The Kenyan businessman and founder of Mwale Medical and Technology City (MMTC), Julius Mwale, says that Africa is poised to lead the world by 2050.
Mwale is the primary investor behind MMTC, a community-owned, US$2 billion, sustainable metropolis in Kenya which has already expanded into 12 African countries.
The company aims to establish 18 smart cities by 205 and uplift 800 million people throughout the continent.
Mwale initially accumulated his wealth by founding the New York-based SBA Technologies Inc, which specialises in secure mobile commerce and banking platforms.
Contributing to a panel discussion at the Africa Prosperity Dialogues on Friday (26 January), Mwale called on the African Development Bank to increase its investment portfolio to enable it to support businesses across the continent.
“If you look at the African Development Bank and Afreximbank, they need to overhaul the funding of these projects on the continent.
“Afreximbank has about US$700 million now in their investment portfolio. I think we have to move that fund to over US$20 billion to be able to fund private sector entrepreneurs.
“And to be able to do that, we have opened up assets. We have US$50 billion in assets.
“We have opened in 13 countries in Africa and we want to replicate what we have done in Kenya across Africa,” Mwale said.
Listen to Julius Mwale in the audio clip attached below:
The three-day APD event ends tomorrow (Saturday 27 January 2024) and will have as its overarching focus the need to propose concrete measures that will lead to Africans achieving prosperity for the African continent.
The theme of the event is “Delivering Prosperity in Africa: Produce, Add Value and Trade”.
Reporting by Fred Dzakpata in Aburi
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