships are crucial to the development of innovation hubs, Ebobisse said innovation can lead to a better future for Africans.

Ebobisse also called for enabling business environment for innovation, accelerating Internet connection as well as funding for high tech ventures while attracting global tech companies which can collaborate with local companies to create solutions for Africa.

Nathalie Munyampenda, the managing director of the Next Einstein Forum, said there is need to strengthen tech transfer across Africa where students with technology background can start companies.

Innovative financing solutions are vital to achieving the success of innovation hubs in Africa as well as building the talent the continent is looking for, she said.

Paula Ingabire, Rwanda’s Minister of ICT and Innovation, said financing of innovation technology remains a challenge because of lack of collateral for entrepreneurs to present to financial institutions.

Africa50 is the pan-African infrastructure investment platform.

The forum brought together leaders from government, business and experts from Africa and beyond to discuss innovation, partnerships and the future of the continent’s infrastructure among others.