Jack Ma Announces $10 million African Young Entrepreneurs Fund in Rwanda
The founder of Chinese ecommerce giant, Alibaba, Jack Ma has announced the provision of a Ten million dollars ($10 dollars) fund for Africa’s budding tech entrepreneurs. Jack Ma made this announcement during his visit to the Youth Connekt Africa Summit in Rwanda last week, Businessday is reporting.
Apparently, the fund has been set aside by Jack ma who is Asia’s richest man, with over $35 billion wealth worth. “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,” he was noted to have said.
One of the package to be offered to successful 200 benefiting entrepreneurs will be a visit to China to learn from Alibaba business processes. According to the report, Jack ma was noted to have said that “I want them to go to China, meeting our people, seeing all the things we have been doing, all the great ideas China has”.
Ma has said that he would liaise with the United Nations Conference on Trade and Development (UNCTAD), where he works as Special Adviser for Youth Entrepreneurship and Small Businesses, to execute this fund initiative.The fund is to be rolled out in partnership with African universities to teach internet technology, artificial intelligence and e-commerce as well.
Recall that Jack Ma led a team of Chinese investors to Kenya over a week ago with an eye on investing in some promising African startups. We told you in that report that the team had also scheduled a visit to Rwanda with a similar intention. With the recent visit by Google CEO to Nigeria, it is apparent that Africa is in the limelight of the global investment drive.
Although, there are concerns that this may itself lead to some form economic neo-colonization as many African monopolies may be controlled from the West and Asia.
How many times do we as Africans cry victim to colonisation? How can we mortgage our grandchildren's future to China in broad daylight? pic.twitter.com/NP5Vn2kKGH
— Dennis Magaya (@dennis_magaya) July 30, 2017
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