A Regional Scholarship and Innovation Fund for Africa was launched by the President of Senegal Mr Macky Sall, and representatives of the Heads of States of Ethiopia and Rwanda.

The Fund would contribute to the World Bank’s ‘Partnership for Skills in Applied Sciences, Engineering and Technology (PASET)’ programme (http://www.worldbank.org/afr), which seeks to award 10,000 African PhD scholarships over 10 years, to strengthen research and innovation in applied science, engineering and technology.

The African Governments are involved in the Fund, alongside a new group of prominent business figures, committed to raise a total of $ 5million during the launch, a statement issued in Accra and copied to the GNA said.

Dr Álvaro Sobrinho, Angolan businessman and Chairman of the Planet Earth Institute NGO (http://www.planetearthinstitute.org.uk), chairs the Africa Business Champions for Science group of prominent business figures supporting the fund.

The initiative is led by the PASET Steering Committee comprising Ministers responsible for higher education and research from Senegal, Rwanda and Ethiopia, business leaders, representatives from academia and the World Bank.

The overall objective of PASET is to accelerate the creation of a skilled, high-quality workforce in Africa to power Africa’s socio-economic transformation.

The launch of the Fund is an outcome of the actions agreed at the previous PASET Forums held in Ethiopia (2013) and Senegal (2014), as well as the related Forums on Higher Education, Science and Technology held in Rwanda (2014).

President Sall hosted the event in Johannesburg, South Africa in the company of: Shiferaw Shigutie, Minister of Education, representing Prime Minister Desalegn of the Federal Democratic Republic of Ethiopia; Louise Mushikiwabo, Minister of Foreign Affairs and Cooperation, representing President Kagame of the Republic of Rwanda.

Others are Dr Álvaro Sobrinho and Prof Mary Teuw Niane, Minister of Higher Education and Research of Republic, Senegal and Chairman of the PASET Steering Committee.

The World Bank said after a decade of exceptional growth in Africa averaging 4.5 per cent a year across the continent, it is necessary to build skills to sustain this growth and transform African economies towards higher levels of competitiveness.

It said the African workforce currently greatly suffers from the lack of scientific and technical capacity and an integrated approach that brings together all partners – public and private, traditional and emerging partners.

"Increasingly, Africa sees the need to depend on science and technology to increase industrial and agricultural productivity, guarantee food security, tackle diseases, ensure a safe water supply and reduce the energy deficit. While these may seem like insurmountable challenges, the continent cannot waste any more time,” said President Sall.

An investment in this regard “must go beyond access and enrolment to develop excellence, especially in science and technology. Excellence in science and technology will equip Africa with a workforce ready to compete in the 21st century, where we can lead the world as scientists, engineers and innovators”, Dr Álvaro Sobrinho said.