Africa Finance Corporation partners with Itana to create a digital economic zone for Africa

Nigeria’s digital economic zone management company, and Africa Finance Corporation (AFC), an infrastructure solutions provider, have agreed to jointly develop a digital economic zone in Africa designed for global and Pan-African technology, finance and services-based businesses to operate and develop. easily across Africa, opening up digital economic opportunities on the continent.

The formalization of this partnership took place yesterday in the presence of global government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing UN General Assembly (UNGA) in New York.

Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and gateway to building global businesses in Nigeria. Through Itana, companies can set up and run their businesses remotely in the Itana zone, with laws, business incentives (tax, immigration & banking) and services optimized for the digital economy.

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This will be combined with eco-friendly workplace districts and live-in accelerator programs, showcasing the future of African cities and providing the ideal infrastructure and support for African businesses to grow and compete globally.

AFC will support Itana with project development funding and intends to lead phase 1 financing of the Itana project which is budgeted at approximately $100 million. This will include a green technology campus in Lagos, Nigeria, and funding for startups in Accelerate Africa, an Itana accelerator program in partnership with Future Africa.

AFC will also support the launch of the Itana Digital Economic Zone for global and Pan-African technology, finance and services-based businesses looking to operate across Africa.

Itana and AFC have collaborated with Future Africa, PwC Nigeria and Charter Cities Institute as technical advisors for the Digital Free Zone Promotion Initiative in Nigeria.

 

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