Kathy Gibson reports – The B20 South Africa Digital Transformation Task Force has set up a new digital inclusion fund, harnessing more than $100-million to support early stage entrepreneurs seeking to bridge Africa’s digital divide.
Shalini Khemla CBE, founder and CEO and board director of E2Exchange (E2E), points out that a persistent thread running through the week’s B20 discussions is that the private sector needs to take bold steps to deliver on the promises of its recommendation to the G20.
The launch of the digital inclusion fund is one way that the recommendations made by the B20 South Africa Digital Transformation Task Force can leave a lasting legacy, Khemla says.
The fund will mobilise capital to bring together development finance, philanthropy, corporate and private investors to back early stage companies.
The main focus will be on developments in African connectivity, skills development, healthcare, education, agriculture and finance.
“In simple terms, we propose to invest $100-million in the entrepreneurs closing Africa digital divide while delivering strong returns.”
The plan is to derisk investments while accelerating growth, and the fund is already in discussion with several leading institutions.
“We share the belief that Africa’s digital transformation must be inclusive,” Clark adds.