The success of development efforts at the present time has become contingent on the magnitude of investments dedicated for developing digital infrastructure, she added
Digitization is no longer just an option, with immense investments in digital infrastructure becoming critical to facilitate the transition of countries towards a digital economy, states Minister of International Cooperation, Rania Al Mashat, during a discussion panel called “Digitalization for Inclusive Recovery and Sustainable Growth”.
During her speech, she further stressed on how the pandemic has strengthened the importance of digitization as the driving force behind infrastructure development across a wide array of sectors; such as education, transportation, and industry.
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The minister participated virtually in the 2021 African Caucus Meeting of the Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF), with the participation of Dr. Vera Songwe, Executive Secretary of the United Nations Economic Commission for Africa (ECA), and Ruud de Mooij, Division Chief of the Tax Policy Division.
The “Digitalization for Inclusive Recovery and Sustainable Growth” session discussed ways to stimulate public and private investments and blended finance to enhance digital infrastructure.
Al Mashat commented that the success of development efforts at the present time has become contingent on the magnitude of investments dedicated for developing digital infrastructure.
She also highlighted Africa’s major challenges, particularly the need for regulating digital transformation and channeling more investments to mobilize necessary resources.
Jeopardizing digital transformation in Africa is also the lack of high-speed internet services, with nearly 300 million citizens in Africa live more than 50 kilometers from optical fiber or broadband cable connection, she added.
The minister pointed out that what slows down Africa’s digital transformation strategy and progress is the need for creating an investment-friendly environment; providing financing to bridge the gap in the digital infrastructure; and facilitating electronic services and access to the Internet for all citizens without discrimination and at reasonable prices.
This highlights the need to further encourage the private sector to invest in in developing digital infrastructure in the African continent, she added.
The Minister of International Cooperation highlighted national efforts made in Egypt to achieve digital transformation, as the state implements a plan to build a digital Egypt through a comprehensive vision, develop a flexible and secure digital infrastructure, and establish legislative and regulatory frameworks that support digital transformation.
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She further added that the plan aims to equip government buildings with fiber optic connections to link about 32,000 government buildings together and enhance digital services for the people.
Egypt has an opportunity to lead the regional digital transformation efforts since the country is the place for the growth of emerging companies, Al Mashat pointed out, as it ranked second in terms of the volume of investments in emerging companies during the past year, with investments amounting to $190 million.
