The founder and executive chairman of Alibaba Group, Jack Ma has launched $10 million African Young Entrepreneurs Fund. Ma who is also the Special Adviser to the United Nations Conference on Trade and Development (UNCTAD) for Youth Entrepreneurship and Small Business made the announcement at the Youth Connekt Africa Summit co-hosted by UNCTAD and the Rwandan Government.
The Youth Connekt Africa Summit, held in Kigali, brought together more than 1,500 participants including government officials, entrepreneurs, investors, multinationals, and startups.
Ma said “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”. “They know what they want. And when they know what they want, we can support it,”
He also stated that he intends to partner with African Universities to teach internet technology, artificial intelligence and e-commerce.