Africa needs to double its annual spending to $6 billion to improve internet connectivity for its citizens and businesses, according to the International Financial Corporation (IFC). This investment will focus on expanding fibre optic cable networks from coastal regions to urban and rural areas. 

Key Highlights:

- Investment Needs: The $6 billion covers capital expenditure for building digital infrastructure, not operational costs.

- Current Funding: The World Bank has invested $2.8 billion in digital projects in sub-Saharan Africa over the past decade, but much more is needed.

- IFC's Commitment: IFC plans to increase its total investment in Africa to $10 billion by the end of 2024, focusing on innovative digital adoption.

- Small Business Challenges: Only 5% of small firms in countries like Ethiopia, Ghana, Kenya, Nigeria, South Africa, and Uganda have internet-connected computers. 

- Additional Funding: An extra $2.7 billion is required to help small and medium businesses embrace digital technologies.

- Submarine Cables: Over 30 submarine cables with substantial internet capacity have landed in Africa, but high costs of extending connectivity to cities remain a challenge.

- Economic Impact: Enhancing digital connectivity for small businesses can boost productivity and employment, impacting around 400 million workers across the continent.

The IFC's efforts to bring digital transformation to Africa are crucial for economic growth and development, ensuring businesses can leverage the internet for greater productivity and innovation.

🔍 Africa must increase its digital infrastructure investment to $6 billion yearly to connect more people and businesses online. The IFC highlights the need for extensive fibre optic networks and additional funding to support small businesses in adopting digital technologies. 🌍💼

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