Full Overview
Transformative solutions for Africa’s biggest development challenges
The Financial Times and the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), have launched a major new awards programme to promote ground-breaking, long-term solutions to development challenges in Africa.
Africa is forecast to be one of the fastest growing regional economies this year and beyond, boosted by rich natural resources, rapid technological change, a young population and one of the world’s highest rates of entrepreneurship. Yet many communities remain extremely poor, affected by conflict in multiple areas, as well as by the impact of climate change on food, water, infrastructure and other basic services.
The Africa Sustainable Futures Awards will recognise innovative and financially viable projects and initiatives that provide transformative solutions to some of the biggest development issues facing Africa today. The focus in this inaugural year will be on the entrepreneurship, innovation and investment that can provide access to clean energy and digital connectivity, and ensure that urban infrastructure and natural ecosystems remain resilient to climate change. The programme will also highlight the importance of gender equality and inclusion in boosting the overall well-being and prosperity of Africa’s communities.
The aim across all categories is to recognise and showcase innovation, impact, replicability, financial viability and sustainability. The judging panel will look at how organisations are harnessing disruptive technologies and business models to achieve impact and scale. Entries are particularly welcome from organisations with initiatives that may provide solutions in fragile and conflict-affected states.
The Awards are open to all public and private sector financial and non-financial organisations, as well as to NGOs that can meet the entry and judging criteria. The focus is on specific projects and transactions and the impact those initiatives have or promise to have on the problems they are targeting.
Only initiatives that have been implemented since 2018 will be eligible. Entries must have annual revenues of at least US$3 million, or have investment of at least US$5 million, to be eligible.
Those criteria are waived for the Innovation Showcase, a special category designed to promote exciting new ideas from Africa’s start-ups that do not yet have adequate funding.
While the focus is on transformational impact in Africa, the awards are also open to projects that address similar market deficiencies in other regions and that could be replicated across the continent.
The winner in each category will be announced at a special awards dinner on 30 October 2024 that will conclude the FT’s Africa Summit, a major event at the Peninsula London bringing together African government, business and finance leaders with global investors and industry partners to collaborate on opportunities for long-term, sustainable growth.