EIB – The rise of Africa's digital economy

Africa's digital economy is rapidly growing, but there is still a significant digital divide on the continent. Many people are not connected to the internet, and those who are face high connectivity costs and limited bandwidth. The COVID-19 pandemic has highlighted the importance of digital technologies in mitigating its effects, especially in the health sector. The European Investment Bank (EIB) is supporting Africa's transition to a digital economy, with a focus on building economic resilience in response to the pandemic. The EIB's report addresses policy objectives for digital transformation, development potential, investment requirements, and the need for inclusive and sustainable growth. Africa's young and rapidly growing population presents opportunities for innovation and economic growth, but also risks if the job market does not keep pace. The lack of internet connectivity further exacerbates social and territorial inequalities, leaving many people excluded from the benefits of digital technologies for development. Overall, the EIB aims to help Africa harness the potential of its digital economy to achieve the United Nations Sustainable Development Goals and promote sustainable economic growth that benefits all.