Luanda: The African Union Commission (AUC) Chair, Mahmoud Ali Youssouf, urged for greater transparency in access to capital, emphasizing that African entrepreneurs face significantly higher costs compared to those in other regions. Speaking at the 7th African Union-European Union Summit, Youssouf pointed out the improvements in African investment ecosystems aimed at attracting more European capital.
According to Angola Press News Agency, Mahmoud Ali Youssouf criticized the disparity in financing costs, questioning the economic justification behind it. He highlighted that institutions such as the International Monetary Fund, the World Bank, and the World Trade Organization provide more financial support to Argentina than to all African states combined, describing this as abnormal and unfair.
Youssouf also addressed the heavy burden of debt sustainability on African countries, calling it essential for the continent's economic future. He identified the digital sector as a crucial area for economic transformation, advocating for increased investment in innovation, technology, artificial intelligence, and the digital economy.
Highlighting disparities in global investment, Youssouf noted the significant funding China and the United States allocate to artificial intelligence, lamenting the lack of similar resources in Africa. He advocated for balanced development support, asserting that Africa will be a key driver of global growth in the coming decades.
The summit, held under the theme 'Promoting Peace and Prosperity through Effective Multilateralism,' aims to revitalize AU-EU cooperation amid geopolitical tensions, security challenges in the Sahel, increased migration, and pressure to accelerate African industrialization.
