African Leaders Seek to Set Up a Continental AI Fund

African countries are working to create an Artificial Intelligence (AI) fund. This fund will finance infrastructure, skills, and energy for AI adoption.

The announcement was made at the Global AI Summit on Africa. The summit's theme is "AI and Africa's Demographic Dividend." It aims to reimagine economic opportunities for Africa's workforce. Over 1,000 participants attended, including leaders, ministers, tech giants, and researchers.

President Paul Kagame spoke at the summit. He emphasized the need for strategic investments in digital infrastructure. He also highlighted workforce development and continental integration as crucial for Africa’s AI future. Kagame stated that Africa cannot afford to fall behind again.

In a panel discussion titled 'Africa and the AI Opportunity,' Paula Ingabire spoke about the AI fund. She mentioned that African countries must commit resources to develop necessary infrastructure and talent. Currently, Africa represents only four percent of the global AI workforce.

Ingabire stressed that all 54 African nations must unite to build innovations using AI. By doing so, they can drive development across the continent.

By 2030, AI could add $19.9 trillion to the global economy. It may inject $2.9 trillion into Africa’s economy alone. This growth could lift 11 million Africans out of poverty and create 500,000 jobs each year.

Rwanda expects its National AI Policy to generate $589 million over five years. This amount represents six percent of its Gross Domestic Product (GDP). James Mwangi from Equity Group Holding urged collaboration between public and private sectors for effective AI infrastructure across Africa.