President Paul Kagame of Rwanda believes that investing in Africa’s youth and in the right way would quickly stimulate development on the continent.
The Rwandan Leader made the remarks while speaking at the 7th Edition of the Future Investment Initiative taking place in Riyadh, Saudi Arabia (24-26 October).
The forum is taking place under the theme “The New Compass,” and focuses on the new global order.
“Our Compass starts with Africa. Africans working together and with the rest of the world to develop the continent. It will require investing in our young people in the right way,” Kagame said.
FII Institute is a global non-profit foundation launched by Saudi Arabia, which aims to gather global government and business leaders to discuss new pathways for investment with the goal to create a global impact on humanity, with the following four areas of focus: Artificial Intelligence (AI) & Robotics, education, healthcare and sustainability.
Meanwhile, a day earlier, leaders from the world of finance and business issued a warning about the many perils the world currently faces, including geopolitical conflicts, economic uncertainties, high inflation and climate issues.
“As we all know, the global economy enjoyed the benefits of almost free money for almost 15 years, with historically low interest rates,” Yasir Al-Rumayyan, the governor of Saudi Arabia’s sovereign wealth fund, Public Investment Fund, said in his opening remarks.
But the tide has turned, with central banks tightening monetary policy globally, and now there are growing concerns about a debt crisis, high interest rates and the impact of war on the global oil market.
“As central banks tighten monetary policy, businesses and governments around the world must adjust to this new reality,” said Al-Rumayyan, who also chairs the FII Institute, the event’s organiser.
“This has been the fastest rise in interest rates in 15 years”, which has unprecedented consequences for policy making, he added.
