ADB - Sixth Global Community of Practice (G-CoP) webinar participants call for 'brain fund' investment in knowledge and institutional capacity to fuel growth after Covid-19.
ENPNewswire-October 1, 2021--ADB - Sixth Global Community of Practice (G-CoP) webinar participants call for 'brain fund' investment in knowledge and institutional capacity to fuel growth after COVID-19
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Release date- 30092021 - Stakeholders at a virtual webinar organized by the African Development Bank's African Development Institute have called for a knowledge and capacity development fund to harness the continent's intellectual capital and bolster economic growth prospects.
The call came during a dialogue on strategies to address gaps in Africa-led institutions as part of the sixth Global Community of Practice (G-CoP) meeting, held 15-16 March 2021.
Delegates said a knowledge and capacity development fund would hasten Africa's transition from its dependence on export revenues derived from natural assets such as oil, gas and cash crops. These assets are shipped to other parts of the world with little value addition. The Bank, delegates observed, can play a catalytic role in mobilizing resources for soft infrastructure (knowledge and institutional capacity) development to build Africa's knowledge economy.
The webinar, themed Strengthening Institutional Capacities for Inclusive Development in post-COVID-19 Africa, drew over 545 experts from 58 countries across the globe.
African countries must stop relying on exporting natural materials such as oil, gas and cash crops with little value addition, and focus on investing in the 'knowledge economy,' other panelists in another session said.
A knowledge economy built on intellectual property represents a virtually limitless source of growth and wealth creation for Africa, participants agreed, noting that intellectual property drives 48% of the US economy. Africans must take the lead in building their countries' domestic...
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