World Bank steps up funding for innovation fund for Africa

The World Bank has taken a significant step in boosting funding for research and innovation in Africa, aiming to drive the continent's growth through technological advancements and problem-solving solutions. In a recent interview with CNBC Africa, Moses Osiru discussed the critical role of research and innovation in Africa's development trajectory. Osiru highlighted key challenges faced by the region, emphasizing the need for increased investments, capacity building, and collaboration across African countries. The Regional Scholarship and Innovation Fund (RSIF), a collaborative effort between African governments and the World Bank, has been instrumental in addressing these challenges, focusing on funding scholarships for Ph.D. programs and supporting innovation projects. With a current funding gap of over half a billion U.S. dollars, RSIF is pioneering a sustainable funding model that leverages profits from investments to finance research and innovation activities. Osiru emphasized the need for African governments to prioritize research and innovation, citing these sectors as the 'magic bullet' for propelling Africa's economic growth and overcoming poverty. He underscored the importance of targeted investments in key areas such as climate change, energy, food security, ICTs, and mining, highlighting the potential for transformative impact. As Africa strives to harness its rich potential in natural resources and human capital, the focus on research and innovation emerges as a linchpin for sustainable development and prosperity. The upcoming review meeting of RSIF signifies a crucial milestone in the journey towards enhancing research and innovation funding in Africa, with expectations high for impactful outcomes and collaborations that will shape the continent's future trajectory.