Jack Ma stakes $10m in Africa’s tech startup ecosystem

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By Oluwatobi Opusunju

Foremost ecommerce giant, and Alibaba’s boss, Jackhttps://www.forbes.com/profile/jack-ma/ Ma has announced a $10 million African Young Entrepreneurs Fund aimed at developing Africa’s tech- startup ecosystem and capacity among the continent’s teeming youths.

Jack Ma made the announcement at the recent Youth Connekt Africa Summit organized by the Government of Rwanda in collaboration with UNDP and UNCTAD in Rwanda. He said plans are underway already to commence the funding before this year runs out.

“I want that fund supporting African online businesses. The money is set. This is my money, so I don’t have to get anybody’s approval,” said the Chinese business magnate.

Speaking further, he said the fund which is to set out this year would help create opportunity for about 200 teeming young Africans to work at Alibaba in order to help them gain valuable experience in the areas of Artificial Intelligence (AI) and ecommerce amongst others.

His words “I want them to go to China, meeting our people, seeing all the things we have been doing, all the great ideas China has.”

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