Kenyan businessman and founder of Mwale Medical and Technology City (MMTC), Julius Mwale has said Africa is poised to lead the world by 2050.
Mwale is the primary investor behind MMTC, a US$2billion community-owned sustainable metropolis in Kenya, which has already expanded into 12 African countries.
By 2050, the company aims to establish 18 smart cities and uplift 800 million people throughout the continent.
Mwale initially accumulated his wealth by founding New York-based SBA Technologies Inc., which specialises in secure mobile commerce and banking platforms.
Contributing to a panel discussion at the ongoing Africa Prosperity Dialogue on Friday (26 January), Mwale called on the African Development Bank to increase its investment portfolio to enable it support businesses on the continent.
“If you look at the Africa Development Bank and Afreximbank, they need to overhaul the funding of these projects on the continent, Afreximbank has about US$ 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 entreprenures 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 attached audio clip below:
The three-day event ends on Saturday, (27 January 2024), and will have as its overarching focus the need to propose concrete measures which will lead to Africans achieving prosperity for the African continent.
The event is under the theme, “Delivering Prosperity in Africa: Produce, Add Value and Trade”.
